FinTech Scotland celebrates new ‘Cluster Excellence’ accreditation

FinTech Scotland has achieved a new level of Cluster Excellence accreditation, the highest level achieved by a fintech body in the UK and Europe.

The European Secretariat for Cluster Accreditation (ESCA) confirmed the excellence award for FinTech Scotland following a thorough audit of the organisation’s progress and delivery record.

FinTech Scotland is an independent not for profit cluster body established jointly with the financial sector, universities and Scottish Enterprise in January 2018.

ESCA highlighted several significant improvements from FinTech Scotland to achieve its silver badge for Cluster Management Excellence. These include:

• • Supports growth in the number of fintech SMEs by 22 percent year-on-year
  • Management of increased cluster collaboration between fintech SMEs, large enterprises, universities, public bodies across the UK
  • The production of the UK’s first industry-led 10-year Fintech Research & Innovation Roadmap

The response

“I am very proud of the team in achieving this significant milestone and my sincere thanks to all the committed cluster participants,” said Stephen Ingledew, FinTech Scotland CEO and founder. “The award further recognizes our leadership and collaboration across the UK which reinforces the central interdependence with each other to promote progressive innovation in all regions, so that the tide rises for all.”

Sir Ron Kalifa OBEauthor of the Fintech Review in 2021, described FinTech Scotland as a “leading example of leveraging the results of fintech innovation and accelerating regional fintech development and growth”.

He said: “This excellent recognition is a testament to the FinTech Scotland model that Stephen and Nicola have led and I know they will continue to use their expertise to further promote national connectivity and provide support to UK regions also through the FinTech National Network. as the new center for finance, innovation and technology.”

Nicola Andersenchief executive of FinTech Scotland, also added: “We’re bringing together leaders from industry, start-ups, academia, public sector and we’ll use our cluster expertise to drive innovation locally in Scotland and collaboratively across the UK.

“We are particularly excited about the innovation opportunities within open finance, regulation, payments and climate finance. Through a collaborative and inclusive approach, these can help meet the challenging economic headwinds across the UK.

Inclusive cluster

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

ESCA defines clusters as networks of companies and research/educational institutions as well as public agencies that have a thematic focus, are regionally concentrated, institutionally organized and administered by a Cluster Management Organisation.