FinTech Scotland Announces 50%+ Growth of Scottish Fintech SMEs

The number of Scottish Fintech SMEs has increased by over 50% during the eighteen months of the pandemic with the FinTech Scotland entrepreneurial community growing from 119 in March 2020 to 181 today.

The growth in innovative enterprises reflects the increase in demand for financial technologies as more and more of the economy and society adapt to a digital environment driven by the challenges of the pandemic.

The news of the growth comes as FinTech Scotland announces an SME Advisory Board made up of leaders from the fintech entrepreneurial community focused on ensuring the necessary support is in place to continue the momentum of fintech innovation

Initially, the Advisory Board focus on providing impetus on skills development, experience when it comes to accessing funding and commercialization opportunities.

The Advisory Board includes a diverse range of founders and leaders; Jude Cook (ShareIn), James Varga (DirectID), Loral Quinn (Sustainably), Anthony Rafferty (Origo), Pardeep Cassells (AccessFintech), Andrew Duncan (Soar), Andrew Veitch (EedenBull), Stuart Lunn (LendingCrowd) and Russell Jaques (Fin-Q).

Stephen Ingledew, Executive Chairman at FinTech Scotland and Chair of the Fintech Advisory Board said, “There is growing recognition of the valuable role fintech in contributing to the digital economy, therefore, formally bringing together a prominent group of entrepreneurs signifies Fintech Scotland ongoing commitment to ensure the best support is available for innovative enterprises in Scotland”

Jude Cook Co-Founder ofShareInadded: “It’s great to see more entrepreneurs joining the FinTech Scotland community. Scotland is such an interesting place to be in the run-up to COP26 climate negotiations here in Glasgow in November. Fintech has a vital role to play as we emerge from the COVID 19 pandemic.”

Nicola Anderson CEO of FinTech Scotland said: “We are focused on supporting fintech innovation in Scotland and the number of fintech SME’s establishing themselves here is a testament to the talent and experience across the Cluster. This Board helps us build on that talent and expend the practical fintech expertise that continues to build and evolve in Scotland”

About FinTech Scotland

FinTech Scotland is an independent not for profit body jointly established by the financial services sector, universities, and Scottish Government/Scottish Enterprise to ensure that Scotland seizes the FinTech opportunities and achieves positive economic and social outcomes by encouraging financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.

The organization acts as a strategic enabler and cluster management body focused on leveraging the potential economic (i.e., productivity, innovation, business creation, employment) and social (i.e., financial inclusion, well-being, and accessibility) benefits arising from becoming a leading global center focused on Fintech innovation.

FinTech Scotland’s objectives are to develop an innovative community of FinTech firms, generate impactful collaborations between firms of all sizes and foster an inclusive cluster that is globally recognized and connected.

In January 2020, FinTech Scotland was formally recognized for the development of the fintech cluster in Scotland and accredited with the bronze label for Cluster Management Excellence by the European Secretariat for Cluster Analysis.

FinTech Scotland was initially founded in January 2018 as a joint initiative by Lloyds Banking Group, HSBC, University of Edinburgh, Scottish Government, and Scottish Enterprise. The organization is now supported by a broad range of global financial services, technology, and professional services firms as well as the University of Edinburgh and the University of Strathclyde, the Financial Conduct Authority, Scottish Government, and Scottish Enterprise.