Number of financial technology firms triples in first year of FinTech Scotland

Money jigsaw - Image credit: Holyrood

The number of financial technology businesses in Scotland has tripled in a year, FinTech Scotland has announced as it celebrated its first birthday.

There are now over 80 fintech firms in Scotland, with the growth driven by a mixture of new start-ups, existing fintech businesses moving to Scotland and other Scottish technology companies expanding into the financial services market.

FinTech Scotland was as a joint initiative between the Scottish Government, the University of Edinburgh and a number of financial services companies, which was launched at the beginning of 2018 to promote the growth of the financial technology sector in Scotland.

Among its initiatives over the last year, FinTech Scotland has connected fintech firms with large financial services firms and members of Scottish Financial Enterprise to develop new routes to market and launched a new digital platform increase the visibility of the Scotland’s fintech activity.

It has also supported the development of fintech entrepreneurial networks and accelerators hubs, such as the University of Strathclyde Technology and Innovation Centre, developed connections globally as well as between sectors in Scotland, and held over 80 events.

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.

“One year on there is still much to do but with a very supportive board and strategic partners plus a range of stakeholders from private sector, government and academia actively participating we can achieve the top ranking global fintech status.”

Graeme Jones, Scottish Financial Enterprise chief executive, added: “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. 

“SFE and our members will continue to work collaboratively to support Stephen and his team as they strive to make Scotland a global fintech leader.”

Digital economy minister Kate Forbes also congratulated FinTech Scotland for an “immensely successful year”.  

She said: “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.”