A new report has found that fintech is adding £5bn to the North of England economy every year.
Whitecap Consulting estimates that this will rise to £6bn per annum by 2030.
The North of England Fintech Report 2025 was published earlier today and reveals that almost 400 fintech firms are based here, employing 20,000 staff. That figure rises to around 70,000 when you include fintech roles within the financial and tech sectors.
“The UK is an international leader in financial innovation, holding a 10% share of the global FinTech market. In 2024, UK FinTech attracted $3.6 billion in investment, maintaining its position as the second-largest FinTech investment market globally, and remaining Europe’s top destination by a considerable margin,” explained Janine Hirt, CEO of Innovate Finance.
“A defining characteristic of this FinTech strength is the breadth and depth of our regional ecosystems, and across the country, high-growth firms are driving innovation, creating jobs, and delivering real-world impact. This report provides a comprehensive view of the ecosystem across the entirety of the North of England offering fresh insights, updated statistics, and a timely reflection of a region that is evolving rapidly and contributing significantly to national growth.”
The report also sets out 5 recommendations to “significantly accelerate” the growth of the sector and increase its national and international significance.
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These include pan-northern initiatives including a FinTech Accelerator; FinTech Investment Fund; FinTech Innovation Challenge; FinTech Placements Programme; and Financial Services Reskilling Programme.
“The opportunity FinTech represents to help the traditional sectors it straddles to achieve even higher productivity, and employ more relative to the wider areas of the country beyond London, is critical,” said Henri Murison, CEO of The Northern Powerhouse Partnership.
“The ambition of a £6bn GVA contribution by 2030 is just the start, with more to follow in the decades to follow it.”
Broken down regionally, 58% of fintech firms are based in the North West; 30% in Yorkshire and Humber and 12% in the North East.
The four main clusters are found in Greater Manchester (175 FinTech firms), West Yorkshire (94), Liverpool City Region (44), and the North East (44).
The most prominent sub-sectors in the North are Payments, Banking, Lending and WealthTech.
It also examined the make-up of the businesses, with the average age of fintech firms being around 13 years, with founders tending to be 37 years old when they set up the business.
However, it also pointed to a lack of diversity, with just 6% of founders being female.
“This new report provides clear evidence that the North of England has emerged as a significant powerhouse in the UK’s financial technology landscape, with Leeds, Manchester, Newcastle and Liverpool establishing themselves as key centres for FinTech innovation and growth,” said Katherine Megson, Head of Innovation & Growth, Bruntwood SciTech.
The report came following a programme of data analysis and research and regional discussion groups in Manchester, Leeds, Liverpool and Newcastle.