Scotland has seen a 27% surge in the number fintech companies over the past year as the move towards a digital economy picks up pace and demand rises for innovative solutions.

There are now 190 financial technology enterprises north of the border compared with 147 a year ago and just 26 when the cluster organisation FinTech Scotland launched in January 2018.

The growth comes alongside the Innovate Finance announcement last week that investment in fintech firms across the UK jumped by more than 200% in 2021 compared with the previous year.

Fintech Scotland activities have been bolstered by increasing collaboration with 30 strategic partners across financial services, global technology and professional services, academia and public sector.

Reflecting on the past year’s growth, Stephen Ingledew, executive chairman of Fintech Scotland, said, “I’d like to pay tribute to my Fintech Scotland colleagues for the drive, relentless endeavours, creativity and leadership over the year.

“I’m hugely proud of our progress and recognition across the UK and look forward to continuing our collaboration with fintech SMEs, strategic partners and many friends in the wider UK fintech movement as we drive the impact of innovation”.

FinTech Scotland chief executive Nicola Anderson, said: “Our Fintech Scotland journey will make a further leap forward this year when we unveil our ten-year Fintech Research and Innovation report.

“It will be central to our 2022 plans and builds on the growing investment across fintech in Scotland.

“I am passionate about ensuring our cluster leadership role continues to make a significant positive contribution to impactful innovation, the climate agenda, diversity and inclusion, as well as demonstrating how fintech can solve real societal issues.”