Fintech companies in Wales are in pole position to capitalise on a growing fintech hub and local graduates with expert knowledge in finance and modern technologies.
Wales is proving to be in pole positions when it comes to fintech innovation and businesses. The blossoming fintech industry in Cardiff and the South East of Wales has created an incredibly successful cluster contributing £2 billion Gross Added Value (GVA) to the Cardiff Capital Region economy.
The fintech industry combines two of the most talked-about sectors in any location – financial services and technology.
According to Trade and Invest Wales, the local fintech sector is valued at over £8 billion and is continually growing. An estimated 44,000 Wales residents are employed because of this industry, and they’re spread out in locations across Wrexham, Swansea, Newport and Cardiff.
Some of the most prominent fintech business that has already moved into a Welsh postcode include Vizolution, Backbase, Wealthify, Starling Bank, and confused.com. Some of these companies aim to provide locals with more accessible financial services and lower costs, while others may service investors and other businesses. Whether you just want cheaper and convenient banking services or tips on how to trade Fintech CFD, this specialised industry in Wales is set to provide.
The leads and CEOs of the aforementioned firms have stated one of the benefits of being located in this part of the world is the local workforce and professionals being churned out by Welsh universities offering courses and accreditation in finance and technologies. The website confused.com has cashed in on the talented professional market, growing from six employees just five years ago and now with over 300.
The excitement around this budding Welsh sector was already reported when we recently spoke with Richard Theo from FinTech Wales. This is a not-for-profit government membership organisation for all fintech business operating in or headquartered in Wales.
The membership group has been created to provide support and assistance to a whole community of Fintech businesses in all areas of the country, helping them succeed in their various products and services.
Similar membership groups are being started in other regions of the UK as part of a UK-wide strategy to capitalise on the UK’s position as a global industry leader. This is formally known as The Fintech Sector Strategy.
Delio is another big business at home in Wales. The company creates fintech software and platforms for other companies to use. One of the owners, Gareth Lewis, has experience working in London and Manchester in the same industry but has been on record to commend the support they have received from being in Wales and contribute much of their success to their current location.
It appears that the government strategy has been an enormous success so far in Wales, and fintech businesses here are in pole position for future growth.