There are now more than 100 fintech organisations in Scotland, FinTech Scotland has revealed.
This increase continues the momentum from the start of 2019 when it was announced that the number of firms had trebled to 75 over the twelve months since the formation of FinTech Scotland – an independent body established by the Scottish Government, Scottish Enterprise, the financial services sector and University of Edinburgh to ensure that Scotland fully takes advantage of fintech opportunities.
The growth in the number of fintech firms in the Scottish community continues to be fuelled by a combination of new enterprises being created, international firms moving to Scotland and existing technology firms developing new fintech propositions.
The announcement comes on a day as the Public Finance and Digital Economy Minister, Kate Forbes, welcomed some of the newest firms to the FinTech community to the Scottish Parliament at Holyrood.
During the event, Forbes heard from a range of diverse and exciting new enterprises and their entrepreneurs, including MoneyMatix, Xpand Access, CU Apps, Zortrex and Women’s Coin.
Additionally, Amiqus, the recent winner at EIE19, Scotland’s main showcase event for firms looking for investment, joined the group to share how they are building on their initial growth. EIE this year saw fintech firms being the largest sector represented further demonstrating the growth in the sector.
Forbes said: “Scotland has the fundamental strengths to be globally recognised as a centre of FinTech excellence. Our economy is open and competitive, we have a highly skilled workforce, a great quality of life and an attractive cost base compared to other financial centres.
“Working with FinTech Scotland and its partners, we have seen real growth in the sector in Scotland, and I am pleased to celebrate the milestone of our first 100 FinTech companies. This is just the beginning, and I am confident that we will see continued growth.”
FinTech Scotland has also announced that Scotland’s International Fintech Festival will take place over three weeks between the 9th and the 27th of September, following on the success of last year’s community-led Festival.
The Festival will take place across the breadth of the country, including seven Scottish cities and will see more than 50 events with many being joined by international guests from around the world, further reflecting Scotland’s growing reputation as a global fintech nation.
A focal point of the festival will be DIGIT’s Fintech 2019 conference at Edinburgh’s Dynamic Earth on the 25th of September.
David Ferguson, CEO of AIM-listed fintech Nucleus Financials, said: “These are becoming very exciting times for Fintech in Scotland and it’s hugely inspiring to see so many companies contributing to the tech-led reinvention of financial services. It’s also brilliant to see Stephen and his Fintech Scotland team doing such a great job in supporting and helping to drive this growth.”
Stephen Ingledew, chief executive of FinTech Scotland, said: “We continue to be focused on supporting the dynamic and expanding fintech community across Scotland and it is encouraging to see the number of enterprises grow with the support of key partners, universities and Scottish Government.
“Scotland’s fintech community is continuing to attract growing interest from international investors as well as the established financial services sector who recognise the significant value in collaborating with creative forward-thinking enterprises.”