FinTech Scotland has confirmed that the number of innovative fintech SMEs based in Scotland has grown by three times to over eighty in the last twelve months.
The announcement comes on the first anniversary since the formation of FinTech Scotland, a joint initiative by a number of financial services firms, University of Edinburgh and Scottish Government.
The growth in the new fintech enterprises focused on reinventing financial services has been driven by both new start-ups and existing fintech firms moving to Scotland.
In addition, the number has also been bolstered by early stage Scottish technology firms expanding their proposition into financial services.
Since its inception FinTech Scotland has facilitated the growing fintech innovation by fostering the connection between entrepreneurs, large financial services firms, the universities, Government and public sector as well as a range of strategic stakeholders.
Examples of FinTech Scotland’s strategic enabling role have included:
- Developed fintech access to funding and business services with the appointment of a fintech commercial partner Vivolution in conjunction with Scottish Enterprise
- Connected fintech firms with over a dozen large financial services firms and members of Scottish Financial Enterprise to develop new routes to market
- Collaborated with Scottish Development International and Deloitte to develop global connections in Far East, Europe and USA for inward investment and exporting
- Supported the development of fintech entrepreneurial networks and accelerators hubs such as the University of Strathclyde Technology and Innovation Centre
- Developed fintech skills with Scotland’s universities, colleges such as Fife Fintech Skills Academy and student groups such as Glasgow University FinTech Society
- Close collaboration with the Financial Conduct Authority to support fintech firms regulatory understanding reinforced by a senior secondment to FinTech Scotland
- Grew the visibility of the Scotland’s fintech activity through the launch of new digital platform and over 80 fintech events including the FinTech Festival with Visit Scotland
- Developed financial inclusion and diversity initiatives working with consumer groups, social enterprises and bodies such as Equate Scotland
- Facilitated cross sector fintech innovation, for example, with Law Society of Scotland and Scotland IS Cyber team as well as Scottish Government and the CivTech initiative
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.
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.
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, 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. 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.”
The first anniversary was recognised on Tuesday the 8th of January at the Financial Services Advisory Board (FiSAB) meeting held at the University of Edinburgh, one of the founding partners of FinTech Scotland.