New report to analyse FinTech opportunities across the North of England
Whitecap Consulting, the regional strategy consultancy, has announced an ambitious new project to develop the inaugural North of England FinTech Report, mapping every FinTech firm and summarising key activity across the region.
The UK’s FinTech sector continues to be a major area of focus in the economy, with FinTech firms contributing an estimated £8.3bn of GVA and productivity in the sector being 60% higher than the national average. A third of the UK’s tech unicorns are FinTech firms, and globally the UK is second only to the US in terms of FinTech investment. With credentials like this, FinTech is understandably a target sector for growth around the key regions of the UK, and it was recently stated at IFGS that one third of FinTech firms are now located outside London.
In this respect, the North of England represents huge opportunity. The region is home to around 1m+ businesses, nearly 7.7m jobs, and over 15 million people. It generates £343bn of GVA (19% of UK’s total), and is home to a thriving FinTech sector, evidenced by the fact it was the only UK region to have multiple FinTech clusters identified in the Kalifa Review of UK FinTech in 2021. The Northern Powerhouse Independent Economic Review outlines that a million additional jobs could be created in the North by 2050, and FinTech is part of both the prime capability of digital where it crosses over with financial and professional services (so is a critical part of that broader vision)
Peter Cunnane, Director of International & Partnerships, Innovate Finance, said:
“The UK’s FinTech sector is one of the most dynamic in the world – and its strength increasingly lies in its geographic diversity. National and regional FinTech clusters are playing a critical role in driving innovation, creating high-productivity jobs, and delivering economic growth across the UK. The North of England is already home to a thriving FinTech ecosystem, with multiple established and emerging hubs that contribute significantly to our national competitiveness. Innovate Finance is delighted to support this important initiative from Whitecap Consulting, which will provide much-needed insights into the scale and potential of FinTech across the North. A clearer understanding of the regional landscape is vital to ensuring we build an inclusive and truly national FinTech strategy that supports talent, investment, and innovation in every part of the UK.”
Henri Murison, Chief Executive, Northern Powerhouse Partnership, said:
“Raising the productivity of the North of England will enable the mega-region to prosper and provide a counterweight to London – and pan-regional collaboration can play a key role. For many years, FinTech has been a high-growth sector that exemplifies what is possible when working across multiple city regions. We are delighted to support this new project and to be working with the team at Whitecap Consulting, alongside partners including FinTech North, to map out the current and future potential of this dynamic sector across the North.”
Whitecap’s reports on four key northern regions (Leeds, Greater Manchester, the North East, and Liverpool City Region) have found strong growth in the number of FinTech firms, FinTech-related jobs, and the GVA generated by the sector over recent years. The new report will include an updated analysis of these regions and will seek to identify every FinTech firm in the North, analyse smaller emerging regional clusters, and will feature breakdowns by the seven Combined Authority regions in the region, Whitecap completed a similar project for the South West of England in 2023, identifying around 200 FinTech firms, and expects the number for the North to be more than double this amount.
Julian Wells, Director & FinTech Lead, Whitecap Consulting, adds:
“We already know there is a strong presence of FinTech firms activity across the North of England, but it’s never been reported on in detail as a single unified region. The aim of this report is to quantify and summarise the sector to help raise the FinTech profile of the North on a national and international basis, whilst providing senior economic leaders with clarity on key themes, opportunities, and areas where action and intervention may be required.”
The project will be co-funded by multiple organisations, with confirmed sponsors to date including: Aviva, Bruntwood SciTech, FCamara, PEXA, and RSM. More sponsors are expected to be confirmed soon, and expressions of interest are invited.
The report will have a high profile across the North and beyond. FinTech North will be a regional promotional partner, Innovate Finance will be a national partner, and the project will also feature engagement and support from key regional economic development and policy bodies including the Northern Powerhouse Partnership, Growth Platform (Liverpool City Region Combined Authority), MIDAS (Manchester’s Inward Investment Agency), West Yorkshire Combined Authority, and North East Combined Authority.
Katherine Megson, Head of Innovation, Bruntwood SciTech, said:
“Our 33 hubs and campuses across the North are home to innovation ecosystems across multiple high growth sectors, and we see first hand how vibrant and connected the FinTech sector is. We are proud to be long term partners to both Whitecap and FinTech North, and we look forward to hosting the regional discussion groups that will be taking place as part of this important project.”
Over recent years, Whitecap has published approximately 20 reports on regional FinTech ecosystems, including analyses of the North East, Leeds City Region, Greater Manchester, Liverpool City Region, West Midlands, Northern Ireland, Bristol & Bath, Norfolk, and Dorset. The firm also worked with FinTech Scotland and SuperTech WM on the creation of FinTech Research & Innovation roadmaps, and recently supported Innovate UK on its AI for Services 2025 report, which mapped future innovation opportunities across professional and financial services. It has also developed FinTech skills frameworks
The project will run for several months, and in addition to a programme of data analysis and research, it will include a series of regional roundtables and seminars across Manchester, Leeds, Liverpool and Newcastle, and a launch event hosted in partnership with FinTech North.
To enquire about contributing to the report, either as a sponsor or via insight or attending a regional discussion group, please contact info@whitecapconsulting.co.uk
