In the year that saw Forbes confirm Manchester’s status as a strong FinTech hub, the city has attracted yet another business into its domain with the arrival of Israeli specialists in global payments solutions, Fibonatix.
This makes it the second Israeli company to establish themselves in Manchester in a matter of weeks, following the recent arrival of advertising agency, Sanabil Digital.
Fibonatix, temporarily located in Deansgate’s Centurion House before taking permanent residence in XYZ next April, chose Manchester as their UK base after being impressed by the high-calibre of sector professionals across the city. They also appreciated the close proximity to other major northern cities and easy access to new talent graduating from Manchester’s four universities.
“We view the North West as the developing centre of the UK’s payments industry and we wanted to be right in the centre of it,” said Tal Miller, CEO, Fibonatix.
He continued: “The payment solutions we offer focus on online businesses, and our staff members in Manchester have their unique areas of expertise which include compliance and underwriting, risk management and finance. We believe in working with and developing local talent so decided to recruit from Manchester. In the long-term, the plan is to grow our UK workforce and expand the company’s international reach.”
A global leader in research and development, Israel has one of the world’s highest concentrations of tech start-ups and is strengthening its position in FinTech. According to Deloitte, there are 430 FinTech companies in Israel, and there are 14 multinationals specialising in FinTech R&D in the country.
“The large volume of start-ups in Israel means companies expand, collapse, merge, rebrand, are bought and sold in a short space of time so traditionally, the way businesses operate there can be quite hectic. Our heritage is Israeli which we are extremely proud of, but one of the main drivers for continuing our growth in the UK is because we see ourselves as a global enterprise. We’re excited about expanding our international reach and look forward to growing Fibonatix in Manchester.”
Sir Richard Leese, Leader of Manchester City Council, said: “Manchester is renowned for technology innovation and has an outstanding global reputation as a great city to do business.
“The number of start-ups and SMEs calling Manchester home has catapulted in recent years and we are proud of our ability to attract international firms such as Fibonatix.”
Tim Newns, chief executive officer, MIDAS, Manchester’s inward investment agency, said: “Manchester welcomes the arrival of Fibonatix which further demonstrates the city region’s growing reputation in FinTech and in particular payment solutions. Fibonatix is a great addition to the ecosystem and they will be looking to connect with the FinTech hubs across the city such as Rise Manchester and the soon to open Vault in Spinningfields.
“With the tech back office function of a number of high street banks and insurance firms being located in Greater Manchester there is a real market opportunity for FinTechs in the city. As one of Europe’s leading e-commerce centres, there is an appetite for new payment platforms to deliver to a growing global market.
“MIDAS wishes Fibonatix every success and looks forward to see the growth of the business in Manchester.”
- ENDS -