Greater Manchester is emerging as a leading force in Europe’s financial services landscape, with its blend of innovation and expertise creating one of Europe’s most dynamic financial services ecosystems
Set to some of the fastest economic growth of all UK city regions over the next few years, the powerhouse has already established itself as the largest financial centre outside London and is now at the forefront of Financial Services Digital Disruption, Fintech and Cyber.
What sets Greater Manchester apart is its unique position as a devolved mayoral led city-region. Strong leadership from Mayor Andy Burnham, enables the Greater Manchester Combined Authority to maximise significant devolved powers and funding across transport, skills, and economic development. This has enabled targeted investment in critical infrastructure, including a £1.5 billion transport improvement project, comprehensive digital connectivity initiatives and innovative skills development.
Located at the heart of the UK, with excellent connectivity and direct routes to US, China, UAE, and major European cities, Manchester provides companies with outstanding access to market.
Home to some of the world’s leading companies including JP Morgan, BNY, Vanguard, Freshfields Bruckhaus Deringer, Barclays and Starling Bank, Greater Manchester has evolved into a sophisticated network of financial services.
The thriving environment is further enhanced by Greater Manchester’s commitment to financial services technology innovation, which is leading the digital banking revolution.
Greater Manchester now hosts no fewer than seven FinTech unicorns, including Starling Bank, Adyen, Klarna, MoneySuperMarket, OakNorth, Radius Payment Solutions, and SaltPay.
Deborah Walker, Financial and Professional Businesses Services Sector Head at MIDAS, said: “Greater Manchester’s financial services sector continues to experience unprecedented growth, driven by a perfect storm of talent, technology, and opportunity.
“We’re seeing major global institutions choosing our city-region not just for cost-effectiveness, but for access to innovation, skills, and a quality of life that rivals any European city. The ecosystem we’ve built here is truly unique, it combines the advantages of a major financial hub with the collaborative spirit that Manchester is famous for.”
Greater Manchester is rapidly emerging as the fastest-growing fintech hub in the UK, contributing over £1 billion to the national economy, the city-region hosts a large and diverse fintech sector with a workforce of nearly 10,000 currently based in Greater Manchester. It has the infrastructure and support network for complex, digitally-led organisations to scale successfully.
Starling Bank, one of the UK’s most successful digital-first challenger banks with more than three million UK customers is scaling its fourth UK hub in the city by creating 1000 jobs. Starling is collaborating with recent Manchester investor GFT on their Engine by Starling neo banking platform, which will digitally enable other banks globally.
Understanding that financial services require robust security, Greater Manchester has developed world-class cybersecurity capabilities.
The city-region hosts the Greater Manchester Cyber Security Innovation Centre and numerous specialised firms dedicated to protecting financial institutions. This commitment to cyber resilience has already attracted major financial institutions seeking secure operations environments.
The city-region’s success is underpinned by its exceptional talent pool, with more than 280,000 students across five universities, including several offering specialised financial services programmes.
Industry-academia partnerships ensure graduates possess both the knowledge and practical skills needed in modern financial services.
There are specialised FinTech programs at institutions like Manchester Metropolitan University and the University of Manchester, who produce over 5,000 technology and finance graduates annually, while industry-academia partnerships ensure graduates possess both the technical knowledge and practical skills needed in modern financial services.
At the heart of the success story is MIDAS, Greater Manchester’s Inward Investment Agency, which plays a crucial role in the city-region’s financial services growth. The fully-funded Inward Investment Agency, operates on behalf of the Greater Manchester Combined Authority and Mayor Andy Burnham.
Offering businesses comprehensive, confidential support from initial enquiry through to establishment and growth, MIDAS saves companies both time and money while de-risking their investment decisions.
MIDAS offers in-depth market intelligence, introduction to key networks and decision-makers, assistance with property solutions, ongoing aftercare and expansion support and guidance on accessing local government support.
The support has been instrumental in attracting financial services companies to the city-region in the past five years, creating thousands of high-value jobs and contributing significantly to the local economy.
The success of global financial institutions in Greater Manchester is best illustrated by BNY, S&P Global and Vanguard.
BNY established its Manchester office in 2005, out of 151 global locations Manchester has recently been announced as one of only six global strategic locations.
The Manchester office currently employs over 2,000 employees, with Manchester’s investment into the local talent pool and digital infrastructure being a key success factor for BNY choosing to expand its operations this year.
As one of the top 10 largest employers in the city-region, the global banking firm has ambitious plans in transforming career opportunities for local talent with a range of tech and cyber roles available and its bespoke Digital Futures and apprenticeship programmes, with the pioneering initiatives reaching and opening doors for diverse candidates.
BNY is committed to building a local presence through active community engagement, university partnerships, and comprehensive talent development initiatives.
By leading site recruiting, diversity efforts, and community outreach, they are aiming to prepare future generations for professional success, encouraging alternative career routes and helping young people acquire the advanced skills employers demand.
BNY will soon expand as the single occupier of a 200,000 sq. ft building in the city-region, the most sustainable and smart-enabled office in Manchester city centre – representing the largest “Big 6” regional city deal since 2020.
Similarly, Vanguard, chose Manchester for its first UK office outside London in 2023. Following a two-year project, MIDAS played a major part in the decision by showcasing a combination of Greater Manchester’s skilled workforce, digital connectivity, quality of life, and the opportunity to enhance its operational capacity for the US business in a dynamic and rapidly growing market, all of which were decisive factors in its location decision.
The site is made up of multiple divisions and consists of a mix of customer support, finance and technology roles.
Most recently, S&P Global Market Intelligence, the US financial firm, committed to expanding its footprint in Manchester, as the company looks to capitalise on the city-regions strengths in green finance, fintech and banking and financial services, to gather intelligence for governments, companies and individuals across the globe.
Yet, Greater Manchester’s appeal extends beyond its business credentials. The city-region’s rich cultural heritage has evolved into a cutting-edge creative scene that rivals any global city, making it an equally liveable proposition for many businesses looking to locate in the region.
The recently opened Aviva Studios, home to Factory International, represents over a £100m investment in the arts and stands as one of the North’s most ambitious cultural projects.
The revolutionary venue joins the vibrant Northern Quarter, with its independent galleries and music venues, in offering financial services professionals an exceptional quality of life.
The recently opened Co-op Live arena and the presence of globally renowned football clubs Manchester United and Manchester City further cement Manchester’s position as a prime destination for entertainment, sport and culture.
To be part of Greater Manchester’s next chapter in financial services, visit www.investinmanchester.com to discover more about the work of MIDAS and how businesses can thrive in the dynamic, forward-thinking city-region.
