A Closer Look: The Growth of FinTech in Birmingham
Posted by Gary Duguid on 28/09/2018
Birmingham has a rich and progressive business ecosystem…
With over 10,350 companies, the city has the largest business, professional and financial services sector outside of London. Combined with over 7,500 technology firms, it is perhaps no surprise that the FinTech cluster is rapidly gaining momentum.
Birmingham's tech industry employs over 40,000 people and boosts the economy by £2.3 billion every year.
What exactly is FinTech?
FinTech is an abbreviation for Financial Technologies – and it pretty much does what it says on the tin; it describes the technologies used in the financial services sector.
Increasingly, FinTech is representing entrepreneurial means of banking, with developments such as smartphone payments, digital money transfers and innovative asset management. With this in mind, it's clear to see how the sector is fundamentally changing the way in which financial companies interact with their customers.
With an efficient technological infrastructure, a University-led talent pool and thousands of existing digital firms, Birmingham has a strong entrepreneurial ethos – and is therefore a hub for tech innovators, creatives and start-ups.
Combined with the existing presence of well-known financial companies such as HSBC, the city provides the perfect background for a fusion of the more traditional financial sector and the progressive technological industry. The result is two-fold; existing names are able to modernise their financial technologies and ways of working, whilst it’s also easier than ever before for start-ups to succeed, with efficient means to accept payments, fundraise and ‘go global’.
Spaces that embody the entrepreneurial spirit
Whether based in the FinTech sector or another of Birmingham’s thriving industries, key for succeeding in an ever-growing business environment is making the most of the workplace. An effective place of work can inspire creativity and therefore act as a vital tool for innovative modern workforces.
A tailor-made workspace will do more than just embody a company's brand and values, it will provide the required flexibility, integrated technology, and collaborative ethos that any new business needs to succeed – especially those in progressive cities such as Birmingham.
Keen to get inspired? Take a peek at some of the tech and financial workplaces we’ve created across the UK by heading to our case studies page.