Investment in Scotland’s Fintech jumps 200 per cent as community flourishes
Scotland is developing into a fintech epicenter which received record levels of investment funding last year.
Although it has a stunning natural landscape, Scotland has also become synonymous with investment in the fintech landscape. Scotland’s booming fintech sector has attracted significant investment funding and a growing community of small and medium-sized enterprises (SMEs).
In accordance FinTech Scotland, the independent not-for-profit cluster body, Scottish fintechs have received over £305 million in funding over the past year. This figure represents a 200 percent increase in the amount of funds received by the community during the previous year.
Fintech SMEs with a specific focus on data and payment innovation raised around 60 percent of 2022’s total funding.
Likewise, SMEs regarding wealth management and financial regulatory solutions became major beneficiaries of this funding.
In addition to this, Scotland’s fintech SME community grew to 211 members last year. This includes a 13 per cent year-on-year increase driven by both new fintech start-ups and international firms setting up in Scotland.
By reflecting on the figures, Nicola Andersonchief executive of FinTech Scotland, admits to being “continuously inspired by fintech entrepreneurs who are accelerating innovation, change and growth.”
According to Anderson, the levels of investment in 2022 “cement the value of fintech innovation, driving us to continue to drive cluster excellence, building on the recognition we achieved in 2022 and the role we play in contributing to the growing wider UK. fintech ecosystem.”
The year for Scottish fintech
As the industry rolls into 2023, Anderson confirms FinTech Scotland’s upcoming collaboration with Scottish The company, Innovation Great Britain and Financial Conduct Authority (FCA), including in the implementation of its roadmap for research and innovation.
Adrian Gillespiechief executive of Scottish Enterprise, sees this collaborative attitude as the real driver of Scotland’s fintech sector.
“FinTech Scotland has made a huge contribution to developing our country’s fintech sector since its inception,” comments Gillespie. “We look forward to continuing to work with FinTech Scotland to deliver financial opportunities in this vibrant sector.”
FinTech Scotland has for the coming year confirmed its strategy to continue to leverage cluster excellence credentials to drive innovation and build on its valuable collaboration with fintech hubs around the UK.
This will also include a focus on supporting fintech SME scale-up through increased collaboration with the thirty FinTech Scotland partners as well as major financial initiatives with Smart Data Foundry and a new competence center for innovation in financial regulation.
