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Fintech is on track to contribute £1bn to the Greater Manchester economy before the end of the year, a new report has found.

Fintech businesses in Manchester are currently worth £905m or 6.5% of the country’s fintech gross added value, according to a report published by Whitecap Consulting and FinTech North.

That makes it the largest fintech hub outside of London, the report added, with fintech accounting for 9,938 jobs in Manchester. An additional 2,333 people are employed in related startups and scaleups.

Chris Sier, chairman of FinTech North, said: “The growth of the fintech sector in Manchester over recent years is phenomenal but I am not surprised by the new data, as I’ve seen first-hand how significant and active the FinTech ecosystem is in this region.”

The region is home to 124 fintech startups and scaleups, more than double the amount in 2020. One of these startups is Nivo Solutions, while the city will also become home to a new Starling Bank office.

Charlotte Crosswell OBE, chair of CFIT, which launched in Leeds last month, said: “It is important we continue to enhance the links between industry, academia, government, and regulators to support this exciting sector, and ensure that its impact is felt up and down the country.”

Last year, Manchester’s tech businesses secured a record amount of investment at £532m.