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West Midlands Fintech ECOSYSTEM REPORT 2020

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West Midlands Fintech ECOSYSTEM REPORT 2020 West Midlands FinTech ECOSYSTEM REPORT 2020 In partnership with © Whitecap Consulting Table of contents add region graphic West Midlands Ecosystem Summary 3 Forewords 5 Greater Birmingham & Solihull LEP 6 Whitecap Consulting 7 Innovate Finance 8 West Midlands FinTech Ecosystem Research 10 Introduction and approach 11 Definitions and Methodology 11 Overview 12 Research area: Findings And Recommendations 17 This report focuses primarily on the activity Availability Of Talent 20 in the geographical area covered by the Strength Of The Overall Financial Sector 22 West Midlands Combined Authority, which for the purposes of this report has been defined Strength Of The Overall Tech Sector 25 as the three LEP areas within the region Strength Of FinTech Startup/Scaleup Community 27 (Greater Birmingham & Solihull, Coventry Relationship between Startup/Scaleups & Established & Warwickshire, and Black Country). It 29 Financial Sector uses economic data from this region, supplemented by our own primary research. Funding For FinTech 32 Physical Spaces/Hubs 35 Interaction And Communication Between Key Players 37 Press & Media 38 This report was commissioned by GBSLEP on behalf of the three LEPs in the West Midlands The Role Of Universities 41 conurbation and the West Midlands Combined Authority. Participating Organisations 43 1 © Whitecap Consulting Published May 2020 WEST MIDLANDS FINTECH ECOSYSTEM - SUMMARY 2 © Whitecap Consulting 1 West Midlands FinTech Ecosystem Summary 2020 West Midlands region FinTech sector FinTech startups & scaleups established FS/ 4,500,000 1,900,000 122 firms 60% FinTech firms 24 firms, 87% B2B population workforce employing Tech startups & 534 people 21% B2C 136,862 7,265 20% firms 20% scaleups people working FS & Tech firms in FS or Tech 48yrs 8 yrs 93% 7,377 average age average age people working of founders of firms 164,000 9 in established estimated FinTech students related roles Universities organisations 71% 54% have main office are startups £99bn 6.3% £411.7m 6.2% in the region GVA of UK GVA GVA (estimated) of UK FinTech GVA FinTech in West Midlands region West Midlands region highlights 1. Largest asset management FinTech hub 4. Significant potential for Fintech startups 1. It is the largest conurbation 4. Proximity to London is being in Europe (Engine Room). and scaleups – the region has a outside London with a recognised as current and future financial services and Tech economy population of 4.5 million. asset, with the current strong 2. Core strength in the development that could sustain around 100 FinTech transport links to London to be 2. Birmingham is home to HSBC UK, of technology and software in the startups and scaleups. enhanced by HS2. asset management, investment and the first and only major UK bank mortgage lending sectors. 5. 2 of the 19 regionally based FinTech to complete a full relocation. 5. Birmingham is the youngest major city in Europe, with firms to participate in theFCA Sandbox 3. It will be the first multi-city 5G 3. 46% of the FinTech startups and under 25s making up 40% of to date have been based in the West test bed in the UK ready to scaleups in the West Midlands are population. Midlands. trial new 5G applications and scaleups, which is proportionally very services at scale. 6. There are more students here high when compared to most other 6. Key FinTech locations: Birmingham, than any other UK region, across regions we have researched1. Solihull, Warwick, Leamington Spa. 9 major universities. 1Other Whitecap Consulting FinTech Ecosystem projects have studied Leeds City Region, Greater Manchester, North East, Bristol. 3 © Whitecap Consulting EstablishedWest Financial Midlands & FinTech FinTech firms & Support Ecosystem FinTech stablished FS E & FinTech . E . S S H t a c r a t u l e p P S u u s e p b & c West s l t i o c r Midlands T e F c u n h d i n g l ta i s ig b u D H & Advi y Sup sor port Services ©Whitecap Consulting FOREWORDS 5 © Whitecap Consulting 2 Greater Birmingham and Solihull LEP FinTech is an incredibly exciting sector both regionally centres, increasingly high quality of life and availability and nationally, offering huge growth opportunities. This of funding streams to create a fertile environment in report provides an overview of the current state of the which FinTech can flourish. Our focus now should be on FinTech ecosystem across the West Midlands, along with connecting and enabling organisations to collaborate and a set of recommendations to enhance our capabilities share ideas, while also providing access to our established further. It demonstrates our strong foundations and why financial services sector. we are ideally placed to become a significant centre for GBSLEP welcomes the findings of this report and remains FinTech in the future. committed to providing clear strategic direction and The building blocks for a thriving FinTech ecosystem are support. The recommendations made in this report provide already embedded in our region, with a strong and well- us with clear markers that point the way towards creating established history in Financial Services, a youthful, diverse the right conditions for our burgeoning FinTech ecosystem Tim Pile, Chair, Greater Birmingham & Solihull and expanding workforce, and a host of incubators and to develop. Yet, existing strengths are not sufficient alone, Local Enterprise Partnership (GBSLEP) innovation centres. We are home to over 7,625 financial and the recommendations also make clear that there is services and tech firms including leading financial a great deal that we need to do to nurture accelerated institutions such as HSBC UK, Deutsche Bank, Lloyds, as well growth of the sector. as associated professional services firms with significant It is now up to all of us across the region to commit to financial services teams present in the region, such as PwC action. I encourage those in the business community to take and Deloitte. an active role in driving these recommendations forward to A supportive FinTech ecosystem can play a key role in help ensure we unlock the significant untapped potential advancing the region’s reputation as a high-value business identified in this report. and professional services location. This report revealed This comprehensive review was commissioned by GBSLEP over 120 firms already operating within the West Midlands and authored by Whitecap Consulting based on extensive ecosystem, delivering an estimated GVA of £411.7 million research and analysis in collaboration with multiple industry per annum (or 6.2% of total UK FinTech GVA). stakeholders. The delivery of such a detailed and far- Combine this with our status as the first multi-city test bed reaching report would not have been possible without to trial new 5G technology at scale, our excellent university their contribution and support, and I would like to give my base with more students than any other UK region, and our personal and profound thanks to each of them for taking expertise in technology and software, it is clear that there is the time to share their insight with us. enormous potential to support more FinTech start-ups and Working together across the private, public and education scaleups here in the West Midlands. sectors, I am confident that we can turn this potential into a This is the time to capitalise on these opportunities. Utilising reality for West Midlands. our combination of talented people, world-class research 6 © Whitecap Consulting Whitecap Consulting We are pleased to present our inaugural assessment of the startup and business funding. However, the dynamic is quite West Midlands FinTech Ecosystem, conducted on behalf of different in other parts of the UK, including the West Midlands. Greater Birmingham & Solihull Local Enterprise Partnership Our analysis across all UK regions, including the West (GBSLEP), which has involved us actively engaging with the Midlands, shows that the focus tends to be less on region’s FinTech community. startups and driven more by established financial services organisations seeking innovation and collaboration. This has This is a region with strong and deep heritage in the financial been driven by increasing competition, new technology, sector, having been the original base for well-known increased customer expectations and legacy IT systems; banking brands such as Midlands Bank and Lloyds Bank. reflecting the wider shift to a digital economy. Our analysis has found there is potential in FinTech in the For established financial service organisations who region, based on the proximity to London, depth of the talent have evolved their systems and processes over time, it is pool, and the strengths in financial and professional services increasingly difficult to operate efficiently and effectively and technology. The recent creation by The Investment Richard Coates, Managing Director in a digital world. In contrast, the newer entrants have Association of a FinTech hub (The Engine Room) at Wesleyan Whitecap Consulting more of a flexible strategy, ideally suited to an ecosystem- in Birmingham could prove to be a pivotal development. based approach and are well placed to exploit specific In our role as a regionally focused strategy consultancy, we opportunities including developments such as Open Banking. are exposed to many high growth sectors across the UK and The issue of legacy technology in the financial sector is not have been actively involved in FinTech since we founded a new one, but the major change now is a move towards the company in 2012. Since that time, we have worked with openness and the adoption of different operating models established financial services organisations, tech providers, with multiple supplier relationships. The challenge of adapting FinTech startups and scaleups, universities, PE and Corporate to this new digitally orientated operating model is something Finance firms, the public sector and inward investment that is a common theme in our work with established organisations on a range of FinTech related projects.
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