Over the past twelve months, the amount of Scottish fintech has trebled.
Now there are over 80 Scottish fintech firms across the country. Thsi comes on the first anniversary of FinTech Scotland, an initiative from government, banks, and the University of Edinburgh.
The initiative is designed to foster the connection between entrepreneurs, large financial firms, universities, government, and also the public sector.
The rise was bolstered by new start-ups entering the field, as well as existing fintechs dipping their toes into financial services.
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 “
The FinTech Scotland initiative works across a number of levels:
- Developed access to funding and business services for fintechs with the appointment of a fintech commercial partner;
- Connected fintech firms with over a dozen large financial services firms to develop ways to get to market;
- Collaborated with Scottish Development International and Deloitte;
- Supported the development of hubs such as the University of Strathclyde Technology and Innovation Centre;
- Developed fintech skills with Scotland’s universities;
- Collaborated with the FCA 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 a 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, and
- Also 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.