19 jobs created
Payments firm fastP.A.Y.E joins Scottish fintech pool
Ian Hogg: ‘fantastic experience’
A developer of ethical payments systems, fastP.A.Y.E, is opening an office in Edinburgh creating 19 jobs.
The London-based company is the latest fintech business to set up operations in Scotland.
Its app supports employee financial well-being by allowing them to draw down some of their already earned money before payday.
FastP.A.Y.E. is a subsidiary of ShopWorks Technology (SWT), a software-as-a-service company.
It received a £1m R&D award from Scottish Enterprise towards its office opening in Edinburgh and the development of advanced artificial intelligence tools for employers.
Mark Hallan, director of global investment at Scottish Development International, said: “SWT is an innovative company delivering cutting edge AI solutions to make staff scheduling easier for employers.
“Providing support to fast-growing firms, such as SWT, to attract them to Scotland is a key priority for Scottish Enterprise.
“Inward investment will be absolutely critical to our country’s economic recovery and we will continue to promote sectors where Scotland excels, one of which is fintech.”
Ian Hogg, CEO & co-founder, ShopWorks and fastP.A.Y.E. said: “We’ve had a fantastic experience with the excellent technology skill base that is available in Scotland and are very keen to grow our office here.
“We wish to integrate within the community and repay the support given to us by Scottish Enterprise by creating high quality employment opportunities.”
Economy Secretary Fiona Hyslop said: “Scotland now has 150 fintech companies and the availability of skills and a supportive business environment are essential in ensuring that the sector is able to capitalise on current and future opportunities.”
Stephen Ingledew, CEO of FinTech Scotland, said fastP.A.Y.E. joins a fast-growing group of innovative payment firms that are “changing the way we use money.”
He said: “When we met with the team we were inspired by their passion and dedication to change the status quo around how people receive their hard-earned wage.
“Helping employees access their salary when earned and not at the end of the month is what fintech is all about, using data and technology to provide better outcomes for everyone. This fintech will feel at home in Scotland with so many fintechs driven by social purposes.”