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

Written by Jenni Davidson on 11 January 2019 in News

There are now over 80 fintech companies based in Scotland, the body tasked with promoting the sector has announced

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.”



Related Articles

Jane Morrison-Ross appointed as new CEO of ScotlandIS
30 July 2019

Jane Morrison-Ross will join ScotlandIS in mid-August, working with current CEO Polly Purvis, who retires in October

Mhairi Black urges Boris Johnson and Jeremy Hunt to resolve ‘daylight robbery’ of unclaimed pensions
8 July 2019

Research by the Association of British Insurers and Pensions Policy Institute suggested there could be nearly £20bn of unclaimed pensions in the UK

Tech for good: could Scotland become a leader in ethical digital technology?
4 July 2019

While Scotland’s public sector continues to struggle with big IT projects, the private sector is flourishing, but ethics need to be built in

ScotlandIS aims to grow Scotland's data sector with dedicated new role
4 July 2019

The tech industry body has also appointed a dedicated support manager for the North East of Scotland

Related Sponsored Articles

Associate feature: 5 ways IoT is transforming the public sector
5 February 2018

Vodafone explores some of the ways IoT is significantly improving public sector service delivery

Balancing security and digital transformation
24 October 2018

With the annual worldwide cost of cybercrime set to double from $3tn in 2015 to $6tn by 2021, BT offers advice on how chief information security officers can better...

Associate feature: Who keeps your organisation secure?
19 February 2018

BT's Amy Lemberger argues that having the right security in place to protect your organisation is no longer just an option. It is a necessity.

Share this page