SuperTech Impact Report showcases West Midlands' Business, Professional, and Financial Services sector
- £474M – estimated economic output from FinTech sector in West Midlands (WM)
- Double – FinTech productivity almost twice regional average per worker
- 542% – growth in start-ups and scale-ups in WM PropTech sector
- 3,000 – growing workforce across WM LawTech and rest of ProfTech sector
A new Impact Report commissioned by SuperTech, the UK’s only tech supercluster, reveals that Birmingham and the West Midlands are on track to achieve £1 billion in economic output. The region is a thriving centre of innovation and has the potential to improve productivity, drive even more inward investment and foster a skills revolution, if industry and public bodies back its rapid growth.
The prospect of significant future growth in the ProfTech sector in the West Midlands is to be highlighted at a unique pair of events in London and Birmingham as part of the launch of SuperTech’s Impact Report.
The City of London Corporation will host a reception tonight (20th September 2023) to highlight opportunities in next generation services in Birmingham. The Guildhall Art Gallery event will be followed in a few weeks by a Mayoral Roundtable, hosted by West Midlands Mayor Andy Street, to discuss next steps in delivering ProfTech’s potential as part of the West Midlands Plan for Growth.
In its Impact Report, SuperTech also reveals:
- The region’s FinTech workforce now stands at over 11,000 people
- Birmingham is recognised as one of three FinTech hubs in the UK, but PropTech is following fast recording 433% sector growth
- With only 1 LawTech start-up recognised in in 2020, there are now ten
- SuperTech has leveraged over £1 million in funding to create new ProfTech start-ups and fuel sector growth
SuperTech drives collaboration and innovation in ProfTech (professional services technology which includes FinTech, PropTech, LawTech and InsurTech) across Birmingham and the West Midlands. It is the lead cluster body with a mission to grow the ecosystem.
Alderman Nicholas Lyons, Lord Mayor of the City of London, said:
“This report showcases the progress made in cementing the West Midlands’ status as a centre for financial and professional services technology.
“With the advent of the deeper devolution deal offering more autonomy to a place that continually reinvents itself — with science, technology and innovation sitting alongside legacy specialisms like manufacturing.”
As well as being the civic head of the City of London Corporation, Alderman Lyons acts as international ambassador for the whole of the UK’s thriving financial and professional services sector.
Hilary Smyth-Allen, Executive Lead for SuperTech, commented:
“The headlines about the future of our economy are dominated by technology. Just like the first industrial revolution, it’s been taking shape in Birmingham.
“The opportunity for next generation services has its foundations in a place which made its name through innovation and disruption. We are at the crossroads of assets and talent.
“Over the last two years we have radically reshaped the inward investment story around ProfTech, helping to bring new businesses into the region from around the world.
“But if we don’t nurture this cluster, capital will go elsewhere in a flash. We need to supercharge ideas and talent with investment.”
The Greater Birmingham Local Enterprise Partnership (GBSLEP) has led on growth strategy for the business professional and financial services sector across the region and established SuperTech in early 2021.
Anita Bhalla, GBSLEP chair commented:
“This Impact Report demonstrates not only the amazing growth of FinTech over the last couple of years in Birmingham and Solihull, but the substantial potential of all industries embraced by the SuperTech spectrum.
“One of GBSLEP’s many legacies – as some of our functions transition to the West Midlands Combined Authority, Birmingham City Council, Solihull Metropolitan Borough Council and other bodies – will be SuperTech’s lightning impact in connecting and championing next generation services in the West Midlands.”