Number of Scottish fintech firms up by over a quarter

Analysis from FinTech Scotland has revealed a 27% increase in the number of fintech enterprises in Scotland.

The cluster management organisation reported that the financial technology sector had increased from 26 firms when FinTech Scotland started in 2018 to 147 firms last year – and now 190 firms.

Demand for new solutions across the financial services sector and the move to a digital economy is driving the creation and adoption of new technologies in the sector, it claims.

The growth in Scotland comes alongside Innovate Finance’s announcement last week that investment in fintech firms across the UK rose by more than 200% in 2021, compared to the previous year.

FinTech Scotland, which is in its fourth year, also increased its collaboration with 30 new partners, across the financial services, global technology and professional services, academia and public sector.

Stephen Ingledew, executive chair at Fintech Scotland, said: “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 at FinTech Scotland, said: “Our Fintech Scotland journey will make a further leap forward this year when we unveil our 10-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.

“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.”

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