Why County Durham is the UK's Emerging FinTech Hub
- Andrea Stephenson
- Oct 10, 2024
- 3 min read
The UK FinTech scene is booming, and while London might be the established centre, a new challenger is emerging in the North East. County Durham offers a unique blend of economic advantages, a skilled workforce, and an enviable quality of life, attracting attention from FinTech entrepreneurs and established companies.
The North East: Access to a Thriving Innovation Ecosystem
The North East is buzzing with innovation, and County Durham is at its heart. Here's why:
Supportive Ecosystem: County Durham provides a nurturing environment for FinTech startups with access to incubation facilities, business support programmes, and collaborative initiatives like the Durham City Incubator.
University Partnerships: Durham University, a renowned academic institution, fosters collaboration and knowledge transfer between academia and industry.
Collaborative Spirit: A strong desire for collaboration across the region connects FinTechs with established financial services, tech organisations, and universities, driving innovation and growth.
In County Durham, a diverse range of businesses include Atom Bank plc. Launched and now firmly established in Durham, Atom was the first UK digital-only challenger bank in the UK. The award-winning business continues to grow from its base in the city.
While Quva specialises in the design and development of fintech software solutions. The business has developed bespoke software solutions for clients operating in the alternative finance sector.
FinTech Sector: Emerging and Growing
The North East FinTech sector is experiencing rapid growth, nearly doubling in size since 2019. It's now the fourth fastest-growing FinTech hub in the UK, attracting significant inward investment thanks to its cost advantages and supportive environment.
Commitment to Collaboration: Fuelling FinTech Innovation
Collaboration is critical to the North East's FinTech success. Universities play a pivotal role in driving cross-sector collaboration and developing the skills of the future. This commitment to shared learning and innovation creates a dynamic environment where FinTech businesses can thrive.
Talent and Skills: Strong University Connections
Skilled Workforce: County Durham boasts strong connections with Durham, Newcastle, Northumbria, Sunderland and Teesside Universities, providing access to a pipeline of highly skilled graduates in computer science, mathematics, and related fields.
Graduate Retention: The region benefits from a high graduate retention rate, ensuring a readily available talent pool for FinTech companies.
Digital Skills Development: Investment in digital skills programmes ensures a future-proof talent pipeline for the growing tech sector.
Infrastructure and Connectivity: Essential for FinTech Success
Digital Infrastructure: County Durham is committed to enhancing its digital infrastructure, including 5G and IoT technologies, to support the growth of the sector.
Excellent Connectivity: Reliable internet connectivity is vital for FinTech operations, and County Durham delivers.
Transport Links: The region offers excellent connectivity to major UK cities and easy airport access, facilitating connections with investors and clients.
Business Environment: Supportive and Cost-Effective
Government Support: The North East benefits from significant government investment through initiatives including funding innovation, business growth, and infrastructure development.
Thriving Tech Sector: The region has a vibrant tech community, with a mix of established companies, startups, and scaleups, creating a dynamic and supportive environment for businesses.
Cost-Effectiveness: County Durham offers high-quality commercial properties at competitive prices, making expansion affordable.
Growth Opportunities and Affordable Properties
Variety of Commercial Spaces: County Durham provides a range of commercial spaces, from traditional offices to co-working spaces, catering to diverse needs.
Affordable Expansion: Thanks to the availability of affordable, high-quality commercial properties, businesses can easily transition to larger spaces as they grow without significant relocation disruptions.
High Quality of Life: Attracting and Retaining Talent
Affordable Living: The North East offers a lower cost of living compared to other UK regions, making it an attractive location for employees.
Natural Beauty and Cultural Heritage: The region boasts a mix of urban, coastal, and rural landscapes, offering a high quality of life with access to cultural attractions, outdoor activities, and historical sites.
Family-Friendly Living: County Durham is ideal for families with outstanding schools, a range of housing options, and access to green spaces like the Durham Dales and Heritage Coast.
County Durham presents a compelling case for FinTech businesses looking to establish themselves or expand. With its thriving innovation ecosystem, access to a skilled workforce, supportive business environment, and high quality of life, it's no wonder that the region is rapidly becoming a FinTech hub to watch.
Find out more Digital And Fintech In County Durham | Business Durham
