Business, Professional & Financial Services
Business is booming in the West Midlands. The region is home to one of Europe’s largest and quickly growing Business, Professional & Financial Services (BPFS) clusters.
That’s 39,000 companies employing 333,450 in this one sector, growing 33.4% from 2019-2023 alone. The West Midlands has proven to be a welcoming market that is a successful location for banking, Fintech, Insurance and companies in other professional industries to set up and scale fast.
The region is not only home to PwC, EY, Deloitte and KPMG consultancies, but a multitude of smaller-scale and specialist advisory firms that have also found their skills in demand right here. As the West Midlands continues to prove its strengths in the automotive, engineering and Low Carbon sectors, and the economy grows, the professional services sector grows beside it, lifting companies and start-ups, and boosting their potential.
Business, Professional and Financial Services in the West Midlands
Next-Generation Services
SuperTech is a driving force behind the disruptive next-generation tech being developed and leveraged in the West Midlands.
It is a convening body that pulls together expertise in Modern Business Services, using technology to improve the capabilities of industries.
They describe themselves as a gateway organisation that helps businesses connect and innovate, and are based out of STEAMhouse, one of the facilities in Birmingham’s Knowledge Quarter.
We chose to locate our new head office here because it’s a dynamic and entrepreneurial region, offering an attractive home for businesses and people at the heart of the UK.
Professional Services Technology (Proftech)
Professional Services Technology supports the work of many BPFS and modern Business Services and develops technology that leaves an undeniable impact on modern professional services. The term describes any technology service professionals that work with BPFS companies to enhance their offerings.
The variety of ProfTech talent is inspiring. It covers a multitude f subsectors, including accounting, insurance, and legal services. Birmingham has a large BPFS offering, making it a key location for ProfTech firms wanting to set up an established market, yet with an estimated GVA of £470 million per annum across the West Midlands, the region as a whole has been sculpted into the largest UK ProfTech cluster outside of London, and harbors plentiful opportunity for ProfTech to grow and thrive.
FinTech
Birmingham is one of three “established” FinTech hubs recognised by the UK Government, with both domestic and international companies building a presence in the region or building their main base of operations right here.
PM Connect, CrowdProperty, and Delta Financial Systems are some of the instantly recognisable FinTech companies based in the West Midlands, yet banking giant HSBC UK also moved their head offices to Birmingham and have been operating out of the region for over ten years.
Find out how a FinTech company can make use of the West Midlands’ advantages
InsurTech
50,000 people work for companies engaged in Financial and insurance activities in the West Midlands, more than in any other region excluding London. Global Insurtech trends prove this market still has room to grow, and the Wes Midlands has the expert talent that companies need to thrive.
Birmingham has built itself into a thriving centre for insurance and InsurTech, being home to some of the top UK companies for the sector, including Acturis, and Evari Insure, an Australian firm that chose Birmingham as the best place to set down roots in the UK in 2019. Evari Insure has both their headquarters and primary digital development centre in the region.
Banking
The West Midlands has a long history with the financial sector, and banking is no different. The region is one of the most significant national areas outside of London for banks, as both Lloyds Bank and HSBC trace their roots back to nowhere else than right here.
Investment banks like Deutsche Bank and Goldman Sachs have also moved from London to Birmingham, utilising the local landscape and opportunities within our diverse talent pool to employ over 2,000 staff.
This local, diverse talent has enabled these banks to successfully expand their front, middle and back-office activities alongside their legal, digital and accountancy offerings
SuperTech
In response to the demand for Proftech services, a coming together of great minds and great tech has given rise to the UK’s first Proftech super-cluster, SuperTech.
The super-cluster offers support and opportunities to companies working in business and professional services. It makes the West Midlands a prime location for you to network with some of the biggest players on the planet, raise awareness of your business, and collaborate with the people who will elevate your business.
Discover how SuperTech helps businesses across the region reach their potential.
Accounting Advisory
Accounting advisory services EY, PwC and Deloitte all have a strong presence in the West Midlands. With the West Midlands Combined Authority having a larger number of companies than any other Combined Authority in the country, there is plenty of opportunities for financial accounting advisory services.
Many of these companies are from highly-regulated industries, such as gas and electric provider E.ON, or the headquarters of HS2. These present a fantastic opportunity for businesses with risk management solutions or regulatory advisory services.
Tailored business support
Our sector experts are here to help. If you’re looking into how to start a business in the UK or expand an existing business into a new market, you can contact us. Our local experts can share business information on the market, help you find funding routes, introduce you to a network of peers, and much more. Contact us below, or find out more about how we can help you.
Free support services
We bring together a project team from relevant organisations across the region. This team includes property agents, recruitment consultants, public sector departments and universities. It delivers a comprehensive support package to quickly and easily help you establish and scale your business in the UK.
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