A report from Whitecap Consulting has revealed that the Greater Manchester fintech sector has contributed to more than £1bn to the regional UK economy, making it the second-largest fintech sector in the region.

Whilst still trailing behind London for the UK’s top fintech spot, Whitecap revealed that Manchester employs 10,000 to its fintech sector and has grown exponentially over the past three years by 67%. 

Furthermore, 240 firms were revealed in the report to have set up operations in Manchester, with financial, technology and fintech services making up most of the companies, with 150 fintech firms making up the total figure. 

The Whitecap report was launched at the Bruntwood SciTech in Manchester in collaboration with multiple companies such as Fintech North, MIDAS, Centre of Finance, Innovation & Technology (CFIT), among others. 

“Greater Manchester’s Fintech status is a clear representation of how our city-region is working in partnership on our long term digital and innovation strategies,” commented Joe Manning, Managing Director of MIDAS. 

“Start-ups and scale-ups are imperative for the future growth of our economy, and we look forward to building even further on this excellent report by continuing to leverage our renowned technological capabilities and exceptional talent in the UK’s most liveable city.”

In 2021, the Kalifa Review – which was a strategic overview of the UK’s financial and fintech ecosystem – identified Manchester as one of the three ‘established’ clusters outside of London. 

Following on from the first Whitecap report on Manchester’s fintech performance in 2020, the region has gone from strength to strength, increasing in fintech startups (218%), fintech firms (133%), Gross Value Added (67%), and fintech workforce (37%). 

This also comes following the establishment of the CFIT last March in order to bolster the overall UK fintech sector following previous years challenges. 

Charlotte Crosswell, Chair of the CFIT, added: “The results of the Manchester FinTech Ecosystem Report 2023 are impressive. I look forward to working with the financial services, and technology sectors in the region and across the UK to drive international FinTech growth, attract talent into the FinTech sector, and ensure better outcomes for consumers and SMEs. 

“It is important we continue to enhance the links between industry, academia, government, and regulators to support this exciting sector, and ensure that its impact is felt up and down the country.”