Last year saw the financial sector rocked by global economic instability, and Fintech was no exception.
Despite the many challenges of 2022, Fintech proved its resilience, and we’re seeing companies pull together plans for 2023 with cautious optimism.
As the only specialist Fintech sales recruitment firm, we take a look back at some of our industry’s key statistics for 2022 and the trends to watch out for in 2023.
Start at the top
Finiti Search figures
- 100% Senior level, commercial hires
- 25% C level / Executive Management
The right strategy is key to surviving in financially challenging times, and that comes from an organisation’s leaders.
In 2022, the organisations we worked with prioritised investment in their sales leadership. All of the roles we placed were at a senior level, with 25% at c-suite level.
This applied to Sales teams, but also other high-level specialists such as Chief People Officers that help define and shape an organisation’s strategic approach.
2023 prediction:
DEI rose up the HR agenda in 2022 and will continue to be an important priority in 2023. For UK Fintech firms, fostering greater gender equality in their teams could help firms be more successful according to Ernst & Young’s latest Fintech-focused DEI report.
As a female-founded organisation in fintech, it’s a priority that’s close to our hearts and one we continue to help our clients navigate, using our talent network to help reach a wide range of candidates.
Reward & recognition
Finiti Search figures
- Average base salary of placements: £146,000 GBP / $177,000 USD
Cost of living stories were rarely out of the headlines in 2022, and, as rising inflation took hold, salaries became even more of a focus in the recruitment process.
Talent.com puts the average Fintech salary at $128,928 in the US and £62,500 in the UK, across all types of roles within the industry.
Specifically in Fintech sales, the average base salary of roles we placed in 2022 was £146,000 GBP / $177,000 USD, though this does reflect our focus on more senior level roles.
It may be tempting to do the opposite, but when budgets are tight, we always advise clients to take their time with the recruitment process: getting the wrong person in role costs dearly in terms of repeating recruitment and can damage morale and productivity across the wider team.
2023 prediction:
With more candidates on the lookout for their next opportunity, fintech companies will need to think about and articulate what makes them unique – their employer brand.
Far more than a marketing strategy, research by GlassDoor found that a strong employer brand can reduce cost per hire by as much as 50% and cut turnover by 28%, making this an area with strong ROI for 2023.
Location, location, location
Finiti Search figures
- 50% North America based
- 25% UK & EMEA based
When it comes to Fintech, the US leads the way. With almost 2000 deals and $39.2 bn capital invested, it’s not surprising that half of the roles we placed were based in North America.
But the UK is hot on its heels: a recent report from Innovate Finance calculated that the UK receives more Fintech investment then the next ten European countries combined.
A quarter of the roles we placed were in the UK and EMEA where the number of Fintech startups increased 160% between 2018 and 2021 with strong growth set to continue.
2023 prediction:
Keep an eye on Nigeria. Mastercard’s latest report on the Future of Fintech, calls out Africa’s growing expertise in payment innovation and the central role Nigeria has played in establishing Fintech in Africa.
The Fintech Times also recently reported on the rapid growth of crypto markets in North Africa and the Middle East, making it one of the markets to watch in 2023.
David vs Goliath
Finiti Search figures
- 50% Fintech Starts ups Series A-C
- 50% Established, larger Fintechs
There’s a battle for talent between Fintech startups and more established companies, with the roles we placed split evenly between the two.
Investors, however, firmly backed newer startups against more familiar faces. Investment in later stage organisations dropped from $82.4 bn in 2021 to $50.5 bn last year. In contrast, seed investment rounds secured $7.5 bn in 2022, a 29% jump up from 2021.
2023 prediction:
Whilst investors loved the heady risk of a startup, job seekers have become more risk averse in the current economic climate.
As Finiti Search Founder Alison Power discussed in a recent article for the Financial Times, global economic challenges may tempt candidates to look at more traditional financial services roles over less established Fintech counterparts.
This may be a blessing in disguise for Fintech firms looking to recruit in 2023. To be successful in a Fintech sales role, candidates need to be well suited to our fast-paced, dynamically changing industry.
Candidates with a real love of Fintech and its culture won’t be able to resist finding their next challenge in the most dynamic part of the finance industry.
If you’re looking for support navigating the changing Fintech recruitment landscape of 2023, get in touch with our team. Made up exclusively of Fintech sales recruitment experts, we help organisations around the world build their Sales Teams to help their business grow and thrive.
