Region '˜ideally-placed' to be fintech hotspot, says Ward Hadaway

YORKSHIRE is ideally placed to become a hotspot of the UK's fast-growing and highly lucrative fintech industry, according to IT experts at law firm Ward Hadaway.
Gareth Yates of Ward HadawayGareth Yates of Ward Hadaway
Gareth Yates of Ward Hadaway

Lawyers at the Leeds office of the UK Top 100 firm, which organises the annual Ward Hadaway Yorkshire Fastest 50 celebration of the region’s fast growing companies, believe that Yorkshire’s geographical position, traditional strengths in financial services and its appetite for new technology make it a perfect location for fintech companies.

A string of fintech-centred businesses have arrived in Yorkshire over the past two years, attracted by the combination of a fast-growing, innovative digital sector and a long history of financial expertise.

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More are now set to follow in their footsteps and increase Yorkshire’s share of the £20bn a year fintech sector, according to Gareth Yates, a partner in the IT Team at Ward Hadaway in Leeds.

The Ward Hadaway Fastest 50 celebrates the region's rising starsThe Ward Hadaway Fastest 50 celebrates the region's rising stars
The Ward Hadaway Fastest 50 celebrates the region's rising stars

Mr Yates said: “There is no doubt that the reputation of Yorkshire as a centre for fintech innovation, growth and development is on the up in a major way, particularly in our cities. Leeds, for example, has the highest concentration of financial services workers outside of London and is home to over 30 national and international banks, as well as a highly developed professional services sector to support activity in that area, so Yorkshire already has a head start on other areas of the country outside London. However, it takes more than just know-how in traditional finance to become a breeding ground for 21st century fintech enterprises and one area where Yorkshire has really excelled is being not just open to new technology but actively encouraging it.

“For example, almost three years ago now, Leeds became the first UK city outside London to open the first dedicated fintech accelerator, Dotforge, designed to nurture and grow start-up companies focused on the sector and later this year, the city will be hosting Fintech North, a one day festival that focuses on digital innovation in the financial services industry, as part of the Leeds Digital Festival.

Mr Yates added; “New office schemes in places like Sheffield and Leeds often come equipped with the latest in broadband connectivity and other essentials for tech-based businesses.

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“We also have an independent and resilient digital infrastructure which does not rely on London to connect us to the internet – one of the reasons why Leeds is home to a number of major data centres and has previously been put forward as a potential alternative back-up site for the likes of the London Stock Exchange in times of crisis.”

The Ward Hadaway Fastest 50 celebrates the region's rising starsThe Ward Hadaway Fastest 50 celebrates the region's rising stars
The Ward Hadaway Fastest 50 celebrates the region's rising stars

The current pace-setting companies across Yorkshire will be unveiled next week when The Yorkshire Post publishes the Ward Hadaway Yorkshire Fastest 50 2017.

This is compiled by independent economic researchers who analyse company financial figures to create a run-down of the privately-owned, profit-making companies who have seen the biggest annual expansion in their turnover in recent years.

A special event will be held in March, where awards will be handed out to the fastest growing small, medium-sized and large businesses.

One of those three winners will then be crowned Yorkshire’s overall fastest growing business for 2017.

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