The number of financial technology (Fintech) companies operating in Scotland has reportedly increased by 60% over the past year.
According to Fintech Scotland, there are 119 Fintech-focused businesses based north of the border, which is significantly greater than 72 financial technology companies from the previous year.
The support body noted that the recent growth may be due to the emergence of new startups, including Open Banking Research, Visible Capital, SecureTheFile, Guiide, Contract2Pay, and Digital Future Capital.
Notably, there were also more Fintech firms moving their operations to Scotland from overseas locations, and other areas of the United Kingdom.
During 2019, there were several international companies that established operations in Scotland. They include: Gobbill from Australia, Polydigi from Hong Kong, EedenBull from Norway, and QWallets from USA. UK-headquartered Fintech firms that moved to Scotland include Xpand, Mudano, Infinity Works and BePayd.
These latest figures have been published on the second anniversary of the establishment of Fintech Scotland, a joint project by several financial services providers, the University of Edinburgh, the government in Scotland, and the Scottish Enterprise, which intends to support the ongoing development of the local financial technology industry.
Linda Hanna, managing director at the Scottish Enterprise, stated:
“Scotland’s rich heritage in financial services coupled with its reputation as a country of innovators means it’s ideally placed to become one of the world’s leading fintech ecosystems.”
Hanna added:
“This is evident in both the number of new Scottish fintech companies and those international businesses that are relocating their operations to take advantage of Scotland’s experience and expertise in the sector.”
An increasing number of Fintech-focused projects are being launched globally. There are now around 120 Fintech companies based in Atlanta, up significantly from only 90 in 2016.