FinTech firms flock to Birmingham
Interest in Birmingham’s banking and finance sector is rapidly gaining momentum, with FinTech in particular, becoming the latest trend to take the city by storm.
Birmingham’s banking sector alone, comprises 10,700 employees in 230 companies. Overall, Birmingham has the largest Business, Professional and Financial Services sector outside London, with 10,350 companies.
Greater Birmingham’s supply of digital talent, world-class institutions and entrepreneurial spirit is creating a melting pot of hybrid digital industries. The city is home to 7,500 tech firms employing over 40,000 people; boosting the economy by £2.3 billion every year.
In addition to FinTech, Birmingham’s rich tech and digital cross-fertilisation ecosystem includes: MedTech, gaming, advanced engineering technology, auto-tech, transport tech and driverless vehicles.
When it comes to attracting foreign investment into these priority sectors, Greater Birmingham is an international city that competes highly with all other major European locations. The region continues to attract more foreign direct investment (FDI) projects than any other UK region.
FinTech business case studies
Global fintech company Lombard Risk Management plc, recently opened a new Technology Centre in Birmingham, creating 140 new jobs. The firm provide regulatory reporting and collateral management solutions that enable clients in the financial services industry to improve their approach to managing risk. Lombard Risk is now investing in the development of their next generation of FinTech products in Birmingham, expanding its offering and bringing technology closer to its clients.
Early payment provider Oxygen Finance, moved their London operations to Birmingham late last year, and are rapidly expanding within their new base in the city’s Colmore Business District.
Oxygen Finance provide the capability for large public and private sector organisations to pay suppliers ahead of contracted terms, in return for a discount against their invoices. This enhances payment efficiencies and generates new income streams, solving late payment challenges. The company recently bought Satago, a London-based provider of cash flow finance, in a deal that is expected to further accelerate the growth of the company’s UK operations and compliment their US-based activities in Austin and Texas.
FeeLYX, a financial analysis software provider, is a new Birmingham based FinTech company, run by serial entrepreneur Joel Blake OBE. The company provides a range of financial intelligence solutions.
FeeLYX’s leading product enables businesses to generate insight through the integration of both internal and external financial data. The aim is to help businesses make more informed decisions on how to increase revenues and grow their business, and ensure all companies of every size have the opportunity to harness the power of insightful financial intelligence.
Market leading cyber defence and intelligence company Falanx Cyber moved to their new Birmingham office in Fazeley Studios earlier this year. With increased risk of cyber-attack, fast growing usage of data, and the forthcoming implementation of the General Data Protection Regulations (GDPR) being implemented next year, companies have never faced higher risks in their exposure to security threats. Falanx Cyber operate across all key sectors, providing intelligence, vigilance, tools and technology to target threat prevention. Based in Birmingham and London, the company specialise in information technology risk, vulnerability management, 24/7 protective monitoring, intrusion detection, and incident response remediation and are one of the fastest growing companies within the industry.