Norfolk Named as Top UK InsurTech Hub Outside London
New Norfolk FinTech cluster revealed as one of UK’s most significant InsurTech centres outside of London. A recent report predicts that this emerging FinTech cluster could be worth £100m within three years.
Norfolk is noted for having the highest proportion of InsurTech firms in England, outside of London, and has the highest insurance workforce outside the capital.
Financial services in Norwich contribute more than 20% of the city’s Gross Value Added (GVA), amounting to over £1bn. Additionally, Norfolk stands out for its strong performance in female-led FinTech businesses, with one in five firms founded by women, a rate higher than other regions in England.
Report Forecasts Rapid Growth and Innovation
The Norfolk FinTech Report 2024, commissioned by Tech East and independently produced by Whitecap Consulting, forecasts Norfolk's FinTech sector to potentially be worth £100m by 2027. The number of FinTech firms is expected to double within the next three years, potentially creating more than 600 new roles in the region.
The report arrives at a time when Norfolk is showcasing significant innovation and economic growth. Between 2010 and 2021, Norwich, Norfolk’s largest city, recorded the highest growth in real output per hour of all UK cities at 2.3% and ranked 11th among UK cities for the number of ‘new economy’ firms per 10,000 people in the workforce.
Norwich also maintains a highly concentrated insurance workforce, second only to London, with the sector employing over 7,500 people and generating over £1bn in financial services, which is more than 20% of the city’s GVA.
Currently, Norfolk hosts 24 FinTech firms who collectively have raised a total of £49m in investment. These firms are part of a broader East of England cluster estimated at over 80 FinTech firms. The Norfolk FinTech ecosystem includes a wide array of organisations across financial services and technology providers to the financial sector, supported by a robust infrastructure of specialist businesses, educational institutions, and public sector initiatives.
Despite Norfolk's smaller geographic size compared to other regions, its FinTech sector shows promising performance in sustainability and diversity. The region is noted for its high proportion of female FinTech founders (17%), surpassing the national average.
The report also includes a new analysis by mnAi, identifying 342 SMEs relevant to FinTech, with net assets of just over £250m. 51% of this sector is estimated to operate with ultra-low emissions, well above the UK average.
With support mechanisms like the inaugural Norwich FinTech Hackathon and developments at the University of East Anglia, such as the FinTech Lab and a post-graduate FinTech master's degree, Norfolk is well-positioned for growth.
[Norfolk FinTech Report 2024: Tech East, Norfolk County Council, Aviva, Connected Innovation, FIG (Financial Industry Group), mnAi]
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