Scottish Fintech Sector Continues to Flourish

Scottish fintech sector

FinTech Scotland continues to support and facilitate innovation in a flourishing sector. 

The number of Scottish-based fintech SMEs has grown three-fold in the past year, FinTech Scotland has confirmed.

The announcement, which comes on the first anniversary of the organisation’s formation, highlights the vibrant, bustling fintech sector in Scotland, which is now home to more than 80 innovative firms.

This growth, FinTech Scotland said, has been driven mainly by new startups, along with existing fintech firms choosing to move their operations to Scotland.

The number of early-stage Scottish tech firms expanding their proposition into financial services has also played a significant role in this growth.

Facilitating Growth

Since its formation, FinTech Scotland has helped facilitate innovation and growth across Scotland’s burgeoning fintech sector, fostering connections between entrepreneurs, large financial services firms, academia and government.

Thus far, the organisation has helped develop fintech access to funding and business services with the appointment of a commercial partner, Vivolution, in conjunction with Scottish Enterprise.

The development of fintech entrepreneurial networks and accelerator hubs, such as the University of Strathclyde Technology and Innovation Centre, are also notable successes so far in the organisations’ history. 

Digital Economy Minister Kate Forbes said: “Congratulations to FinTech Scotland for an immensely successful year. With Stephen Ingledew at the helm, FinTech Scotland has galvanised collaboration between Scotland’s universities, financial industry and public sector.

“Together, we are building Scotland’s reputation as a major global FinTech centre. I personally commend FinTech Scotland for their hard work last year and their vision for the future.”

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Global Awareness

Developing global connections in the Far East, Europe and the US has been a key focus of FinTech Scotland, which has collaborated with Scottish Development International and Deloitte to both raise awareness of the flourishing sector and to secure inward investment.

It has also secured a number of strategic partners, such as IBM, Equifax, Dentsu Aegis Network and Sopra Steria.

Commenting on the first year Stephen Ingledew, Chief Executive of Fintech Scotland said: “It has been a privilege over this last twelve months to lead the FinTech Scotland team and galvanise the broad range of support from across Scotland to support the growth of innovative fintech enterprises in this last year.

“Our progressive, collaborative and inclusive agenda is certainly establishing Scotland as a major global fintech centre which can contribute to Scotland’s economic and social ambitions.”

Recommended: DIGIT Interview: Stephen Ingledew, CEO FinTech Scotland

Graeme Jones, Scottish Financial Enterprise Chief Executive, said: “FinTech Scotland has made a significant impact over the past 12 months by raising awareness of Scotland’s fintech capabilities and the opportunities available for new and existing businesses.

“Scotland’s financial services industry has always been at the forefront of innovation and I’m pleased to see this momentum continue.”

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