The West Midlands is gaining recognition as one of three fintech hubs in the UK, according to a new report revealing that the sector supports more than 11,000 jobs in the region.
With the sunk costs of establishing a base in London proving prohibitive, bootstrapped UK fintech startups are emigrating north, attracted by the region's higher education insitutions and local talent pools.
The Impact Report, commissioned by SuperTech, the West Midlands tech supercluster, highlights how Birmingham and the region’s fintech businesses have generated £474 million in economic output, and are on track to achieve £1 billion.
Hilary Smyth-Allen, executive lead for SuperTech, says: “The headlines about the future of our economy are dominated by technology. Just like the first industrial revolution, it’s been taking shape in Birmingham.
“The opportunity for next generation services has its foundations in a place which made its name through innovation and disruption. We are at the crossroads of assets and talent."