Payment specialist Renovite Technologies has been selected by the UK Department for International Trade and Scottish Development International to showcase its technology to Swiss and Austrian financial organisations on a fintech trade mission later this month.

Taking place in Vienna and Zürich on 23 and 24 January, the mission aims to stimulate business between the UK delegation and financial institutions across the region. Renovite and a select group of other fintech firms will be meeting banks, venture capitalists, and other organisations with an interest in fintech and innovation.

“Austria and Switzerland offer business opportunities any fintech would doubtless have a keen interest in given the high number of banks and other financial institutions based there,” said Jim Tomaney, Renovite’s chief operating officer.

“We are thrilled to have been selected as a delegate for the mission and look forward to showcasing how our work is enabling positive change using state-of-the-art cloud technology.

“It’s really a very positive sign that major financial organisations are now rising to the challenges and demands of an increasingly complex payments environment by looking to businesses that can offer the kind of agility and innovation they can’t source from traditional suppliers.”

Previous fintech trade missions to Switzerland led by the DIT and have since generated €45m in business deals.

Dr Patrick Kunz, senior trade specialist at Scottish Development International, said: “We hope that this mission stimulates new business relationships amongst participants, resulting in job and wealth creation in Austria, Switzerland and Liechtenstein, and in the United Kingdom.”

Stephen Ingledew, chief executive of Fintech Scotland, who will be speaking at the event in Zurich, added: “Sharing examples of fintech innovation is an important part of building our global collaboration, attracting investment into Scotland and supporting Scottish fintech firms in finding new routes to market in Europe.”

Renovite Technologies, which also has offices in California and New Delhi, established its European headquarters in Dunfermline in 2016. The UK team has grown from four to 20 during that time and plans to add another ten employees – including six trainees – by the end of this tear.