FinTech Scotland has confirmed a 27% increase in Scottish fintech firms as the cluster management organisation reaches its fourth anniversary.

The fintech SME community in Scotland has now reached 190 compared to 147 this time last year – also a notable increase on the 26 firms when FinTech Scotland started four years ago.

An acceleration in the move to a digital economy and the demand for innovative solutions across the financial services industry and broader economy is driving the creation and adoption of new products and services.

The growth in Scotland comes alongside an Innovate Finance announcement last week that investment in fintech firms across the UK jumped by more than 200% in 2021 compared to the previous year,

FinTech Scotland activities have been bolstered by increasing collaboration with thirty strategic partners, across financial services, global technology and professional services, academia and the public sector.

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This has enabled the fintech cluster to deepen its impact with successes noted in the growing number of business partnerships between the large financial institutions and Scotland’s fintech SMEs.

Speaking about the increase in Scottish fintech firms, Stephen Ingledew, Executive Chair of FinTech Scotland said, “I’d like to pay tribute to my FinTech Scotland colleagues for the drive, relentless endeavours, creativity and leadership over the year.

“I’m hugely proud of our progress and recognition across the UK and look forward to continuing our collaboration with fintech SMEs, strategic partners and many friends in the wider UK fintech movement as we drive the impact of innovation.”

Looking forward to the year ahead, Nicola Anderson, Chief Executive of FinTech Scotland said: “Our Fintech Scotland journey will make a further leap forward this year when we unveil our ten-year Fintech Research and Innovation report, an industry led roadmap which will set out a framework to shape the future of financial services and the fintech in the digital economy.”

“It will be central to our 2022 plans and builds on the growing investment across fintech in Scotland. I am passionate about ensuring our cluster leadership role continues to make a significant positive contribution to impactful innovation, the climate agenda, diversity and inclusion, as well as demonstrating how fintech can solve real societal issues.”

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