The number of FinTech startups in Scotland has tripled to over eighty in the last 12 months, according to FinTech Scotland.
The announcement comes on the first anniversary since the formation of the body – a joint initiative by financial services firms, the University of Edinburgh and Scottish Government.
The growth has been driven by both new startups and existing FinTech firms moving to Scotland, as well as early stage Scottish technology firms expanding propositions into financial services.
Since its inception, FinTech Scotland has facilitated this innovation by fostering the connection between entrepreneurs, large financial services firms, the universities, government and public sector, as well as a range of strategic stakeholders.
A statement gave several examples of FinTech Scotland’s strategic enabling role:
• Developed access to funding and business services with the appointment of a commercial partner Vivolution in conjunction with Scottish Enterprise.
• Connected FinTech firms with over a dozen large financial services firms and members of Scottish Financial Enterprise to develop new routes to market.
• Collaborated with Scottish Development International and Deloitte to develop global connections in Far East, Europe and US for inward investment and exporting.
• Supported the development of entrepreneurial networks and accelerators hubs such as the University of Strathclyde Technology and Innovation Centre.
• Collaborated with the Financial Conduct Authority to support regulatory understanding, reinforced by a senior secondment to FinTech Scotland.
• Facilitated cross-sector innovation with Law Society of Scotland and Scotland IS Cyber team, as well as Scottish Government and the CivTech initiative.
Digital economy minister Kate Forbes said: “FinTech Scotland has galvanised collaboration between Scotland’s universities, financial industry and public sector.”
Stephen Ingledew, chief executive of Fintech Scotland, said: “One year on there is still much to do, but with a very supportive board and strategic partners plus a range of stakeholders from private sector, government and academia actively participating, we can achieve the top ranking global FinTech status “
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