Two Fife-based technology firms have been given a cash injection in the form of Regional Selective Assistance (RSA) grants from Scottish Enterprise.
Renovite Technologies, an electronic payment company headquartered in California, has landed a £250,000 RSA grant to help develop in Dunfermline.
As many as 28 new tech roles will be created to help meet demand for better payments software from finance businesses worldwide.
Jim Tomaney, chief operating officer at Renovite Technologies, said its team in Scotland has more than trebled this year and they anticipate tripling this figure again over the next 12 months thanks to rising demand.
He said: “When coupled with the support provided by Scottish Enterprise and Fife Council it puts us on track to compete with much bigger players. We can now develop new products and make new hires because of RSA and R&D funding.”
Meanwhile, electric bicycle manufacturer Cyclotricity has been handed a £120,000 RSA grant, creating 12 manufacturing jobs at its new Glenrothes headquarters following its relocation from the South East England.
Ian Byrne, Cyclotricity regional manager, said the move to Fife is designed to make the firm more competitive.
He said: “We looked at every possible location, but quickly narrowed it down to two. After considering every aspect, we decided that Glenrothes ticked every box and offered us an edge that was unavailable in any other potential UK site.”
Fife Council is said to be supporting the companies by assisting them with recruitment and upskilling.
Minister for Trade, Investment and Innovation, Ivan McKee, said: “We want Scotland to be the best place to live, work and invest so we are committed to growing the economy in a sustainable and inclusive way. These awards will bring new high tech jobs to Fife, helping to grow the local economy, thanks to £370,000 of investment support.
“The Scottish Government is supporting businesses to maximise the opportunities that come from established strengths in innovation and technology. Scotland has huge economic potential so we are determined to work with businesses to unlock more high skilled jobs like these.”