An appetite for

recently spoke at the FIX EMEA Trading Conference on a panel titled as above. As I read through the listing of The Most Influential Financial Technology Companies of 2023, I am struck by how they have embraced the opportunities that have been born from the economic and social difficulties of the last few years. There is a palpable appetite for companies in the sector to embrace technology; to be faster, better and stronger. Ten years ago, I wrote that the financial technology revolution felt more like a natural evolution. Today feel disruption looks like a genuine passion to make a conservative banking system better.

The companies listed in this magazine do not accept the status quo. They embrace digital transformation, searching relentlessly for opportunities to create user experiences way beyond what we have been used to before. They look at DLT and search for the use cases across traditional and de-centralised finance to make a more user friendly, secure and seamless banking process. They embrace regulatory pressures and drive innovation. They create platforms for their brilliant technologists to innovate and create. Against a backdrop of a macroeconomic Armageddon, they challenge, disrupt, improve and adapt.

The economic rap sheet of the last few years is long and painful: Brexit, Covid, Ukraine, the Crypto Winter, political instability (and ineptitude), the cost of living crisis, mini budgets, Big Tech Layoffs, hyperinflation, threats of recession, FTX and, most recently, the failure of Silicon Valley Bank. It hasn’t been easy for companies to grow, thrive and create success. Yet the companies listed in the pages that follow have done just that. Despite of- not because of- they have created brilliant, game changing businesses and, despite threats to the contrary, as I write this at the end of Q1 2023, I remain optimistic and excited about the continued evolution of financial technology in the year ahead.

I point towards the brilliant innovation we see in this sector. On our weekly YouTube and Podcast show, FinTech Focus TV, I have the great pleasure of speaking to outstanding leaders, founders and entrepreneurs in the space. Their positivity and optimism is always a joy to listen to.

I often search for the common golden threads that unite these innovative businesses. When we look at the companies and the articles that you will read later in this magazine, I think there are five key areas that will be ever present in all of them: Team, Strategy, Technology, Product, Customer Focus.

Team. These companies will universally have an excellent leadership team who are passionate and driven to make a positive change in their space.

Their mission is clear and they will generally have done exceptional things before. Behind these leadership teams, attracting and retaining the very best talent in their sector is a key part of their vision. A great team can make an average product outstanding. A great product can be destroyed by an average team.

Strategy. They are looking at problems that need to be fixed. They understand the burn rates and how to finance their business to achieve their goals. They are able to prioritise what they can and can’t do- and are prepared to say no. They don’t try and be all things to all people. These companies are positioned in the right markets to grow and they can attract the right investors rather than grab money from misaligned sources. Their go-to-market teams have clear processes and procedures to achieve their goals. Strategy is king.

Technology. There is a generational cluster of outstanding technological innovation in the era we are living through. AI, Data, Cloud, and Blockchain have presented us with opportunities to make a creaking, slow sector, absolutely transform itself. I am so excited to see businesses recognise the power of interoperability and collaboration to create desktops and user experiences that can be tailored to generate the bespoke experiences we can expect in just about every aspect of our digital lives. These companies are embracing best in class technology and probing and questioning, experimenting and innovating, to create outstanding businesses that make a real difference to the industry. those themes come up again and again in the pages that follow.

Product. I have noticed in recent years the growing significance of the CPO or Head of Product. Many founders of the newer businesses listed have graduated from product management roles. In almost every instance, each of the companies listed this year have exceptional product management teams who are constantly testing how they can make things better, and adapt to their client’s rapidly changing needs. Pivot was once a dirty word in technology; these companies are superb at adapting, iterating and improving.

Customer. At last, the financial technology sector is becoming customer obsessed. This seems obvious but for so many years (particularly in capital markets technology) the customer has been told what they need to do. Enterprise tech firms have possessed a monopoly and, so often, held the customer to ransom. This generation of financial technologist’s recognise that a deep focus on user experience and listening closely to the customer’s actual needs is key. I see this as boards have become more tech savvy, expecting far more from their product. Having a digital strategy is no longer enough. They need a strategy that is digital. That can only be attained by acknowledging customer needs and adapting to them.

One of the most common questions I have been asked in Q1 is what is the job market like? This comes from both people looking for work and those looking to hire. As we see big tech layoffs, and now further uncertainty in the US after the Silicon Valley Bank collapse, there will undoubtedly be an increased access to talent. That said, there needed to be. There exists an enormous talent shortage globally in technology. This led to huge wage inflation, specifically in the US and UK markets. That has slowed slightly, though now is not the time to try and get cheap talent. They will still be in high demand but in limited supply. We do not foresee that changing dramatically in the year ahead.

For those looking for work or recently made redundant, the focus should be on valuable technology. There are many niche areas with enormous demand that are offering exceptional and relevant training opportunities. For those looking to hire, pay fairly rather than at unrealistic premiums to beat the market. Create inviting interview processes and sell the vision. Look after your team and create a compelling employee value proposition. Talent will drive the best businesses, helping them navigate the challenges we continue to see at pace across the globe.

This continued global volatility brings pressure, pain and uncertainty. Yet behind that there exists incredible opportunity. Speaking to many of the businesses that feature in this brilliant edition of The Financial Technologist, I am certain that we will see a sector that not only survives the challenges, but adapts and thrives.

Thank you for reading our magazine. Harrington Starr’s mission is to help our clients and consultants grow their teams, brands and networks. It is our great pleasure to work with so many of the companies on this list and it is our enormous passion to ensure we provide as much value as we can to the financial technology sector. If we can help in any way, we would love to talk. Please do get in touch.

Enjoy the read.