Growing International Diversity of Fintech SMEs in Scotland

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Fintech has accelerated as a global innovation movement during the pandemic and Scotland is making a positive contribution to this force of change in the digital economy.

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FinTech Scotland has confirmed that the number of international fintech SMEs in the SME community has grown by over 40% over the past twelve months, complementing the growth of local start-up and growth enterprises.

In recent months companies such as YayPay and Pace AP  from the USA,  WeFund from Australia, and Pulse Market from Ireland have become part of the growing Fintech Scotland community.

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The diverse origination of the international SMEs in Scotland’s Fintech community is highlighted by the visual below.

This growing global influence in the Scotland fintech community was a key theme of this year’s Fintech Festival which concluded last Thursday with its four-week program of sixty plus events, innovation meet-ups, and conferences. 

The Festival included FinTech Scotland’s collaboration with Scottish Development International and UK Department for International Trade Festival to host events with enterprises in Australia, the USA, and Asia to highlight inward investment and export opportunities.

The global fintech opportunities were also one of the themes discussed at the ‘Accelerating UK FinTech Conference’ hosted by FinTech Scotland last week, with presentations from Fintech leaders across the UK including Ron Kalifa, Regional bodies, and Government Ministers.

FinTech Scotland used the conference to release a “Building a Global Fintech Cluster” prospectus (brochure) to further build on the momentum driving fintech innovation and collaboration.

Commenting, the Executive Chair of Fintech Scotland, Stephen Ingledew said,

“The ongoing collaboration of inspiring FinTech leaders will enable us to grasp the global innovation opportunities and the UK-wide conference in Glasgow was an ideal opportunity to demonstrate this with colleagues and friends from all corners of our country.”

Commenting on the FinTech Scotland Festival, CEO of FinTech Scotland Nicola Anderson said,

“This year’s festival has reinforced the dynamism, breadth, and capability of fintech innovation in Scotland. We were privileged to be joined by so many fintech and industry leaders sharing experiences, knowledge, and opportunities. We’re looking to more collaboration and to supporting the digital and green economy through continued fintech innovation.”

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.

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