GAUGING THE MARKET
BUILDING A WORLD CLASS FINTECH HUB IN WALES
Formed in 2019 , FinTech Wales is an independent membership association and champion of the FinTech and Financial Services industry in Wales . Sarah Williams-Gardener , CEO , FinTech Wales , shares the areas they are nurturing to ensure the continued success and development of the Welsh FinTech sector .
Wales is one of the most attractive UK destinations for FinTechs , encompassing digital banking , wealth management , crypto , cybersecurity , payments , B2B services , financial planning , InsurTech and more . Over 16,000 people are already employed in FinTech in Wales , which is set to grow significantly over the forthcoming years and our recently released FinTech in Wales 2022 / 23 market report found a 300 % increase in investment , with £ 53 million in publicly announced investments up to October 2023 .
The region benefits from a longstanding tradition in financial services , with a cluster of established banks and financial institutions operating here . This offers a supportive ecosystem and a skilled workforce for FinTech companies to leverage . Notably , this has also attracted challenger banks such as Starling , Monzo and Tandem to scale their operations in Wales .
Wales is also extremely well-known within the InsurTech and aggregator space . Industry pioneers like Admiral , Confused . com , Go . Compare and MoneySupermarket have paved the way for other FinTechs , particularly within motor insurance , to enter the market and flourish . The presence of these new and established successful companies has facilitated various national and international partnerships for Welsh FinTechs , as highlighted in our latest report .
Another flourishing sector within the Welsh FinTech ecosystem is ‘ FinTech for Good ’. We ’ re seeing significant effort from Welsh
FinTechs challenging existing offerings within finance from around the world and providing fantastic tech solutions to help people improve their financial circumstances and quality of living .
Wales is also highly regarded for having one of the most inclusive and collaborative ecosystems in the world . Inspirational leaders within this community firmly believe in the power of collaboration and support . They also place great emphasis on nurturing talent emerging from Wales ' world-leading universities and education providers , making investments to develop the skills necessary for future growth . Whilst there ’ s still work to be done to ensure there is enough skills and talent to support the industry to continue to thrive , industry and academia are working together to create solutions for now and in the future .
Furthermore , the commitment shown by entities like Cardiff Capital Region , the Welsh Government and others in recognising FinTech as a priority sector www . intelligentfin . tech
17