Dorset’s fintech sector has grown 32 per cent in last two years – report

A new report has confirmed that Dorset is an emerging and fast-growing hub for financial tech (fintech).

The sector is estimated to contribute almost £200 million gross value added (GVA) to the regional economy every year.

The report, compiled by Whitecap Consulting and funded by Trethowans, Dorset LEP and BCP Council, is the output of a project completed in partnership with FinTech West.

It was launched at a FinTech West showcase hosted at Bournemouth University’s Fusion Building, with speakers from local businesses Vitality, Just Move In, Twenty7tec, Passenger, Ratio and Crowdfunder.

The number of fintech firms in Dorset now stands at 37, spanning subsectors such as payments, lending, wealth tech and insurance tech.

Seven of those have managed to raise more than £25 million across 34 equity funding rounds – soon to be boosted by a recent raise for Just Move In.

Cllr Rich Herrett of BCP Council said: "Bournemouth, Christchurch and Poole is a thriving financial centre, home to significant global financial businesses.

“The region has seen a trend of financial and professional services firms relocating jobs from London or overseas back to the UK.

“Working together, FinTech West and BCP Council’s economic development team are positive that the future of the South Coast’s fintech centre is strong.”

Dorset is also reportedly performing strongly in terms of gender diversity, with 46 per cent of fintech firms having a female director and 27 per cent a female founder – comparing favourably to other regions.

Julian Wells, director and fintech lead at Whitecap Consulting, said: “We’re delighted to publish this report and shine a spotlight on fintech in Dorset.

“The region’s growing fintech ecosystem is made up of established financial services brands, a diverse cohort of fintech innovators and tech firms – enhanced by a supportive ecosystem across the public, private and education sectors.

“Based on what we’ve observed in other regions, future growth can by fuelled by meaningful collaboration within the region and beyond.”

Laura Trapnell, partner in IP/IT/commercial contracts at Trethowans, added: “It’s exciting to watch and be a part of the accelerating development of the fintech ecosystem in Dorset.

“Bournemouth and Poole in particular are seeing growing interest from fintech companies due to their technology infrastructure and talent pool.

“Banks and financial institutions are increasingly collaborating with fintech startups to integrate new technologies and reach a wider customer base.

“And BCP Council and Dorset LEP are actively promoting fintech innovation and providing support to startup and scaleup companies alike.

“Some of the fastest growing fintech companies in the UK have started their journey in the area, and many are still here.”

The report builds on a similar paper in 2023, which identified Dorset as the second largest fintech hub in the South West.

This sparked creation of FinTech West’s South Coast hub.

Stuart Harrison, director of FinTech West, said: “When we launched the South Coast hub with BCP Council, we started talking about the possibility of growing fintech in the region to be bigger than tourism.

“Having seen the vibrant level of activity and enthusiasm for collaboration here coupled with the strength in digital technologies and finance, that’s not just a pipe dream.

“This report shows we’re well on track to achieve that in the next few years, which will bring substantial economic benefit and help drive GDP per capita growth – hopefully for the benefit of all who live and work here.”