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by Sofia Villegas
11 January 2024
Employment boom makes Scotland fintech hotspot

FinTech Scotland’s 10-year roadmap is the first of its kind in the UK | Alamy

Employment boom makes Scotland fintech hotspot

The Scottish fintech cluster has seen an employment boom over the past two years.  

The sector has seen a 24 per cent increase in jobs since 2021, now employing 10,500 people.

The huge growth brings Scotland closer to fulfilling its goal of creating 30,000 jobs in the sector by 2032, as set out in industry body FinTech Scotland’s 10-year roadmap.

Jane Martin, managing director of innovation and investment at Scottish Enterprise, said: “The 24 per cent increase in jobs in the fintech cluster reflects Scotland's commitment to nurturing an environment where technological and financial innovation can thrive.  

“The growth in employment is a clear indicator of our country's attractiveness to global fintech companies, driven by our rich talent pool, academic excellence and well-established strengths of our financial services sector.”   

Several international fintech companies have included Scotland in their business development plans, including US firm AccessFintech, Irish IT consultant Mail Metrics and award-winning business Clearwater Analytics.   

The announcement comes as FinTech Scotland marks its sixth anniversary. 

Established in 2018 to secure Scotland’s place as a top-five global fintech centre, the body has reached multiple milestones over the past few years.   

As of 2022, over 200 fintech SME firms found their home north of the border, a 13 per cent boost from the year prior. Similarly, the sector attracted £305m during that same year which was an increase of 200 per cent compared to the previous year.   

In addition, almost 40 per cent of fintech enterprises having reached the scale-up stage. 

Many have done so through partnerships with larger financial institutions such as TSB, Lloyds Banking Group (LBG) and Phoenix Group, collaborations that have built fintech innovation labs to enhance products and strengthen connections across the sector.  

Jackie Leiper, chief customer & distribution officer, insurance, pensions & investments at LBG said: "Over the past three years through our Launch Innovation Lab we have worked with over 30 fintech firms, supporting their product development, and generating new products for our customers, clients and colleagues whilst tackling some very important challenges around climate, cost of living, and financial inclusion.  

“A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for business and consumers.” 

Last year LBG partnered with Scottish firm GoCodeGreen to promote digital sustainability, while TSB joined Edinburgh-based organisation Snugg to improve TSB customers’ home energy efficiency. 

FinTech Scotland also recently launched its Financial Regulation Innovation Lab where it aims to lead on global financial legislation. The lab will create a research agenda to understand emerging technologies, especially AI and how it can help fight issues such as money laundering.  

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