The UK fintech sector experienced a 44% surge in job vacancies in 2024, driven by venture capital investment and AI, according to a report for recruiter Morgan McKinley.
Fintech vacancies hit 12,519 last year, up from just 8,672 in 2023, according to the report, carried out by Morgan McKinley with market data analysts Vacancysoft.
The surge was driven by a rise in venture capital funding, widespread adoption of AI and automation, and the sector's ongoing fragmentation, which has fostered the emergence of new companies. Fintech has become a magnet for talent, particularly in commercial roles.
Wise recorded a 225% increase in vacancies, reaching 335 roles, while Ebury Partners posted a 148% rise to 286 roles. Business development and sales roles dominated, accounting for 1,277 vacancies — a 54% year-on-year rise and 10% of all openings.
In contrast to fintech, banking vacancies were down 11% in 2024 at 37,901, reflecting ongoing restructuring and regulatory challenges.
Risk and compliance roles, which have traditionally dominated hiring, saw a sharp 20% drop, reflecting reduced regulatory activity. However, operations and IT development displayed more resilience, growing by six per cent and two per cent.
Major players like NatWest and Barclays posted steep declines in job openings, with reductions of 51% and 45%, reflecting ongoing industry-wide restructuring. Lloyds Banking Group reported a smaller decline of 19%.
The accountancy sector rebounded strongly in 2024, with a 29% rise in vacancies, reaching its highest demand in five years, making up 54% of all openings