Wales’ Annual Fintech Report 23/24 Released by FinTech Wales

Welsh fintech sees £70M investment in 2023, increased investment activity in pre-seed in 2024, 15% industry job growth, a £1.6B GVA boost and increased innovation and global expansion

FinTech Wales, the independent membership association and champion of the Fintech and Financial Services industries in Wales, has today published its latest Fintech in Wales Report for 2023/24. Published annually since 2021, the report provides an in-depth overview of the fintech sector in Wales. In particular, looking at investment, skills, industry trends and the growth of the ecosystem, as well as making recommendations for the future.

To read the full report, please click here

Key Figures from the 2023/24 Report

• Investment in Welsh fintech has risen from £13 million in 2022 to £70 million in 2023.
• 2024 investment activity in Wales reflects the broader, global trend in fintech funding where seed and early stage deals have recovered slightly, while later stage, larger deals remain rarer than pre-pandemic.
• The number of people employed in the financial and related professional services industries in Wales has increased from 64,000 to 73,000 in the past 12 months alone.
• Fintech employment specifically in Wales is around 13,000, which is a 15% increase since 2021.
• Cardiff remains the second biggest insurance cluster in the UK after London, with the city and surrounding area employing 8,550 of the above 73,000 people in the industry, up from around 6,000 in 2022.
• The fintech industry contributes around £1.6bn in GVA to Wales.
• Acquisitions and partnerships remain a key strategy for driving both national and international growth among Welsh fintechs, enabling them to scale, innovate, and expand into new markets with agility and impact.

To support the continued success and growth of the Welsh fintech sector, FinTech Wales publishes annual recommendations, with this year’s report emphasising the critical need for Welsh fintechs to access the funding required to reach their full potential, particularly in an uncertain economic environment. As an advocate for its members, FinTech Wales is dedicated to securing the recognition this thriving sector deserves by amplifying their achievements and campaigning for increased funding and investment. It also calls for more investors to visit and invest in the region, so it can showcase the innovation flourishing within its ecosystem.

Additionally, the report talks about the need to ensure a ready pipeline of talent with the skills that fintechs need to start and scale, as well as innovate — another evergreen priority.

“The Welsh fintech sector is thriving, with £70 million in investment in 2023, increased seed and early stage investment in 2024, 13,000 jobs, £1.6 billion in economic contribution, multiple acquisitions and international expansions— this is testament to the power of innovation, collaboration, and global ambition. While these achievements are remarkable, there is still much more to do to unlock our full potential. Together, we are building a world-class fintech hub that drives lasting economic growth and innovation.”

“We are excited to continue supporting and working closely with our thriving Welsh fintech ecosystem. The growth of this sector exemplifies Wales’ commitment to innovation and excellence. From pioneering financial and tech solutions to creating high-quality jobs, fintech is playing an instrumental role in shaping the future of our economy.

We are proud to back this vibrant sector, which brings together talent, technology, and investment, propelling Wales onto the global fintech stage. Our government remains committed to fostering an environment that empowers fintech companies to scale, collaborate, and succeed.”

“It’s wonderful to see the continued growth and evolution of the Welsh fintech industry highlighted. The past 12 months have shown us more innovation, more creativity and more inspiration than ever. That said, there is always more to be done to ensure our ecosystem continues to thrive, and thanks to the recommendations in this report we have a blueprint for how to do that.”