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'Fierce' competition for talent among Fintechs

By Laurence Mcclenaghan
7 March 2022

Talent recruitment is fast emerging as a huge issue for the Fintech industry, according to a new Barclays Bank report.

While growth and expansion remains the number one priority for Fintechs, their ability to acquire suitable talent has been identified as a key priority. The report finds that the competition for skilled employees is so "fierce" it describes it as: "a war for talent."

Barclays quizzed 1000 financial services leaders from across EMEA, the Americas and Asia-Pacific in 2021.

The 'Strength in Numbers' report found that talent acquisition is a growing priority for respondents and is now cited as the second-most pressing concern.

Securing the talent that they need to succeed and grow their businesses is the top priority of more than one in ten (11%) FinTechs .

Jenni Himberg-Wild, Head of FinTech and Non-Bank PSPs, UK, at Barclays Corporate Banking, said: “It’s essential to understand that the battle is no longer just for coders and technical payments people. As the market continues to mature, there is increasing demand for people with a real breadth of experience.

"We are seeing firms looking at IPOs, for example, and they are looking to add people with broad business experience, bolstering their boards and adding credibility.

“The competition is now fierce. As these businesses mature and evolve, it is not enough to just bring in new tech. Talent is essential to the continued growth of these businesses.”