Australian artificial intelligence start-up BlackArrow has announced the move of its global base to Glasgow.
The firm has received a £573,000 grant from Scottish Enterprise to move operations to the city, where it says it will create 45 new software developer and technical support positions.
BlackArrow looks to further develop its financial planning app at its existing office in Glasgow, which opened in 2019. Additionally, the company will offer consultancy services to banks and building societies.
Commenting on the announcement, Scottish Government Business Minister Ivan McKee said: “Scotland will become the centre of BlackArrow Financial Solutions’ global operations, and this represents a massive vote of confidence in our recovery from the pandemic.
“Artificial intelligence technology promises significant opportunities for Scottish businesses and their customers and BlackArrow is creating exactly the kind of high-value and innovative jobs we need here.
“Scottish Enterprise has a lengthy relationship with the company and this agreement is another tangible step towards post-Covid-19 prosperity.”
BlackArrow’s app learns about a user’s financial behaviour through linked bank accounts and sends notifications to help them with financial goals, such as saving for a mortgage.
Gopal Hariharan, who founded the company in Sydney in 2014, said: “We know the complexities of planning a financial journey, which is why our platform will give customers the best framework to be the master of their own financial journey.
“Later this year, we will showcase how we empower customers to take that first step of the homeownership journey; one of the most significant of all financial goals. We are working closely with leading partners to bring customers closer to their dream of owning their home.”
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The move by BlackArrow follows on from the recent announcement by FinTech Scotland of a ten-year “innovation roadmap” to support the growth of Scotland’s digital economy and fintech sector.
Scotland was referenced in the Kalifa FinTech Sector Review as the second-largest fintech cluster in the UK, making it an attractive place for prospective fintech firms. It is hoped that long-term, the roadmap will help to enhance Scotland’s national and global reputation for fintech innovation and advance the sector in a number of ways.
Nicola Anderson, CEO of FinTech Scotland, said: “We’re delighted to welcome BlackArrow to Scotland, working in collaboration with SDl to integrate the Australian business into the FinTech Scotland community and cluster.
“Scotland’s FinTech cluster continues to embrace the opportunity to work with international businesses, both in terms of supporting their development and equally learning from their global experiences. This collaboration helps grow and strengthen Scotland’s fintech opportunity.
“We’re looking forward to supporting Gopal and his team further, and for many more years.”