Scotland was able to retain its position as the top UK destination outside of London for financial services investment.

In 2024, Scotland attracted 11 financial services foreign direct investment projects, beating out the nine it attracted in 2023, reaching a 10-year high.

This is according to new figures from EY released ahead of its full EY Scotland Attractiveness Survey 2025 report.

While London continues to lead the UK in terms of investment with 39 projects, Scotland is the top location outside of this sphere, with Edinburgh tied for second place along with Manchester, with six projects each.

Both Edinburgh and Glasgow are climbing the ranks in terms of global financial investment, according to the Global Financial Centres Index (GFCI). Edinburgh’s six financial service projects landed them in 29th place globally, while Glasgow’s four projects placed them at 32, up five places from the year before.

While the UK has maintained its spot as the top European country for financial services foreign direct investment, there were just 73 deals in the UK this year, down from 108 the year before.

Total deals in Europe, however, fell 11% year-on-year, from 329 projects in 2023 to just 293 projects in 2024.

Still, the UK’s 73 financial services projects amounted to more than double Germany’s 32 projects, which was in second place.

Recommended reading

• Financial Services Under Quantum Threat, Warns Europol
• Scotland to Showcase 10 Scaling Fintechs at Money20/20 Europe
• Data Security Holding Back Growth for UK Financial Services Firms

 “In 2024, we saw almost as many projects expanding existing operations as we did brand new projects – which is a great indication that these companies view Scotland as a viable proposition to continue investing in,” EY Scotland managing partner for financial services Sue Dawe said.

“While the UK continues to be Europe’s top financial service FDI location, the fall in overall investment that was recorded at both those levels tell us that we cannot take the foot off the peddle.

“If Scotland is to remain an attractive place for companies within an increasingly competitive market then we need to dial-up what we do well – working together across sector, government and education – and not shy away from challenges on the horizon.”