For those who work in tech, the past couple of months have been unsettling to say the least—according to layoffs.fyi, more than 150,000 workers have been laid off in the first quarter of 2023 worldwide.
As a result, technology and financial services sector workers across the UK are actively psyching themselves up for potential layoffs and CWJobs reports that 53% of UK tech workers are pre-emptively applying for new jobs over fears of redundancies at their companies – writes Aoibhinn Mc Bride, Content Editor, Jobbio.
The highest area of risk in the UK is London, where the number rose to 63%.
That being said, fintech continues to be one of the more robust sectors thanks to London’s position as a global hub for fintech investment—the city’s tech ecosystem is worth £257 billion—and over the course of 2021 alone, the fintech industry attracted a record £9.5 billion in investment––nearly half of all investments in Europe.
Add to that data which reveals that Fintech companies based in the UK capital raised £5.1 billion in the first six months of 2022.
Recent data compiled by Deloitte as part of the government’s Kalifa Review, shows that there are currently over 2,500 fintech companies across the UK.
London has established itself as a “superhub”, and is the second highest-ranking fintech ecosystem globally with the highest concentration of financial and professional services firms, which makes the city an ideal base for entrepreneurs who need access to additional resources.
Deloitte also identified additional “established clusters” in Manchester and Leeds, Edinburgh and Glasgow, and Birmingham and “emerging clusters” in Newcastle and Durham, Cambridge, Bristol, Wales, and Reading, further strengthening the sector.
Bolstered by B2B
With wealthtech and payment technologies accounting for more than 50% of all UK fintechs, B2B fintech is surpassing its B2C counterparts four times over—according to Dealroom, fintechs selling to other businesses have attracted £11.5 billion in investment compared to £2.6 billion for fintechs selling to consumers, the lowest figure B2Cs have secured since 2015.
B2B fintech is also less susceptible to external influences like reduced consumer spending, central bank hikes and rising inflation. Plus, companies focusing on the software that powers payment processes, instead of the customers that will eventually use it, naturally insulates it from any kind of unpredictability in the neobanking sector.
Couple this with recent data released by Statista which details that compared to other European countries, the UK has a higher than average consumer adoption rate when it comes to fintech products and services.
As a result, the demand for innovative fintech services and products means a continuation of career opportunities for tech professionals.
Ready to capitalise on the UK’s strong market position and make your move to a job in fintech? The Payments, Cards and Mobile Job Board has thousands of opportunities across the sector like the three below.
Dev/Tech Lead, Third Republic, London
Third Republic is working with a fintech company that is shaping the future of banking to find a Dev/Tech Lead. In this role you’ll provide technical direction, lead a small team of developers, be responsible for implementing the technical vision and contribute to product design, architecture, system reliability and scalability of service. You’ll need strong knowledge of Java 8, Java/J2EE and other concepts including OO & Service Design in JSON or RESTful, experience with relational Databases and SQL tuning and experience with containers for example, Kubernetes and Docker. View more details here.
Integration Engineer, PayPal, London
Credit Model Validation Analyst, Monzo, London
Working with the credit risk team, the Credit Model Validation Analyst will be expected to ensure the models Monzo uses are best for customers. As such you will perform independent model validation and make sure the credit risk models are fit for purpose. You will also contribute to improve model risk frameworks including policies, standards and procedures helping to embed the best practise in business. To apply, you’ll need experience in decision science, in-depth knowledge of statistical techniques for management of credit risk and credit risk management knowledge. Experience using SQL or Python is a bonus. Apply for this job now.
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