£1bn pot

Early stage overseas funding offer for tech firms

Mark Roger: ‘we are further opening up the fintech market’

Scottish fintech companies are being offered rare access to a £1 billion pot of early stage funding from overseas investors to help them internationalise their businesses.

Representatives from investors such as Silicon Valley Bank, EquiSolve, Pario Ventures and the Rainmaking Fund, flew into Scotland to assess opportunities to provide a level of funding not normally available to Scottish firms from these sources.

The project is led by Glasgow-based venture builder and cluster developer Vivolution, in collaboration with the Scottish Government’s Scottish Technology Ecosystem Review.

It builds on a meeting earlier this month that brought together some of Scotland’s most promising fintech companies, such as Exizent, Zumo, Nude, EedenBull, Asura and Cerebreon alongside investors, and corporations such as CapGemini and Mastercard.

The participants at the event, which was supported by the Scottish Government, all noted the potential in Scotland’s burgeoning fintech market, and the need to bring greater capital liquidity to local businesses. The project will also help companies link up with potential corporate clients.

The plans include a series of roadshows for Scottish fintech start-ups in locations such as London and New York. 

source familiar with the talks said: “Most Scottish tech companies get their early stage funding from within Scotland. It is unusual to get it from this level of investor.”

Mark Roger, CEO, Vivolution, said “Our aim is to dispel the myth that there is not enough funding out there for our growing companies – the opposite couldn’t be more true.

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“In fact there is a significant shortage of investable companies on the global stage for the international private investment market.

“The investors we are speaking to are excited to partner with us as we play our part in opening up further the Scottish fintech sector to international investment, while our corporate partners are eager to engage to develop world-leading products and services.

“We in Scotland have the companies and the potential, and our investors and corporations have the capital, cash and the know-how to turn start-ups into unicorns.”

Katie Lewis, COO, Rainmaking, said: “The opportunity to bring multiple partners together to have meaningful discussions around growth barriers and challenges is an important part of ecosystem development, and we believe will successfully encourage the growth of the fintech startup ecosystem in Scotland.”

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