London is at the centre of a rapid increase in UK FinTech recruitment, new figures show.

According to data shared with City A.M, FinTech is the top performing category within the country's financial services industry when it comes to job vacancies in 2024, as investor confidence rises after a dip in recent years.

A report by recruiter Morgan McKinley and data firm Vacancysoft estimates that, if the trend continues, the number of vacancies in the market will be 37 per cent higher in 2024 than 12 months ago.

London leads the way for openings overall, with a 61 per cent year-on-year jump between January and April, and IT making up the single largest area of recruitment at 41 per cent. Two-thirds (67 per cent) of those were based in the capital.

The focus on leveraging first-class innovation to supercharge both business and economic growth is underlined in the fact that the market saw a 41 per cent increase in technology-focused roles, largely across development specialisms. Meanwhile, London has also seen an 87 per cent rise in risk and compliance posts, as the banks and financial services organisations grapple with the evolving nature of compliance obligations.

These figures come as the FinTech sector looks set for a funding rebound this year. Fuelled by investment across key players, it once again claimed the top spot for UK start-up investment after raising $1.4bn (£1.1bn) in Q1 2024.

Victoria Walmsley, managing director at report co-author Morgan McKinley, said: “As we navigate through 2024, the FinTech sector is experiencing dynamic shifts in recruitment, driven by technological advancements, regulatory changes and evolving consumer behaviours. The continuous push towards digital banking and heightened cybersecurity threats are key drivers of these trends. The FinTech sector is poised for sustained growth, with opportunities for remote and internationally diverse talent."

Wayne Johnson, CEO and co-founder, Encompass Corporation, commented: "These figures emphasise the importance of building on the talent pipeline within FinTech - and the technology industry overall - in the UK, as individuals from across disciplines have a critical part to play in delivering the innovation that is increasingly in demand.  

"Having had to contend with a challenging economic backdrop in recent years, it remains important to build investor confidence in FinTech, given the necessity of its innovative solutions, and at a time when the technology behind these is evolving rapidly. We must continue to drive game-changing efficiencies for banks, with automation technology, for example, dramatically improving processes and output.