Louise Brett, head of FinTech at Deloitte, said:
“Today marks the UK FinTech sector’s ‘Big Bang’ moment, setting out a strategy that will accelerate growth over the next three years and be an enabler for post-pandemic recovery.
“FinTech is providing opportunities for levelling up, not only regionally but also across society. The number of UK FinTechs has doubled since 2014, to c.2,500, with an annualised growth rate of 16% over the past decade. Deloitte’s analysis suggests that the UK FinTech sector could employ a further 50,000 people over the next three years, with potential economic uplift of up to £3bn over the same period.
“Today’s review reveals that across the UK, embracing London’s super hub status, the whole of the country is bursting with FinTech activity. With a third of all FinTechs now sitting outside of London, providing the right support to enable regional clusters to thrive is vital. This is best achieved through collaboration, access to information, investment, skills and talent, and policy and regulation expertise. It is important to recognise that this isn’t about regional hubs competing with London. Instead, it is a global opportunity that, if nurtured, will ensure growth across the UK and future FinTech competitiveness on an international stage.”
Notes to Editors
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK’s leading professional services firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.