Scottish fintech is growing rapidly, with the number of people employed in the industry increasing by 24% in the past two years. The country’s fintech sector, supported by 226 SMEs, now employs over 10,500 people, outperforming expectations and attracting international businesses to Scotland. Fintech Scotland, a research and development organisation, has provided a platform for smaller enterprises to scale up through collaboration with major financial institutions, launching innovative labs with Lloyds Banking Group, TSB and the Phoenix Group among others. The labs have produced successful partnerships such as Snugg and TSB, which enables the bank’s customers to improve their home energy efficiency. Nicola Anderson, CEO of Fintech Scotland, sees the growth as evidence that Scotland has the potential to become a global fintech leader.
Through its sixth anniversary this month, Fintech Scotland has contributed to Scotland’s emergence as a major fintech hub. It is backed by global financial, technological and professional services firms, major universities, the Financial Conduct Authority and Scottish Enterprise. The programme aims to ensure Scotland capitalises on fintech opportunities and sees positive economic and social results. The increase in jobs is indicative of the country’s attractiveness to global fintech businesses due to factors such as the wealth of talent available and a thriving financial services sector. Fintech Scotland plans to continue its growth and create further opportunities for fintech SMEs, as well as maintaining a focus on international connections and impactful partnerships.
