Leeds is a ‘prime location’ for FinTech innovators

The Leeds City Region FinTech ecosystem has significant growth potential which is being driven by the established Financial Services sector’s increasing desire to engage with FinTech innovation, according to new research.

A report published this morning has found the Leeds City Region FinTech ecosystem to be in a strong position in terms of its Financial Services, data and technology sectors, with a clear demand for FinTech innovation and partnerships from established Financial Services and technology organisations.

The research also identifies the Leeds City Region has yet to fulfil its FinTech potential given the current low numbers of FinTech start-up and scale-up firms, and a lack of hubs and workspaces dedicated to FinTech in the region. To this extent, the ecosystem is only partially formed, and has substantial potential for growth.

Tom Riordan, Chief Executive of Leeds City Council, said: “Leeds City Council is delighted to have supported this FinTech ecosystem research. It is of strategic importance to the Leeds City Region and further strengthens the Financial and Professional Services network. There is much to be proud of in the region and we have a great story to tell. The Council, universities, schools, innovators and entrepreneurs have all played their part in creating growth to date.

“I believe this ecosystem research will provide further momentum to encourage investment in Leeds and the city region as a FinTech centre of excellence, presenting a significant opportunity post-Brexit.”

The report details the output of an extensive analysis by Whitecap Consulting, a regional strategy consultancy headquartered in Leeds, and has been supported by a number of key organisations in the Leeds City Region including Leeds City Council, CYBG, First Direct, Yorkshire Building Society, Bruntwood, Equiniti Credit Services, Nexus (University of Leeds), Leeds Beckett University, and FinTech North.

Richard Coates, Managing Director of Whitecap Consulting, added: “For many years, Leeds City Region has had a vibrant and diverse Financial Services industry which has been supported and enhanced by its data, technology and digital sectors. We are delighted to have worked with key stakeholders from the Leeds City Region to produce this report, which it is hoped will set a foundation for future growth for this exciting and rapidly developing sector.”