Is this the most overlooked industry in recruitment?
Talent Ticker analytics show that one of the most rapidly growing, and most overlooked, industries in recruitment is RegTech.
Regtechs supply companies in regulated industries with digital services to streamline their compliance, risk, and regulatory processes. As such, they hire professionals across the board: from Developers to Machine Learning Engineers to Compliance and Regulatory experts.
Despite their growing importance to the finance sector, the regtech industry is often overlooked by recruiting firms, who could profit from targeting this vertical. See below for Talent Ticker’s top reasons to target regtech companies this quarter, and details on some of the hottest companies in the market.
Massive Funding Rounds
While often overshadowed by household–name fintechs, such as Monzo and Revolut, regtechs are beginning to receive a lion’s share of funding, as VC firms invest in their potential to dominate the financial services over the next decade.
For example, London-based Onfido recently raised £50m to support companies in protecting customers from fraud. Also, in late May another London-based risk management solution, REG, raised £2.4m to support its ongoing growth.
Major Hires and Ongoing Expansion
In addition to increased funding within the RegTech industry, Talent Ticker has also seen the continued growth of these firms in the high-profile hires that many are making to gain an edge on their competitors.
London-based firm, Apiax, announced the appointment of ex-FCA regulatory technology expert, Alan Blanchard, to lead its London office in April of 2019. New York regtech, Archive360, has also recently announced the appointment of Amazon Web Services’ ex-Head of Marketing to Chief Marketing Officer at the firm, following 331% growth in Q1 2019.
A number of UK and US regtechs are also making explicit plans to bolster their headcount throughout 2019. For example, FundApps has opened a new office in Singapore in 2019, in addition to its existing London and New York offices.
As the regtech industry continues to grow, so does the potential for partnerships with financial services firms looking to cut costs in their corporate governance divisions.
Wide-scale adoption of these partnerships has not yet fully extended to traditional financial services firms. However, this is expected to begin over the next year as these small companies begin to offer major cost-saving solutions to banks struggling with maintaining the cost of expensive compliance departments.
Such partnerships are already beginning to form with smaller firms, such as digital bank Revolut partnering with ClauseMatch to support its struggling compliance division, and wealth management regtech, HiddenLevers, partnering with Orion Advisor Services to support its product development.
As these partnerships between traditional banks and regtech firms open, we expect to see substantial expansion and recruitment within these firms.
With the growing importance of the RegTech industry in the Financial Services market, Talent Ticker expects that many more up and coming companies will appear in the summer of 2019, with opportunities for recruitment across all verticals.
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