December saw the publication of a new report by FinTech North analysing the North East fintech ecosystem, based on a combination of desktop research, focus groups and interviews. Having presented at a number of FinTech North’s events, Flektion was delighted to be amongst a range of technology and financial services firms in the region that contributed to the report. It’s published comes at a time where there is an increasing focus on the role the regions outside the South East can play in the future growth of the UK fintech sector.
“FinTech North’s Newcastle events have had highAidan Dunphy, Flektion
attendance and this shows a growing strength and
level of interest in fintech in the region. We need to
achieve critical mass and create space for it.”
The North East has some high profile fintech case studies, including of course Sage, the UK’s largest listed technology company, Durham-based Atom Bank, and Newcastle Strategic Solutions which provides the white-labelled platform behind a number of UK digital banks.
The report identified 58 firms in the North East active in fintech, ranging from startups to established financials services companies and employing over 3,000 people. It also estimates that there are 53,000 people employed overall in the financial services and technology sectors across the region, and interestingly reveals that the North East has a higher proportion of startups in its fintech sector than any other region.
The research was co-funded and supported by a number of prominent organisations in the North East, including Sage, Newcastle Strategic Solutions, Newcastle City Council, Business Durham, Newcastle University, Dynamo North East, and FinTech North. You can download the report here.