The average age of a fintech company director is more than a decade younger than their counterparts on the FTSE 100, according to new research.
Recruitment firm Astbury Marsden found that average age of fintech directors to be 47, compared with 59 on the FTSE 100. And nearly 30% of fintech directors are under the age of 40, with 5% under the age of 30. In stark contrast, there are no FTSE 100 directors under the age of 30 and just 1% are under the age of 40.
Despite the significant gap between fintech and FTSE 100 businesses, Astbury Marsden said we could start to see the gap narrow as fintech firms now seeking out directors with practical experience of dealing with the issues which larger companies face.
Christopher Adeyeri, associate director at Astbury Marsden, said: “Fintech companies have now started adding seniority to their boards.
“Most founding directors of fast growth fintech companies will possess a highly impressive skillset. Some, however, lack the long-term practical experience of managing a large company- purely because they are younger and have not had time to build it up.
“We are now seeing more of these companies keen to recruit experienced individuals to the board- who may have spent significant time at larger, more established companies- to help with more complex aspects of strategy and business management."