Welsh fintech has surged to new heights with a £70million investment boost and dynamic industry growth, according to FinTech Wales’ latest report. It offers an in-depth look at the sector’s expanding influence, from significant job creation to a notable increase in global expansion efforts and innovation.
FinTech Wales, the independent membership association that supports the fintech and financial services industries in Wales, details the sector’s substantial economic impact, highlighting a contribution of approximately £1.6billion in gross value added (GVA) to the Welsh economy.
A notable increase in investment and job numbers is reflected in the rising number of people employed in the financial and related professional services industries in Wales, which has grown from 64,000 to 73,000 within the past year. The fintech sector specifically now employs about 13,000 individuals, marking a 15 per cent increase since 2021.
“It’s wonderful to see the continued growth and evolution of the Welsh fintech industry highlighted,” said Sarah Kocianski, CEO of FinTech Wales. “The past 12 months have shown us more innovation, more creativity and more inspiration than ever. That said, there is always more to be done to ensure our ecosystem continues to thrive, and thanks to the recommendations in this report we have a blueprint for how to do that.”
Wales’ Annual Fintech Report 23/24
Published annually since 2021, the latest report provides an in-depth overview of the fintech sector in Wales. In particular, looking at investment, skills, industry trends and the growth of the ecosystem, as well as making recommendations for the future.
In 2023, fintech funding in Wales surged to approximately £70million, a significant increase from £13million in 2022, mirroring a global recovery in fintech investments. Notable contributions included major rounds from Coincover and Signature Property Finance, each raising about £30million.
The positive trend has continued into 2024 with several Welsh fintechs securing funds, such as Mazuma, which received a multi-million pound investment, and Monzo, securing £350million from investors including Google Ventures.
Cardiff remains the second biggest insurance cluster in the UK after London, with the city and surrounding area employing 8,550 of the above 73,000 people in the industry, up from around 6,000 in 2022.
The report also reveals FinTech Wales’ commitment to bolstering fintech career opportunities and diversity within the sector. It highlights efforts to connect job seekers with over 150 live monthly vacancies and addresses support for workers affected by local layoffs with specialised career events.
Sarah Williams-Gardener, chair of FinTech Wales also said on the report: “The Welsh fintech sector is thriving, with £70million in investment in 2023, increased seed and early stage investment in 2024, 13,000 jobs, £1.6billion in economic contribution, multiple acquisitions and international expansions— this is testament to the power of innovation, collaboration, and global ambition.
“While these achievements are remarkable, there is still much more to do to unlock our full potential. Together, we are building a world-class fintech hub that drives lasting economic growth and innovation.”
