UK fintech vacancies rise 61%

The UK fintech sector experienced a surge in the number of job vacancies and a significant rise in average salaries in 2018, with non-it roles accounting for a greater share of the market, new figures suggest.

Job postings within the fintech space increased by 61 per cent last year, according to the UK Fintech Revolution: 2019 Salary Survey from recruiter Robert Walters and market analyst Vacancy Soft.

The report said rising demand pushed salaries as much as 25 per cent higher in 2018, with inbound venture capital funding easing financial constraints on fintechs.

IT vacancies absorbed half of the fintech hiring market in 2017, however this figure dropped by 7 per cent last year as business growth and preparation for possible Brexit scenarios called for skills in other fields.

Compliance-related positions experienced the biggest surge in growth, with the number of roles up 85 per cent year-on-year, followed by marketing jobs which climbed 63 per cent.

The survey noted a salary leap of 20 per cent between roles advertised for small and medium-sized fintechs with no funding versus those advertised for Vc-backed enterprises.

James Murray, director for financial services at Robert Walters, forecast further demand for compliance-related roles in the coming year.

He said: “It is no surprise to see compliance as the largest growth area this year.

“The spotlight on fintechs has meant that they are now having to address concerns from regulatory bodies and prove that they are just as capable of being compliant as the big banks. With relatively unestablished compliance departments, we can expect to see rapid hiring in this area for the rest of this year.”

The report added that London continued to be the leading city in Europe for attracting venture capital funding for fintechs.