US Fintech Employment up 13% in 3 Months — Fastest Growing Sector Amid Weak Jobs Data

Key Takeaways

• Mid-sized Fintech companies have increased their headcount by 12.97% in the past three months.
• The growth bucks a generally negative trend in US employment.
• Labor Department data shows that US employers added 35% fewer jobs than expected in July.

The latest employment data  from the Bureau of Labor Statistics reveals that the US jobs market is weaker than previously thought. However, some industries have managed to avoid stalling job growth.

Data collected by DesignRush reveals that mid-sized Financial Technology (Fintech) companies have successfully bucked the negative trend by increasing their headcount by 12.97% in the past three months.

Mid-Sized Fintechs Top Employment Leaderboard

According to the report’s analysis of mid-sized (100-1000 employees and $10 million to $1 billion revenue) employers, job growth in the Financial Technology sector outpaced that of any other industry.

In contrast, most businesses experienced sub-1% growth in their workforce, with five industries observing a reduction in overall employment. At the bottom of the table, the number of jobs in Mobile and Location Services decreased by 5.14% in the same period.

Fintech job growth is especially impressive, considering the sector has experienced a slowdown of investment since its late pandemic peak.

According to KPMG , total global investment in the sector declined from $62.3 billion in H2 2023 to $51.8 billion H1 24, marking the weakest six months of funding since the first half of 2020.

The strong numbers also run counter to a string of layoffs that have affected large technology corporations throughout 2024.

In recent months, companies including Cisco, Dell, and Intel have announced tens of thousands of job cuts as they adjust their business models for AI. But the tech sector isn’t the only one struggling.

US Job Growth Stalls

A recent report from the Labor Department report  showed that US employers added just 114,000 jobs in July, 35% fewer than expected.

Meanwhile, unemployment rose to 4.3%, its highest level since October 2021, as jobless Americans rose by 352,000.

Combined with the Federal Reserve’s decision not to cut interest rates, the weak employment data prompted fears of a recession, contributing to a global market meltdown at the beginning of August.

Further complicating the matter, on Wednesday, Aug. 21, the Bureau of Labor Statistics reported that official figures for the 12 months to March had previously overestimated employment.

The updated figures show that the US created 818,000 fewer jobs than initially calculated throughout the year.

Promising Outlook for Fintech

Despite ongoing economic challenges, TNR has forecast  that global Fintech will reach nearly $1.3 trillion by 2034, growing at an average rate of 15.4% annually over the next ten years.

The research published in July observed that some of the biggest growth drivers include digital payments, blockchain and crypto, InsureTech, and robo-advisors.

About the Author

James Morales

Although his background is in crypto and FinTech news, these days, James likes to roam across CCN’s editorial breadth, focusing mostly on digital technology. Having always been fascinated by the latest innovations, he uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.

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