Fintech firms in the UK are preparing for an influx of recruitment. Professional hiring is expected to increase by 32 percent. Companies are pushing forward with their growth plans despite lingering uncertainty in the economy and cautious investment climate. They do this because of increasing compliance requirements and the need to strengthen cybersecurity.
The latest Fintech Report from Morgan McKinley, and labour market experts at Vacancysoft paints a picture of this. The report shows how fintechs have evolved from their fast-paced, early-stage start-up phase into more mature, regulated, revenue-focused models.
Fintechs continue to move forward strategically, despite the fact that venture capital funding remains below historical norms. Product development, operational expansion and an increasingly complex regulatory landscape are driving new hires.
Fighting fraud
The hiring of technology roles is expected to increase by 39 percent. Cybersecurity is one of the top priorities.
Risk and compliance have been in the spotlight for a month since a major Cyberattack on retail giant Marks&Spencer made front page news. Hiring in these areas is projected to increase by 29 percent by 2025.
Financial crime specialists will be in high demand, and roles focusing on fraud should double. This is a sign of the pressure that fintechs are under to keep up with regulatory standards, and protect themselves from growing financial threats.
Fintech Jobs Market Divided
Hiring trends are not uniform across the industry. Companies such as FNZ and Wise are increasing their headcount by 40 to 120 percent. They do this because of global expansion and high product demand. Some companies are focusing on cost-control and taking a conservative approach to recruiting in the face of tighter fundraising conditions.
When firms hire, they do so precisely. Investments are being directed into high-impact fields such as cybersecurity, compliance and product engineering, while generalist positions are experiencing little or no growth. In some cases, they are under review to reduce costs.
Mark Astbury of Morgan McKinley UK said that the UK fintech industry is displaying remarkable resilience despite geopolitical tensions. London is leading the way with a projected 32% rise in professional hiring, but this trend is reflected across the country. This indicates a market moving away from rapid scaling and towards more strategic growth.
He added that this is not a hiring spree fueled by hype, but a “considerate” response to real challenges.
The surge in fraud-risk and compliance roles along with the double-digit growth of IT security and engineering highlights an industry which is maturing. It’s not just about growth for its own sake but also adapting to challenges and opportunities.
