The FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300.

This growth has been underpinned by increasing technology adoption and fintech partnerships with established financial firms, highlighted by the tenfold increase in the number of fintech SMEs since 2018 in Scotland.

According to the organisation, a significant cluster development in 2024 has been Fintech Scotland’s implementation of the Financial Regulation Innovation Lab (FRIL) which has delivered new jobs and investment to the local economy, achieving £18m investment for the region in its first year.

This has been achieved by bringing together twenty-five financial and technology institutions from across the UK to address over twenty industry challenges, attracting local and global fintech SMEs to create new products.

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Nicola Anderson, CEO at FinTech Scotland said: “Our cluster initiatives are delivering a positive economic outcome through more jobs, investment and innovative SME businesses. The Financial Regulation Innovation Lab highlights our leadership in using collaboration and technology adoption to deliver this growth and shape the future of financial services.”