Birmingham targets key US market for FinTech investment
Business Birmingham is looking to the US to secure further investment into the city’s FinTech and cyber security sectors.
The inward investment agency will attend global conference FinovateFall in New York in September after officially partnering with the event.
Almost a quarter (23 per cent) of all foreign direct investment projects in Greater Birmingham in 2016/17 came from the US, with the second-highest market, Germany, generating just 10 per cent.
Roy Meredith, senior business development manager at Business Birmingham, will attend FinovateFall and have a stand at the event.
“Global demand for FinTech, financial services technology and cyber security support is rapidly increasing, as businesses in a range of sectors realise the importance of protecting their finances, technology and data,” he said.
“For financial services firms in particular, ensuring that their systems are secure is absolutely critical to their performance.
“The rapid growth of financial services in Greater Birmingham is fuelling a surge in FinTech and cyber security firms looking to move into the region, from innovative SMEs to global names.
“This is the ideal time for us to approach US tech firms and explain why Greater Birmingham is the smart choice for a UK or European base.
“The region offers a highly-skilled workforce, renowned universities, a thriving ecosystem of entrepreneurial businesses, and is well connected to other global financial centres such as London, Frankfurt and New York.”
Business Birmingham is also looking to Atlanta, which hosts Atlanta Cyber Week in October, for investment.
Jorge Fernandez, VP global commerce for the Metro Atlanta Chamber, told us recently that it is time firms took the same care in cyberspace as they do when installing physical security.
Birmingham hosts several global financial firms, including Deutsche Bank, KPMG, PwC and HSBC, which is setting up its ring-fenced UK banking headquarters there, bringing 1,000 roles to the city.
FinTech companies that have recently invested in the area include Lombard Risk Management plc, which recently opened a new Technology Centre in the region, creating 140 new jobs.
US software provider Advanced launched its new Midlands headquarters in April 2016, creating 400 roles over 18 months. A range of cutting-edge SMEs in cyber security, FinTech and financial services technology are also growing their presence in Greater Birmingham, such as Falanx Cyber Defence, Synapse and Oxygen Finance.
FinovateFall showcases financial and banking technology and attracts more than 1,600 delegates – including senior financial and banking executives, venture capitalists, industry analysts, the media, regulators and entrepreneurs – who will see more than 70 companies launch new products and tech.
Business Birmingham’s activity at FinovateFall is supported by the ERDF Investing in Greater Birmingham programme, which aims to support and attract foreign direct investment from SMEs to Greater Birmingham.
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