Double digit growth for Scottish fintech firms
The number of Scottish financial technology (fintech) firms has increased by 27 per cent in the last 12 months, according to new figures.
FinTech Scotland – the cluster management organisation for the sector – said there are now 190 fintech SMEs compared to 147 this time last year.
As the organisation celebrates its fourth anniversary, it said the number has risen from just 26 in its first year of operation, demonstrating how the technology has taken off in that period.
An acceleration in the move to a digital economy and the demand for innovative solutions across the financial services industry and broader economy is driving the creation and adoption of new products and services.
The growth in Scotland comes alongside the Innovate Finance announcement last week that investment in fintech firms across the UK jumped by more than 200 per cent in 2021 compared to the previous year.
Fintech Scotland’s activities have been bolstered by increasing collaboration with 30 strategic partners, across financial services, global technology and professional services, academia and public sector.
This has enabled the fintech cluster to deepen its impact with successes noted in the growing number of business partnerships between the large financial institutions and Scotland’s fintech SMEs.
Stephen Ingledew, executive chair 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”.
Nicola Anderson, chief executive of FinTech Scotland said: “Our Fintech Scotland journey will make a further leap forward this year when we unveil our ten-year Fintech Research and Innovation report, an industry led roadmap which will set out a framework to shape the future of financial services and the fintech in the digital economy.”
“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.”