London fintech firms recruit thousands more staff as they set course for expansion

Britain’s biggest fintech firms are recruiting thousands of new staff, fresh research has found, in signs the industry is charting a course for major expansion. More than three thousand job vacancies in fintech were advertised in the first three months of this year, according to data from Morgan Mckinley and VacancySoft, representing a jump of nearly two-thirds on last year, with the lion’s share of the hires taking place in London.

Vacancies in fintech peaked at as much as 5,000 in 2021 but had more than halved to less than 2,000 by the middle of last year amid turbulent macroeconomic conditions and a slowdown in fundraising for tech firms. But since then, a stabilising in the economic outlook and a slew of new funding rounds including Monzo’s bumper $430 million raise have renewed the industry’s confidence to expand at pace, launching new products and setting up in new markets.

As the industry has matured, risk and compliance roles have seen the biggest jump in recruitment increasing by more than 85% in London to represent one in four hires. Risk Management is the fastest-growing role, with vacancies surging by 135% compared to 2023.

Starling Bank has been among the biggest recruitment fintech this year according to the research, with more than 650 vacancies, while payments business Checkout.com has ramped up its hiring spree with nearly 500 vacancies, a more than tripling on last year. But some fintechs have slowed hiring so far this year. Revolut and Wise have advertised 267 and 393 roles respectively, a drop of around 14% compared to last year.

Victoria Walmsley, Managing Director at Morgan McKinley said: As we navigate through 2024, the fintech sector is experiencing dynamic shifts in recruitment, driven by technological advancements, regulatory changes, and evolving consumer behaviours.

“The continuous push towards digital banking and heightened cybersecurity threats are key drivers of these trends. The fintech sector is poised for sustained growth, with opportunities for remote and internationally diverse talent.”