Wales’ fintech sector continued its rapid maturation in 2024, attracting new investment, creating high-value jobs, and exporting home-grown innovation across global markets, according to the Fintech in Wales Annual Report 2024/25. The report, published by FinTech Wales, charts rising investor confidence and a “new phase of maturity” for the ecosystem.
The analysis highlights more than £20 million raised by Welsh fintech companies in 2024, alongside a landmark £1.5 billion funding package secured by Propel Finance, one of Wales’ leading asset-finance providers. Investment levels remain stable despite a tougher UK environment, the report notes, with rounds for Prosper, Menna, PeppercornAI, Bikmo, and Mazuma demonstrating a healthy balance of early-stage and growth-stage activity.
Expanding jobs and skills
Employment in fintech and adjacent financial and technology sectors has “grown meaningfully” since 2021, according to the report’s employment overview. This growth reflects a shift from startup activity toward scale-up operations, with demand rising for skills in artificial intelligence, data engineering, regtech, and green finance. The section on AI and workforce transformation highlights how the technology is reshaping both product development and internal operations across Welsh firms.
Universities and colleges across Wales continue to play a central role in supplying talent pipelines. The report cites ongoing collaboration between academia, industry, and government as a differentiator for the region’s competitiveness.
Innovation leadership and industry firsts
Wales continues to deliver “world firsts”, including Burbank’s new card-present-over-internet payments system and Credas’ reusable digital compliance wallet. These developments, paired with advances in mobility tech, insurtech, and cybersecurity, reflect the region’s expanding innovation footprint.
Clusters in Cardiff and Newport remain the strongest, supported by growing activity in North and West Wales. Affordability and connectivity continue to attract international companies looking to scale operations in the UK.
Partnerships and global reach
Cross-sector partnerships have played a major role in accelerating market access and innovation. Fintechs increasingly work with banks, insurers, and multinational corporations to deploy new technologies at scale. International expansion is also accelerating, with firms like Finalrentals, Bikmo, and Delio expanding across Europe, the Middle East, and North America.
The report notes that Welsh fintechs are no longer solely competing within the UK ecosystem, but increasingly positioning themselves as exporters of financial technologies.
Challenges and opportunities ahead
Despite the strong trajectory, Welsh fintechs continue to face challenges around access to capital, talent retention, and navigating regulatory complexity. However, the report identifies major opportunities linked to the UK Industrial Strategy and the recently announced £500 million Local Growth Fund for Wales. These investments are expected to support digital infrastructure, innovation, and scaling activity.
FinTech Wales Chair Sarah Williams-Gardener writes that Wales is now “one of the UK’s most vibrant and future-focused fintech hubs,” powered by collaboration, specialised talent, and technologies that serve “a real purpose”.
As the ecosystem prepares for 2026, the report points to rising global recognition and a strong pipeline of scaling companies, suggesting that Wales is entering a defining period for its fintech future.