Biggest employer overall
Since our first fintech employment figures in 2019 there has been significant growth in the sector. Currently, there are approximately 7300 people employed in fintech compared to last year’s 6500. Basware is still the largest employer, with Ferratum coming second. The third-largest employer of last year, Samlink, is now the fourth largest. AlphaSense has grown significantly during the past year to become the fifth-largest employer. The figures are from LinkedIn and/or from published records.
Biggest startup employer
Majority of Finnish fintech companies have been founded during the past five years, therefore, we want to highlight also how these companies employ. While the figures are smaller than in the more established companies, they grow year on year. For the purpose of this study, the figures are from LinkedIn (May 2020), so there may be small variations to the real company employment figures. Currently, Silo.AI is the largest employer of the startup category, with Enfuce coming second and Arex third.
Employment across sectors
Financial software sector is the overall biggest employer in Finnish fintech. This is followed by financing and APIs & Platforms. The smallest employers are Insurtech and Blockchain. Financing is the largest sector when looking at revenues but relies more on automation than software development, which requires human workforce. Payments is the third largest sector when looking into revenue but fourth when looking at employment figures.
Average size of companies
Majority of Finnish fintech companies are small and employ between 1-10 people. There has not been much change in the average size of the companies since last year. However, the second largest group has grown slightly from 6% to 8.5% while the group employing between 21-50 has reduced from 16% to 14%. The total quantity of companies studied here was 187.