Fintech hiring to boom after cyber attack carnage
UK fintech is set for another shot of momentum after a series of cyber attacks on top retailers exposed a need for greater security expansion.
Hiring in the industry is projected to increase 32 per cent in 2025 as risk and compliance becomes crucial amid surges in financial crime.
Marks and Spencer suffered a near-£700m cyber attack last month which impacted contactless payments, click and collect purchases and led it to stop taking orders through its website and app.
A key logistics supplier to Tesco and Sainsbury’s became the latest victim of a cyber hit after it confirmed last Tuesday it was being held to random by hackers.
The string of attacks has exposed the need for new strategic hires, according to Morgan Mckinley and Vacancysoft’s latest fintech report.
Mark Astbury, director at Morgan McKinley UK, said: “This isn’t a hype-driven rebound, it’s a grounded response to real-world pressures.”
Risk and compliance staffing is predicted to jump 29 per cent this year, its third consecutive year of growth.
Meanwhile, demand for financial crime professionals is set to shoot 50 per cent, with fraud-related roles expected to double.
Astbury said: “The surge in fraud risk and compliance roles, alongside double-digit growth in IT security and engineering, reflects an industry maturing in response to both opportunity and obligation.
“Looking ahead at the rest of 2025, the message is clear: fintech hiring is purposeful and focused.”
Fintech workforce to expand nearly 20 per cent
On a sector-wide basis, fintech employment is projected to increase 19.4 per cent in 2025.
Deel, a payroll and compliance firm catering to business, topped the reports ranking for most projected hires.
Elsewhere, industry giants Starling and Monzo are expected to bulk up their workforce by 471 and 312 employees.
Both banks are hiring for a large number of security and compliance roles, LinkedIn data shows, with Monzo recruiting for Financial Crime Assurance and Security analysts. Meanwhile Starling is on the lookout for an Information Security analyst.
Morgan Mckinley and Vacancysoft’s report said: “Analysts point to recent government efforts to streamline financial regulation and address talent shortages through both immigration policy and skills initiatives as potential drivers of this employment surge.”
Chancellor Rachel Reeves will deliver her inaugural Financial Services Growth and Competitiveness Strategy on July 15, which will lay out her roadmap for driving economic growth.
In her address at Innovate Finance’s 11th Global Summit, the Chancellor made big promises to UK fintech, which industry leaders will be expecting to come to fruition in the upcoming strategy.