FinTech Scotland marks second year with 60% more SMEs
Celebration: Graeme Jones, CEO of Scottish Financial Enterprise, with Stephen Ingledew and Kate Forbes
FinTech Scotland has confirmed that the number of fintech SMEs based in Scotland has grown by over 60% from 72 to 119 over the past year.
The announcement comes on the second anniversary of FinTech Scotland, a joint initiative by financial services firms, the University of Edinburgh, Scottish Government and Scottish Enterprise.
The growth in the new fintech enterprises focused on reinventing financial services has been driven by new start-ups such as Visible Capital, SecureTheFile, Open Banking Research, Contract2Pay, Digital Future Capital, Guiide amongst many others over the year.
In addition, the growth in numbers has been fuelled by fintech firms moving to Scotland from other parts of the world such Gobbill (Australia), Polydigi (Hong Kong), EedenBull (Norway), QWallets (USA) who are now part of the Scottish fintech community along with other global fintech firms.
Furthermore, there have been a number of innovative fintech enterprises from the UK who have now set up operations in Scotland such as Xpand, Mudano, Infinity Works and BePayd.
FinTech Scotland has engaged in a number of trade missions, collaborations and programmes. It brought the sector together for the Fintech Festival over three weeks in September with more than 60 events across the country and guests attending from more than 20 nations.
Commenting on the first year Stephen Ingledew, chief executive of Fintech Scotland, said: “It is a privilege 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
“There is still much to do but with the support of a range of stakeholders from private sector, Government and academia actively participating we can achieve the top ranking global fintech status. I am excited about a number of new initiatives planned for early 2020 which will enable us to build on the momentum throughout Scotland.”
Digital Economy Minister, Kate Forbes said: “Together, we are building Scotland’s reputation as a major global FinTech centre and (I) commend FinTech Scotland team for their collaborative leadership over the last year and their vision for the future.”
Linda Hanna, Managing Director, Scottish Enterprise, said: “Stephen and his team deserve great credit for keeping the momentum going – here’s to another successful year.”