Fintech Wales Unveils the 2022/23 Annual Report on Fintech in Wales
Wales is making significant strides in the world of financial technology (fintech), thanks to the efforts of FinTech Wales and the recommendations outlined in their annual report for 2022/23.
The report, published by FinTech Wales, a not-for-profit organization launched in April 2019, highlights the continued success and development of the Welsh fintech sector. The organization champions the tech and financial services industry in Wales, aiming to make it a world leader in the global fintech community.
FinTech Wales brings together entrepreneurs, businesses, technology suppliers, innovators, universities, colleges, and public sector bodies to create a supportive and collaborative atmosphere for businesses to startup and scale.
One of the key recommendations in the report is to increase funding for the sector. The significant increase in funding has propelled the industry's expansion, with over £53 million in publicly announced investments made up until October 2023, representing a 300% increase since 2022.
The report also emphasizes the importance of developing skills, fostering collaboration, renewing support for scaling businesses, and ensuring continued government support. These measures are designed to ensure the continued success and growth of the Welsh fintech sector.
The employment landscape in fintech has remained stable over the last year, with an estimated 16,000 people employed in the sector. The report also records the growth of the 'fintech for good' sector, which aims to proactively address issues such as the cost of living.
Louise O'Shea, Chair of FinTech Wales, speaks highly of the progress and successes in the Welsh fintech sector. She highlights the potential for international expansion and the industry's dedication to gender diversity as factors that position Welsh fintech as a promising and dynamic sector within the global fintech landscape.
The Gender Index 2023 Report states that there are currently 22,900 active, female-led companies in Wales, representing 34.6% of Welsh businesses with a woman in a leadership position, the highest proportion in any UK nation.
The achievements in the Welsh fintech sector have earned Wales a reputation as a hub of excellence for financial technology. The report provides an overview of the thriving fintech ecosystem in Wales, and there is a positive outlook for 2024 with established organizations planning to create a thousand job opportunities.
Sarah Williams-Gardener, CEO of FinTech Wales, emphasizes the industry's response to consumer shifts, such as the modernization of motor insurance and advancement of digital banking. She also notes the international success of Welsh fintechs through various expansion, partnerships, and acquisitions.
The continued implementation of the recommended measures by FinTech Wales will help Wales firmly establish itself as a leading global hub for fintech innovation, setting the benchmark for excellence in the industry. Sarah Jones, the CEO of FinTech Wales, was appointed as the new CEO in September 2025, succeeding Sarah Kocianski.
In conclusion, the Welsh fintech sector is thriving, and with the ongoing support and recommendations from FinTech Wales, it is poised to continue its growth and establish itself as a global leader in fintech innovation.
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