Growing international diversity of fintech SMEs in Scotland

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Fintech 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.

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

In recent months, companies like YayPay and Pace AP from the US, WeFund from Australia and Pulse Market from Ireland have become part of the growing Scottish fintech community.

The diverse origins of international SMEs in the Scottish fintech community is highlighted by the image below.

This growing global influence in the Scottish fintech community was a central theme of this year’s Fintech Festival, which ended last Thursday with its four-week program of over 60 events, innovation meetings and conferences.

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

Global fintech opportunities were also one of the topics discussed last week at FinTech Scotland’s Accelerating UK FinTech Conference, with presentations from fintech executives from across the UK including Ron Kalifa, regional agencies and government ministers.

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

Fintech Scotland’s Executive Chair Stephen Ingledew commented:

“The continued collaboration of inspiring FinTech executives will enable us to capitalize on global innovation opportunities and the UK 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, FinTech Scotland CEO Nicola Anderson said:

“This year’s festival has strengthened the dynamism, breadth and power of fintech innovation in Scotland. We have had the privilege of being accompanied by so many fintech and industry leaders sharing experiences, knowledge and opportunities. We strive for more cooperation and support for the digital and green economy through continuous fintech innovations. “

About FinTech Scotland

FinTech Scotland is an independent not for profit organization jointly established by the financial services sector, universities and the Scottish Government / Scottish Corporations to ensure that Scotland seizes FinTech opportunities and generates positive economic and social outcomes by promoting financial innovation, collaboration and inclusion as part of it of the broader goals of the country’s digital economy.

The organization acts as a strategic enabler and cluster management body focused on capitalizing on the potential economic (i.e. productivity, innovation, business creation, employment) and social (i.e. financial inclusion, wellbeing and accessibility) benefits arising from the Development into a leading company result in a global center with a focus on fintech innovations.

FinTech Scotland’s goals are to develop an innovative community of FinTech companies, create effective collaborations between companies of all sizes and promote an inclusive cluster that is recognized and networked around the world.

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

FinTech Scotland was originally 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 wide range of global financial services, technology and services companies, as well as the University of Edinburgh and the University of Strathclyde, the Financial Conduct Authority, the Scottish Government and Scottish Enterprise.

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