Published: Sat 11th Nov 2017
Author: Niels Turfboer
Read Time: 4 minutes
Could Your Future Be FinTech?
By Niels Turfboer, Managing Director at Spotcap
Looking to join an exciting and dynamic industry? FinTech could be right for you.
'FinTech' sits at the intersection of technology and finance. FinTechs use technology to provide innovative user-experiences to consumers and businesses. The industry spans lending, banking, payments and much more. By virtue of its favourable regulatory conditions, culture of entrepreneurship and concentration of finance and tech talent, FinTech – not surprisingly – is booming in the UK. Last year, investment in UK FinTech companies reached $783 million, with the sector supporting 61,000 jobs.
The good news? FinTech needs more talent.
A recent survey by recruitment website Indeed revealed that 20 percent of top FinTech job vacancies are left unfilled after 60 days. The data highlights an immediate need for managers, analysts and developers with financial and technical expertise.
It's clear that the UK government believes in FinTech. Since the Brexit vote May’s government has moved ahead with several initiatives to ensure that London’s accomplishments will continue after separation from the EU. Chancellor Philip Hammond plans to pump £400m of venture capital through the Business Bank, “unlocking £1bn of new finance for growing firms”. City minister Simon Kirby has also appointed two 'FinTech Envoys' for Scotland.
So, what's it like working for a FinTech company?
A job in FinTech is an opportunity to work in an evolving industry – one that is driving the digital shift of both the economy and our society. It attracts passionate people that focus on possibilities. This is evident on a day-to-day basis and makes for a dynamic, fast-paced and positive environment.
Made up your mind yet? If you're analytical, entrepreneurial and tech-savvy, you might be the perfect fit.
Given their heritage, decision-making and operations at a FinTech tend to be driven by numbers. You will hone your analytical skills and learn to coordinate projects. Creativity is equally important – developing innovative solutions is at the heart of FinTech. You are changing the face of finance, after all.
FinTech is a fast-moving industry, which means that you'll probably wear many different hats in your role. It suits an entrepreneurial spirit. This is a big bonus if you are just starting out – you get to assume more responsibility than traditional graduate roles, which will accelerate both your personal and professional development.
FinTech companies were born out of user need. The industry was built by entrepreneurs who identified a gap in the market and used technology to bridge it. Understanding and sharing a techy-savvy mentality is both a prerequisite and something that will be nurtured over time.
Niels Turfboer is Managing Director of Spotcap Benelux and the UK, and an Advisory Board Member for Fiduciam. Formerly, he was the Head of Investor Development at MarketInvoice in London. Niels has over 10 years' experience in the banking industry with ABN AMRO and ING. He obtained an MBA at the IE Business School in Madrid and specialised in Strategy and Finance at the NYU Stern School of Business in New York.