- 37 international fintechs have relocated to Scotland.
- Scotland’s fintech cluster has grown by more than 50 percent.
Amid the Covid-19 epidemic, which has engulfed the UK and resulted in more than 50 events showcasing Scotland’s 200 digital and data-driven firms, the recent FinTech Scotland Festival was an inspiring reason for celebration.
To put this in perspective, when Fintech Scotland began four years ago in January 2018, there were just 26 companies in the SME community, and now there are 190. New goods and services are being developed and adopted due to an increase in demand for creative solutions in the financial services sector and the wider economy.
UK’s Largest Fintech Cluster Behind London
Founder and CEO of one of Scotland’s most successful fintech start-ups, Stephen Ingledew, notes that the sector has grown to a GVA of £568 million, making it the UK’s second-largest fintech cluster after London. More than half, 37 international fintechs have relocated to Scotland, and the rest are based in London.
Following the UK FinTech Conference, Rishi Sunak’s budget includes financing for Fintech Scotland’s Centre for Finance, Innovation Technology (CFIT). City Minister and Economic Secretary to the Treasury, John Glen, concurs with Ingledew’s upbeat assessment of the UK’s economy.
According to John:
“That there has been a 50 per cent growth in Scotland in the last 18 months shows the enormous role you are playing in what is going on.”
Nicola Anderson, CEO of FinTech Scotland, attributes a large part of this success to the vitality of collaborative clusters throughout Scotland and the United Kingdom. Since the outbreak of the Coronavirus epidemic, Scotland’s fintech cluster has grown by more than 50 percent.