UK FINTECH MARKET:

THE RACE FOR GLOBAL DOMINANCE

Demand for skills in the face of international competition

A Robert Walters Group Company

KEY STATISTICS

2021 FINTECH HIRING

71%
of UK citizens using services
of at least one fintech

+69% +52%
increase in fintech vacancies increase in fintech vacancies
41% across England & Wales across London

of European fintech funding

goes to UK

Tech Roles Banking Roles

1/3 +39%
of tech unicorns are fintechs Compliance

+52%
+38%
+44% +27%
Data specialists Product UI & UX developers
Management

$5.3bn Operations

Professional Services Roles

+14%
raised by fintechs in 2021 –
highest ever on record
Fraud

£13.7bn +33% +7% 16% +13%

predicted value by 2030 Executive Marketing of all non-tech vacancies Credit Risk
Management are for sales & business
development
 INTRODUCTION

For the third year in a row, Robert Walters – one of the leaders in
recruitment for Financial Services and Technology – and Vacancysoft
– trusted provider of lead generation, client intelligence, and market
analysis for the recruitment industry – has produced an industry leading
report into the UK Fintech Market, the third in the report series.

The report provides an extensive data analysis of job vacancies and

hiring activity within the fintech landscape, and considers the immediate
and future growth potential of the sector as we come out of the global
Covid-19 pandemic.
CONTENTS

A Firm Foundation
Labour Market Trends
Demand Remains for Tech Professionals
The ‘Traditional Bank’ Takeover
Professional and Back-Office Roles
Consumer Behaviour Driving Change
Collaboration for Global Growth
Mambu: Industry Insight
 A FIRM FOUNDATION

VC FUNDING INTO LONDON: TECHNOLOGY VS

The government’s independently commissioned review – The Kalifa
Review of UK FinTech – identified priority areas to support the UK’s
FINTECH
fintech sector, including urging a post-Brexit Britain to ‘act quickly’ to
maintain and strengthen its global position in finance and technology.
Amount ($M)
UK fintech’s raised $5.7bn across 317 deals in the first half of this year,
London Tech
including 13 ‘mega rounds’ of over $100m, more than double the seven ex Fintech
6,200.0
completed across 2020. This is an increase in investment of over a third
London Fintech 4,300.0
(34%).

As it stands, the UK is second only to the US when it comes to fintech

investment – where in America fintechs raised $26.7bn across 940
deals. Nonetheless, the UK is still strides ahead of its other international
competitors such as Brazil (40 deals worth $3bn), Germany (56 deals VC FUNDING INTO FINTECH: LONDON VS REST OF UK
worth $2.5bn) and India (132 deals worth $2.2bn).

As well as record levels of funding, the UK is (finally) experiencing its long-

Amount ($M)
promised fintech IPO boom.
Outside
368.2
In the last few months, we’ve seen PensionBee and Wise list on the London Fintech
London Stock Exchange, LendInvest reignite its IPO dream, filing its London Fintech 4,300.0
paperwork to list on AIM and just recently London-based VC firm
Forward Partners announced its intention to list on AIM too.
The UK has Competition

The UK has long dominated fintech funding in Europe and indeed globally, and is getting
another small getting another small boost from the UK Government’s Future Fund scheme last
year.

Nonetheless, the UK’s lead in Europe has narrowed in 2021. Germany, Sweden, and France
have all seen a record year so far and are now making some gains on the UK.

All three countries have seen much larger increases in funding than the UK so far in 2021.

Moreover, whereas the UK made up 53% of Europe’s fintech funding in 2019, so far this year,
it’s made up 41%.

The European continent is certainly becoming a more attractive fintech hub — where for
example, big players like Sequoia have invested in France for the first time this year.

Amount Invested
2016 2017 2018 2019 2020 2021
(Countries)
United Kingdom €1.3bn €2.4bn €2.5bn €4.9bn €4.4bn €4.3bn
Germany €387m €582m €858m €1.4bn €868m €2.1bn
Sweden €112m €236m €203m €947m €1.1bn €1.6bn
France €222m €402m €436m €717m €711m €1.4bn

41%
of European fintech funding
goes to the UK
 LABOUR MARKET TRENDS

London vs Regions

Hiring within fintech returned unapologetically this year – with the year
kickstarting with a +16% increase in vacancies in January alone.

As the vaccine program rolled on, restrictions eased, and business

confidence return we saw a completely different hiring market this year
where in fintech job vacancies increased by +98% across all of England
& Wales in the months of January – June 2021 (when compared to the
same period last year).

The pace of hiring was slightly more advanced in the regions outside of
London – where we saw an increase in recruitment activity by +69%,
compared to +52% in the capital. It is here where we begin to see the
impact of remote hiring – with some firms choosing to make location
agnostic hires in tech hubs which command a lower salary than London
– namely Bristol, Manchester, Birmingham and Leeds.

In spite of this, London still dominates on the hiring front – where the
regions represent 19% of all fintech hires this year (slipping from 25% in
2020), London accounts for 60% of all hires this year.
 ALL PROFESSIONAL VACANCIES IN FINTECH, LONDON VS REST OF UK
900

850

800

750

700

650

600

550

500

450

400

350

300

250

200

150

100

50

0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul
19 19 19 19 19 19 20 20 20 20 20 20 21 21 21 21

London Regions outside of London

 ALL PROFESSIONAL VACANCIES IN FINTECH

2021 (Jan - Jul)

2020

2019
0 1000 2000 3000 4000 5000 6000 7000 8000

LONDON Regions outside of London

VACANCIES IN FINTECH, UK

2021*

2020

2019
6000 6500 7000 7500 8000 8500

*2021 projections

98%
increase in fintech vacancies
in 2021
 FINTECH JOB VACANCIES BY FUNCTION, 2020

Technology 48.45%
Marketer / PR 12.98%
Impact of Pandemic on Job Functions Sales 13.14%
HR 5.43%
Notable were also changes in demand for key professionals:
2020 Banking 7.75%
• As one of the UK’s oldest fintech companies, Cashplus, becomes a Accountant 6.14%
full bank and Revolut applies for a banking license, hiring levels for
Executive Management 2.75%
general banking professionals in fintech are up +55.5% year-on-year.
Others 3.35%
• Through all of the hurdles faced across the landscape, tech
continued to be the most crucial part of the industry – representing
82% of all hires within fintech, increasing from a 49% share the
previous year.
• One trend which did mirror the general market was the recruitment of FINTECH JOB VACANCIES BY FUNCTION, 2021
executive and senior management positions – which took a -19% dip
in the past year. In the past 12-18 months, with almost no industry
being able to provide a guaranteed working climate, businesses Technology 81.96%
focus has been in survival rather than growth – meaning that by Marketer / PR 2.09%
nature there has been far less movement in management roles.
HR 1.37%
2021 Banking 6.37%
Accountant 7.7%
Executive Management 0.52%
1
Early UK fintech Cashplus becomes fully fledged bank, FT, Feb 2021
2
Revolut Applies for U.K. Banking License, Bloomberg, Jan 2021
 DEMAND REMAINS FOR TECH PROFESSIONALS

The general public awareness of fintechs possibilities has grown tenfold

via the new solutions it offers around payments and transactions, faster
(digital) ways to get approved for loans — and, as recently reported,
innovative, till-less grocery stores. In fact, some 71% of UK citizens are
now using the services of at least one fintech company.

As mobile banking becomes more widely adopted, we are seeing roles

for product management being fast-tracked; with roles in this domain
increasing by +44% for this year so far (compared to all of 2020).

Demand for business analyst has been particularly high (67%), where
fintechs have particularly sought out professionals who are able to work
across the business, ideating and delivering cross functional, strategic
initiatives focused on optimising customer product roadmaps and
solutions.

As the understanding and use of data continues to advance, so too has

the demand for data analysis experts and engineers – where in the past
year vacancies in the fintech sector have increase by +52%.
 TOP TECHNOLOGY ROLES IN FINTECH, UK

Product Management
(Technology)

Software Engineering

Technology Manager

UI & UX Design/Development

Data Analysis

Business Analysis

DevOps Engineer

0 50 100 150 200 250 300 350 400

2019 2020 Jan-July 2021

3
Amazon Fresh opens first ‘till-less’ grocery store in UK, Guardian, Mar 2021
6
Kalifa Review of UK Fintech [pdf], gov.uk, Feb 2021
London holds onto ‘Tech Hub’ status

With the quest for product enhancement and updates comes the
demand for UI & UX developers (+27%), devops engineers (+9%), and
software engineers (+10%).

Whilst vacancies are more muted in this area than other areas of tech,
assumptions can be made as to whether fintechs have either a) invested
well in previous years in their development in their development teams,
or b) begun to look abroad for cheaper developers as they begin to scale
their business.

One figure bucking the off-shoring assumption is the gains tech roles
have made in London. In fact, of all the fintech vacancies advertised this
year, 83% of them have been tech-related. This builds on from 46% in
2020, and 36% in 2019.

83%
of fintech vacancies are
tech-related
 ALL PROFESSIONAL VACANCIES IN FINTECH VS TECHNOLOGY
VACANCIES - LONDON
1200

1000 100%

900 90%

800 80%

700 70%

600 60%

500 50%

400 40%

300 30%

200 20%

100 10%

0 0%
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul
19 19 19 19 20 20 20 20 21 21 21

All Vacancies %technology

 THE ‘TRADITIONAL BANK’ TAKEOVER

The uptake of fintech products during the height of the pandemic,

combined with the industry’s move towards operating as full banks,
resulted in a record number of banking-related vacancies within fintechs
in 2020.

In some cases recruitment for compliance, anti-money laundering, KYC,

and operations was double the levels we saw back in 2019.

Testament to the rapid growth of the fintech sector is the sharp increase
in operations roles this year, where just seven months into the year there
is already a +38% increase in the number of jobs advertised compared to
the entirety of 2020.

The industry’s move towards offering credit and loans has also had an
impact on credit risk roles – where this year we are seeing an increase in
demand of +13% compared to job flow for all of last year.

38%
increase in banking-related
vacancies within fintech
 TOP BANKING ROLES IN FINTECH, UK

Operations

Corporate Treasury

Credit Risk

Fraud Risk/Compliance

AML Risk /Compliance

KYC Compliance

Compliance

0 10 20 30 40 50 60 70

Jan-July 2021 2020 2019

Investing in Risk and Compliance

The increasing use of crypto across the dark-web and for illegitimate
means will require firms to bolster their ranks of risk and compliance
experts, particularly if, as some insiders expect, London becomes the
heart of what will be a regulated and very large component of financial
markets.

Meanwhile, with stricter rules set to be implemented by the FCA in the

wake of Wirecard’s collapse, hundreds of fintech firms in the UK will be
held to stricter standards, requiring them to take on more compliance
specialists — and the labour market in general is reflective of these
trends.

The top five banking specialist vacancies in the past 18 months within
fintech were roles for risk and compliance experts – where combined
they accounted for 39% of banking roles advertised within fintech.

TOP 7 BANKING ROLES IN FINTECH, 2021

Compliance 13.29%
KYC Compliance 6.32%
AML Risk/Compliance 5.69%
Fraud Risk/Compliance 13.92%
2021 Credit Risk 27.84%
Corporate Treasury 3.16%
Operations 29.74%
 PROFESSIONAL AND BACK-OFFICE ROLES

Sales & Marketing

This surge in demand for sales and marketing talent has been observed
in the key growth sectors in the past year such as technology, fintech,
e-commerce, and FMCG.

Whilst general marketing roles are up by +14% in fintechs they are in some
respects becoming a thing of the past. Established fintechs are moving
away from generalist roles and are setting up larger marketing departments
with different teams for functions like channel marketing, data marketing,
community management, among others. “To stand out, both marketing and sales candidates will need
specialised skillsets - in niche marketing areas or deep product or
However, the demand is quickly outstripping the available candidate pool. segment knowledge. Having a wide network of contacts would also
Digital marketers for instance are seeing a 15-20% uplift in salary. The same be an advantage for sales candidates. At more senior positions,
goes for marketers with specialist skills in areas like SEO, e-commerce being able to plan and lead a team of separate functional specialists
marketing, growth marketing and performance marketing. and leverage digital capabilities as part of a business plan is vital.”

In the sales sector, there has also been a noticeable rise in demand for roles Thomas Mullin – Associate Director, Walters People
that revolve around relationship building, such as business development
(+16%) and key account managers (+39%).

As companies focus more on delivering a 360-customer experience, some

have been redesigning their revenue models to merge their sales, marketing,
and service functions. As a result, combined roles like Digital Sales and
Marketing Director will probably be highly sought after in the near future.

Accounting & Finance

Not surprisingly, roles for financial accounting increased by +22% this

year within the fintech space. As global markets found some balance this
year, fintechs turned their attention towards the investment and funding
opportunities that were becoming more readily available – and with that
came the growth of the finance function.
 PROFESSIONAL SERVICES VACANCIES IN FINTECH

General HR

Accountant-Financial

Marketer-Partnerships

HR-Recruitment

General Marketing

Sales-Account Management

Sales-Business Development

0 100 200 300 400 500 600

Jan-July 2021 2020 2019

 CONSUMER BEHAVIOUR DRIVING CHANGE

Going Green
The rise of ‘green’ financial startups may also push big financial
institutions to bring forward their zero-emission pledges.
Fintech, or rather the world of business in general, is changing a
Creed - a London-based digital challenger combining budgeting with lot at the moment. From the impact of Environment, Social and
carbon impact – announced their UK launch this year with the backing Corporate Governance (ESG), to the creation of fintech startups
of JP Morgan and the Mayor of London through Capital Enterprises that are all about bringing about positive and ethical change - both
Incubator Programme. consumers and service providers are making their way into a new,
socially conscious future.
Increasingly we are seeing more fintech’s enter into the ‘tech for good’
space with the likes of Picnic Bank and Kestrl offering banking services Whilst this is a global issue that spans generations, it’s particularly
aligned to customers personal values. concentrated with regards to millennials and fintech startups.

This shift also aligns with another target for post-Brexit Britain: to become Rachel Evans – Managing Consultant, Robert Walters
a leading centre for green finance quality and depth. Added to this the
London Stock Exchange has over 260 sustainability-related bonds from
23 countries, which raised over £56bn — positioning the UK well to help
economies worldwide tackle environmental and social challenges.
Rise of Crypto
Cryptocurrency and blockchain is a frontier where the UK is also looking
to raise its flag. Britain is already in a strong position, and according to
Kalifa’s review has the potential to be “a leading global centre for the
issuance, clearing, settlement, trading and exchange of crypto and digital
assets.”

Major banks are already dipping into this sphere. HSBC moved $20bn
from paper to blockchain, while JPMorgan is developing a digital token
and blockchain platform so clients can instantly transfer payments .

Fintech’s are also taking note. Revolut made £39m on its cryptocurrency
investments last year, whilst simultaneously growing demand for its
crypto trading services - pushing revenues up 34% to £222m.

Not surprisingly this new era of digital payments is pushing fintechs

into this space – with startups including, Blockchain.com, Elliptic, and
Wirex all securing funding from investors to accelerate their growth and
applications of the blockchain technology.

Cryptocurrency consumer usage

• 9% used crypto as a payment method in the

past month
• 97% of those used it for the first time over the
past 12 months
• 59% that used cryptocurrency in the past
month say they are now using it frequently
• 44% claim cryptocurrency is now their
preferred payment method
• 23% believe cryptocurrency will become a
mainstream payment method 6
Fintech gets green: The startups mixing money and climate activism, Sifted, Feb 2021
7
Finance for a sustainable future, theglobalcity.uk, Mar 2021
Source: Sapio Research and Skrill, May 2021
8
Kalifa Review of UK Fintech [pdf], gov.uk, Feb 2021
 Blockchain SETL

Web-based bitcoin platform that Technology company that focuses

makes using bitcoin safe, easy, on blockchain settlements and
and secure for all consumers and payments
businesses worldwide. Location: London
Location: London Total Funding: $39,000,000
Total Funding: $70,000,000 Employees: 1 to 10
Employees: 11 to 50 Founded: 2015
Founded: 2011

Bitstamp Elliptic
Bitcoin’s emergence as a legitimate asset is where its disruptive
Bitstamp is a bitcoin marketplace Identifies illicit activity on the bitcoin properties are most pronounced. While this is yet to be reflected
that allows people from all around blockchain. generally across the labour market, a whole new range of jobs in
the world to safely buy and sell Location: London investment banking — on both buy and sell sides in front office
bitcoins. Total Funding: $7,000,000 banking — are likely to be created.
Location: Aldermaston Employees: 1 to 10
Total Funding: $12,400,000 Founded: 2013
Employees: 11 to 50 Liz McKeever – Associate Director in Financial Services,
Founded: 2011 Robert Walters

Humaniq CloudHashing

Offers blockchain banking for the A bitcoin mining-as-a-service

bankless, empowering emerging company offering cloud mining
economies and fighting poverty. contracts.
Location: London Location: London
Total Funding: $5,163,000 Total Funding: $3,500,000 9
HSBC Moves $20 Billion From Paper To Blockchain, Forbes, Nov 2019
Employees: 11 to 50 Employees: 1 to 10 10
 JPMorgan among banks dipping into crypto and blockchain, Financial News,
Founded: 2016 Founded: 2013 Feb 2021
11
 Top 30 Most Funded UK Cryptocurrency Companies, Sonovate
 COLLABORATION FOR GLOBAL GROWTH

The March 2021 Budget indicated how the country intends to cement
its position as a fintech hub and support Britain’s world-beating tech
companies. The Chancellor launched a new £375m tech fund where
government money will be matched by private sector venture capital, a
move broadly welcome by tech investors.

The hope is that it also helps more UK startups attain unicorn status.
Currently 34% of British tech unicorns are involved in fintech, worth a
combined $44bn. Among them are London-based Wise, Monzo and
Revolut, where hiring levels have increased across the UK at +36%,
+28%, and +13% respectively in the past year. Hiring for these fintech’s After all, this isn’t about Manchester competing with London, but
was slightly less muted for the capital - +34%, +12%, and +10% Manchester competing with Barcelona, Frankfurt, or even Sydney.
respectively.
The Kalifa Review of UK FinTech - 2021
Migration of Skills
This also illustrates that the fintech story is not confined to London.
Indeed, experts want the industry to be more collaborative, strengthen
connectivity and avoid regional “clusters’’ competing with one another.

An immediate concern is attracting talent now that Britain has exited the
European Union, with the access to international talent exasperated by
the closure of borders during the Covid-19 pandemic. Plans for an “elite”
points-based visa — to be introduced by March 2022 — should make
it easier for tech specialists to move to the UK. However, experts are
already warning it may struggle to attract experts if ministers don’t learn
lessons from similar past schemes.

Many agree that if the UK plays its cards right, fintechs direct contribution 12
UK taxpayer to take more stakes in tech start-ups, FT, Feb 2021
could reach around £13.7bn by 2030. Others urge caution about 13
Tech tax breaks given UK Budget boost, FT, Mar 2021
charging ahead, warning that the UK faces a broader productivity 14
Kalifa Review of UK Fintech [pdf], gov.uk, Feb 2021
15
New UK fintech visa will struggle to attract specialists, experts warn, FT, Mar 2021
crisis and pointing to its struggles when competing globally on newer 16
‘Digital big bang’ needed if UK fintech to compete, says review, FT, Feb 2021
technologies (such as artificial intelligence).
TOP 10 FINTECH COMPANIES - UK THE UK’S UNICORN COMPANIES

2020 2021 (Jan-Feb) Date of $1b Year Years to $1b

UK Unicorn
valuation founded valuation
Total Total
Company Company BenevolentAI July 2015 2013 2
Vacancies Vacancies
Oxford Nanopore July 2015 2005 10
Visa 464 Radius 107
BrewDog April 2017 2006 11
Radius 323 Visa 95 Deliveroo September 2017 2012 5
Revolut 225 FIS 82 OakNorth October 2017 2013 4
Wise November 2017 2010 7
Broadridge 196 Equiniti 73
Revolut April 2018 2014 4
IRIS 196 Checkout 60
Improbable July 2018 2012 6
Checkout 195 Broadridge 58 Darktrace September 2018 2013 5
Equiniti 162 Funding Circle 56 Monzo October 2018 2015 3

PaymentSense 154 GoCardless 52 Graphcore December 2018 2016 2

Ovo Energy February 2019 2009 10
TransferWise 150 IRIS 47
Checkout.com May 2019 2012 7
WorldRemit 142 TransferWise 46 SumUp July 2019 2011 8
Babylon August 2019 2013 6
CMR Surgical September 2019 2014 5
Arrival January 2020 2015 5
Snyk January 2020 2015 5
OneTrust February 2020 2016 4
Gymshark August 2020 2012 8
Cazoo June 2020 2018 2
Gousto November 2020 2012 8
Hopin November 2020 2019 1
Starling Bank March 2021 2014 7
 MAMBU: INDUSTRY INSIGHT

About Mambu
Mambu exists to empower our customers to deliver great modern
financial experiences easily to everyone around the world. Who are
these people that we want to empower? They are the developers, the
architects, the business analysts, the innovators of our customers. They
work with our platform, our teams, and our services to create great
outcomes for their millions of customers - be they entrepreneurs in NYC,
farmers in Kenya or SMEs in Brazil.

Today our customer list includes fintech start-ups, telcos and top tier
banks. We operate on six continents and help customers constantly
change the way financial institutions operate and innovate. As the
industry leader in cloud banking and fintech, we are taking on the $250B
market of banking technology worldwide, and service more than 200
customers with over 45M end users.
 1. What needs to be done to help maintain and strengthen
the UK’s global position in fintech?

When The Kalifa Review of UK Fintech was released, it highlighted the

opportunity to create highly skilled jobs across the UK, boost trade,
and extend the UK’s competitive edge over other leading fintech
hubs. Its proposals showcase solid ways the UK can continue to grow
and be a leader, including updating the rules for the London Stock
Exchange, making the UK an attractive place for companies to go
public; improvements to tech visas to attract global talent and boost the
fintech workforce; and creating a Centre for Finance, Innovation, and
Technology, to strengthen the fintech ecosystem across the UK.

Ron Kalifa OBE, the author of the review, also publicly stated that
“adoption of open banking with the intention of reaching open finance is
of paramount importance.” We were pleased to hear this, as it aligns with
our recent Disruption Diaries report on Open Banking.

Open banking has witnessed an increase in adoption globally as a

result of the COVID-19 pandemic, and the research indicates a marked
change in attitude and priorities as a result of the crisis. We know that
open banking allows for innovation and customisation in scenarios
that institutions cannot possibly predict yet, and more opportunities to
differentiate.
 2. London vs Europe – what does the fintech market look like?

European fintech has seen an incredible amount of growth already this year, breaking
the record for annual investments. In the first half of 2021 alone, European fintechs
have raised €10.4bn, well above the €9.3bn raised in 2019.

According to The 2021 State of European Fintech from Tech.eu, the UK still stands
out from the rest of Europe, with just under 500 fintech funding deals during that
time frame, with Germany and Sweden following with an almost equal number of
transactions (172 and 155, respectively) between 2017 and H1 2020.

Further, more than €10 billion was invested in UK fintech companies and 14 UK-based
fintech scale-ups made it to the top 20 European companies based on the total size of
funding closed.

While the UK doesn’t need to be worried just yet, the industry here shouldn’t be
slowing down or playing it safe.

One of the biggest trends contributing to this growth is the rise in large-scale
digitisation efforts, something near and dear to us at Mambu. With Europe’s regulations
around fintech being quite positive, there are more and more opportunities for new
fintechs across Europe to join the ranks; however this also means some challenges for
incumbents - who are largely based in the UK - trying to keep up.

3. Do you think we will see more fintech vacancies in regions outside

of London?

With lockdown proving that work from home and work from anywhere do in fact
work, there was a realisation that cities like Manchester, Birmingham, Liverpool and
Newcastle could be viable options for fintech. In fact, all cities, not just in the UK,
should think about how they can better support the remote workers’ needs - not just
jobs, but infrastructure, communal work space, local economies and more.
 4. Now that we are out of the EU is talent and skills 5. What does the future hold for fintech products and
shortage a concern to you? services?

Finding great talent has always been a concern, whether we’re in the EU Fintech is so much more than offering solutions around payments and
or not. But talent still is borderless, so what most companies need to do transactions. It is changing our relationship with finance. It can provide
is plan for the reality of work visas and sponsorship for employees. And if people with more control of their finances with open banking. It is
the UK wants to remain competitive, it also can’t confine itself to only one solving issues relating to financial inclusion and accessibility. It is helping
kind of employee - diversity is key. businesses stay afloat during the pandemic. And this is just the tip of the
iceberg.
Recently, a study from the European Institute for Gender Equality has
reported that getting more women into STEM education (science, As we look ahead, the future of fintech will be hugely influenced by
technology, engineering and mathematics) will have a positive impact on the changing expectations and demands of consumers, which has
the EU’s economic growth. The institute estimated that it could lead to an undoubtedly been accelerated by COVID-19. This may relate to the
additional 1.2 million jobs, which would increase the EU GDP per capita ethical practices of banks, the rise of embedded finance, as well as
by 0.7–0.9 per cent in 2030 and by 2.2–3.0 per cent in 2050. an ongoing evolution of open banking and financial accessibility as
previously mentioned. Banks and financial institutions will need to be
Businesses with a diverse workforce outperform competitors and more agile and flexible in their approach to digitisation in order to keep up
perform better financially, simply because different perspectives equal with changing habits, demand and remain competitive.
better discussions, and offer more creative solutions. People with
different backgrounds and characteristics are much more likely to have This is the foundation on which Mambu is built. We work with financial
a variety of different skills and experiences, which, in turn, gives them institutions to quickly and flexibly modernise infrastructure to allow these
different perspectives. Mixed teams are more creative, innovative, solve companies to build the financial products that they need to remain
problems faster, and make better decisions, since, once again, their skill relevant and succeed. What each bank needs will be different and
set and expertise offer more diverse solutions. dependent upon a number of factors – whether it’s relating to ethical
banking, cryptocurrency, alternative lending, open banking, etc.

Flexibility and rapid, sustainable innovation will define the future of fintech
– principles which Mambu lives by.

Eelco-Jan Boonstra – Managing Director

Mambu EMEA
 CONCLUSION

UK a beacon for funding Consumer usage driving tech proficiency

In spite of economic uncertainty bought on by the pandemic and Brexit, The pandemic bought about a necessary drive to online banking, and
the UK has maintained its global fintech status as the second country in after that the floodgates opened to the ease, accessibility, efficiency,
the world after USA to attract the most funding. Whilst small gains were and possibilities offered by fintechs – both on the consumer and
made this past year across the rest of EMEA, the UK remains significantly B2B side. From till-less stores, and real-time payment solutions, to
ahead according to this year’s funding rounds. With renewed focus from alternative financing, the drive to be more green, and prominence of
the government to ensure the UK maintains its hub status, investors will cryptocurrencies – all trends are driving established and emerging
have an easy ride when looking to UK-based companies. fintechs to continue investing and developing their tech capabilities in
order to remain competitive.
Location agnostic tech hubs
Regulation on the rise
Prominent tech hubs were forming across the UK pre-pandemic –
namely Manchester, Birmingham, Bristol, and Leeds. Once the pandemic Whilst historically fintechs have been able to go under the regulatory
hit and remote work was accelerated, we saw similar behaviour radar citing that they “are not financial institutions,” this changed
to London, whereby the most established tech professionals were somewhat during the pandemic when some of the leading fintechs were
permanently moving out of major cities safe in the knowledge that their able to hand out loans to their customers. Fintechs are firmly aware
skillset would remain in demand and just as easily accessible from home. that the change intact brings about increased exposure to regulatory
Whilst still early days, the tech hubs we once knew are now forming a requirements, sanctions, and legal actions and with that have been hiring
similar community online rather than in co-workspaces. compliance professionals at pace.
Both banks and fintechs stand to learn a great deal from each other’s
strengths, and it won’t be surprising to see banks courting fintechs to
leverage their disruptive capabilities and meet the demands of tech-savvy
consumers (and vice-versa in relation to compliance-understanding).
 ABOUT THE PARTNERS
Robert Walters
Robert Walters is a global, specialist professional recruitment consultancy. Operating across 31
countries, with offices in technology hubs in London, the North West, Midlands and South
East. Organisations rely on us to find high quality professionals for a range of specialist roles.

Leaders in technology recruitment, we place candidates on a permanent, contract and interim

basis in organisations ranging from the largest corporates world-wide, through to SMEs and
start-ups.
Tom Chambers, Associate Director – Liz McKeever, Associate Director –
Technology, Robert Walters London Financial Services,
e: tom.chambers@robertwalters.com Robert Walters London
e: liz.mckeever@robertwalters.com
 @robertwalterspr Janine Blacksley - Director, Robert
 facebook.com/robertwaltersplc Walters South East
 robert-walters e: janine.blacksley@robertwalters.com

Vacancysoft Habiba Khatoon - Director, Robert

Vacancysoft is a subscription-based Walters Midlands
data publisher for the Recruitment e: habiba.khatoon@robertwalters.com
Industry. Establishe in 2006, we
now have thousands of subscribers Daniel Simmonite - Business Director
worldwide, clients range from FTSE Commerce, Robert Walters North West
listed businesses to industry specialists, e: daniel.simmonite@robertwalters.com
whereby we optimise new client
generation, key account management Mat Knutton - Senior Manager
and business strategy. Technology, Robert Walters North
West
+44 20 7193 6850 e: mat.knutton@robertwalters.com
www.vacancysoft.com

 @vacancysoft
 facebook.com/vacancysoft/
 vacancysoft-llp
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