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The Growth of FinTech in Manchester



FinTech has really taken off recently, particularly in Manchester where a number of startups have emerged. This is perhaps unsurprising given that the city’s two largest industries are tech and financial services, and whilst London may still be the more popular location for companies in the industry, Manchester’s FinTech scene is really starting to boom.

 

By definition, FinTech is technology designed to improve and automate the delivery and use of financial services and it’s changing the way we bank, invest, insure and pay for things. Manchester has a long history of innovation and productivity and, as a tech enthusiast myself, I’m excited to see how the city can attract more successful FinTech companies to the area.

 

In order to hear more about the growth of FinTech in the city, I recently attended Manchester Digital’s ‘Fintech: Beyond the Hype’ breakfast event. The event took place at the MSP Tech Incubator, a coworking space located in Manchester Technology Centre. The dedicated hotdesking space offers start up tech companies a place to grow their business at the start of their journey and provided a fitting setting for the event.

 

After a pastry and a quick bit of networking, I settled down with the rest of the packed-out audience to listen to a panel of experts give their insights. The panel was made up of FinTech startup founders and tech and product practitioners, all with extensive experience and knowledge of the sector. 

 

The event was chaired by FinTech entrepreneur Conny Dorrestijn, who kicked proceedings off by comparing her home city, Amsterdam with Manchester, noting the similarities between the two cities with their can-do attitudes, canals and famous football teams.

 

Bringing their practical experience of working in FinTech to the table, the panel offered astute advice for those looking to get into the industry, giving insight on what it takes to start up a successful FinTech company.

 

One of the key takeaways from the event was the need for FinTech products to solve a genuine customer problem. The panel discussed that many startup companies create a FinTech solution before actually finding a problem to solve. They stressed the importance of involving the customer right at the beginning of the process and working with them to get quantifiable data before writing a single line of code.

 

The panel also discussed the issue of funding which proves to be a barrier for many FinTech startups. Whilst traditional retail companies buy their stock for X, sell for Y and make a profit, tech startups require huge investment before you can see whether it’s a success or not. The experts argued that although venture capital is important eventually, it’s crucial to get the product to market before investment. They asserted that startup founders should concentrate on being passionate about making a difference and that once they’ve created a solution and put everything on the line for the product, the investment will follow.

 

When talking about growing the right team, the panel discussed the importance of finding people that both compliment and challenge you. The same can be applied for most industries - at Refresh PR, we have a passionate mix of varying strengths and personalities which complement each other and that’s what makes us such a great team. The experts reflected that this kind of team spirit is key to any successful FinTech business.

 

A question from an audience member produced a healthy debate on whether a FinTech startup should choose London or Manchester as their base. I may be biased, but having spent time in London, I have to say Manchester is the superior city - it’s more budget-friendly, everything’s accessible and the people are more welcoming. There seems to be much more of a sense of community in Manchester compared to London and the panel discussed that whereas FinTech businesses tend to get drowned out in London, Manchester has a developing eco system which is geared towards helping FinTech startups thrive.

 

A member of the panel mentioned that he’d been to a similar FinTech event 18 months ago in Manchester which only five people had attended; fast forward a year and a half and this particular event was completely packed out, giving an indication of the recent rise of FinTech in the city. Having led the industrial revolution, Manchester has now reinvented itself as a tech hub as a result of huge growth in the digital sector. As more money and time is invested, I’m excited to see how many global brands will choose to develop their FinTech projects in and around Manchester.

 

 

 

 

 

 

Tagged with: B2B PR agency Manchester , FinTech, Fintech PR, FinTech PR Manchester, Manchester, North West , PR, PR agencies Manchester, PR Agency Manchester, PR Manchester, Public Relations, Public Relations North West