After a shaky few years, investment in UK fintech is growing.
In its latest UK Innovation Update,
Dealroom.co reports that fintech is the industry that has attracted the most investment in 2024, so far.
Specifically, in Q1 and Q2, fintech startups in the UK raised $2.7 billion, compared to transport ($1.7b), energy ($1.5b), enterprise software ($1.4b), and health ($1.3b).
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It’s even performed better than 2024’s star sector: GenAI, of which UK startups raised $2.1b in the same period.
Overall, investor confidence in the UK is looking good. In fact, UK startups have received more investment than their German and French counterparts combined.
In the first half of 2024, VC investments in UK companies totalled $9.4 billion, while in France and Germany, investments amounted to $4.3 billion per country.
Still, things can change quickly. Look at Northvolt. Not so long ago the Swedish battery maker was hailed as Europe’s leading light, competing in the global battery industry alongside China’s CATL and BYD, and South Korea’s Samsung and LG.
But a €2 billion cancelled order from BMW, reportedly due to production delays, put the organisation into a tailspin. Just this week, the company announced 1,600 job losses. A lot can change in a quarter.
Skills focus
Given the volatility of multiple sectors at the moment, it’s more important than ever for professionals to focus on developing their skills, particularly those that cannot be emulated by AI.
Soft skills are becoming more and more valued in our AI-driven world, and these are cited as some of the most important skills to focus on in the World Economic Forum’s
Future of Jobs 2023 report.
Things like strong communication, problem-solving, adaptability, and emotional intelligence will not just make you more resilient in the face of rapid changes, but will also enhance your value in both a company and a job market.
While technical expertise has obvious value, it may not be enough to secure your role if a company is facing turbulent times. In many instances, employers are prioritising individuals who can navigate complexity, collaborate effectively across teams, and
demonstrate leadership qualities.
Though technical skills can open doors, it’s often soft skills that determine whether you can keep them open during tough times.
Fintech professionals can develop their soft skills by actively seeking opportunities to engage in cross-functional projects, where collaboration with teams from different departments fosters opportunities for growth in communication, adaptability, and oftentimes,
diplomacy.
Participating in workshops or online courses focused on leadership, conflict resolution, and emotional intelligence can also help build skills like empathy and problem-solving.
Also consider mentorships. Whether you are a mentor or a mentee, you will learn to hear different perspectives, develop your active listening skills, and give or receive constructive feedback.
Getting ahead of bad news
Forewarned is forearmed. Once you suspect that layoffs may be on the cards, you can start to use the soft skills you have developed to see where you can add real value to the organisation, and contribute in an essential way.
Navigating complexity, leadership skills, and emotional intelligence all really count here.
As layoffs rarely come out the blue, employees with finely-tuned soft skills will notice the cumulative changes that indicate change is afoot.
If you have honed the skill of perceptiveness, you will have time to pivot yourself, and hopefully your team, in a new remit or project. You can become a key player in new directions the business is taking.
Additionally, soft skills are often transferable across roles and industries. So should you get the news you have been dreading, you will have an ‘in’ somewhere new, even if changes in tech stacks mean your hard skills aren’t as relevant.
So although the fintech sector’s strong investment performance is encouraging, the cautionary tale of Northvolt serves as a reminder that even rapidly-growing companies and industries can face sudden challenges.
By strengthening your soft skills, you are not just preparing for the next potential downturn, you are developing a skillset that will boost your career for years to come.
Ready to start your job search? Visit the Finextra Job Board to see what’s on offer.
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