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Ruby is Gold: Which Languages will Benefit from the FinTech Boom

Financial Technology (or Fintech) is one of the fastest growing industries in the world. With £524m being brought to the UK in 2015 by the Fintech sector alone, it is playing a key role in British industry.

With George Osborne stating that he wants London to be “the global centre for Fintech”, this role isn’t going to shrink anytime soon. Simply put, UK FinTech is booming.

But what does this mean for IT Professionals? And how will it affect their lives? Well with Shoreditch expanding with Fintech start-ups at a rapid rate, as well as buildings such as the Level39 Accelerator based on Canary Wharf, this will create a huge number of opportunities for Web Developers, Network, Security & Infrastructure professions and roles across the Tech sector.

In fact, if Fintech continues to grow in London at the same rate it is expected to generate around 46,000 new jobs. But who will benefit the most from this?

Ruby Developers

For the majority of Fintech start-ups, Ruby is the technology of choice. Due to its dynamic nature and principles for speed and simplicity, it is designed simply to increase programming pleasure.

Being used by leading Bitcoin trading platforms and crowdfunding businesses, Ruby Developers will definitely feel the benefit of the Fintech boom the most.

Python Developers

Python has been used within finance for a number of years but its rise in prominence as a desired skill and the growth of the fintech sector, are no coincidence.

It can be used across a variety of different technology stacks (Web, Data Science etc.) and allows developers to code at a faster rate.

Not just restricted to start-ups, banks like J.P Morgan and Bank of America Merrill Lynch are constantly on the look out for Python Developers

JavaScript Developers

Specifically, Full Stack JavaScript Developers with a strong grasp on NodeJS.

The main reason for the use of JavaScript Developers is because companies are using the same language on both the front and the back end, allowing full stack developers to switch between both much easier.

This is part of the reason PayPal moved towards Node.js. Some of the stats they found include:

  • Built almost twice as fast with fewer people
  • Written in 33% fewer lines of code
  • Constructed with 40% fewer files

There is a lot of common ground between the technologies listed above and they are used in so many Fintech start-ups for 2 main reasons, speed and, cost.

It is vital throughout the early years of start up to be adaptable to any potential market change and no market changes quicker than the financial market.

In start-ups, budgets are often extremely tight, so finding a happy middle ground on the technologies used is imperative. But one other reason these languages are used, which was briefly referenced earlier, is the type of developers that use it and the pleasure it gives them.

In my experience recruiting for a number of FinTech based across the UK, many clients tell me their perfect candidate will be one who gets great satisfaction from using these Technology stacks, as these are often the candidates who take the greatest pride in their coding.

Simply, development is not just a job but also a hobby. Bringing people on board like this, who are willing to throw their all into a Fintech start up, are vital in early stage growth.

UK Fintech is growing and it is showing no signs of slowing down.

An industry that employs 61,000 people as it stands (second only to California and more than New York and Hong Kong) is going to continue to generate a large amount of revenue and a large amount of jobs. And who will benefit the most from it? Software Developers.

In the immortal words of the great Ron Tidwell: “Show me the money!”

Huffington Post

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Written by Louis Singleton
Senior Software & Web Development Consultant


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