The North East FinTech Strategy developed by Whitecap Consulting, and supported by key stakeholders including Newcastle Strategic Solutions, outlines a high level expansion plan for FinTech growth and jobs.
The report follows The Kalifa Review of UK FinTech published in 2021, where the region was highlighted as a top ten emerging FinTech cluster in the UK.
Key takeaways include:
- This new regional growth strategy identifies an opportunity to create more than 2,000 new jobs in the North East by the end of 2025.
- The North East FinTech ecosystem has seen strong growth over the last 3 years, with a 58% increase in the number of firms operating in the sector and an 81% increase in the number of FinTech startups and scaleups.
- Inward investment has played a key role in the success - nearly a third of the startups and scaleups are organisations that have chosen to expand their operations into the North East.
- The new strategy outlines a set of recommendations to be taken forward by key stakeholders, under three strategic themes: clear leadership, increase collaboration, and develop resources.
- The project follows an independent national strategic review (the Kalifa Review) which identified the Newcastle and Durham area as one of the top ten FinTech clusters in the UK.
To read the full report download the North East FinTech Strategy 2022-25
