Scotland’s fintech cluster has seen a 24% increase in jobs within fintech enterprises as FinTech Scotland, the cluster management organisation, celebrates its sixth anniversary.

The increase has been driven by several components, including an increased number of fintech SMEs, a growing maturity across this community with more achieving growth, and a continued number of international businesses settling in Scotland.

FinTech Scotland also reports an increase in enterprises scaling through collaboration with large financial institutions. Fintech innovation labs are playing a key role, creating the environments that enable product development to thrive and support partnerships to develop.

These innovation labs, launched with institutions such as Lloyds Banking Group, TSB and Phoenix, help provide positive outcomes for customers through collaborative fintech partnerships. Examples include: Snugg and TSB enabling TSB’s customers to improve their home energy efficiency; Behavioural Finance and the Phoenix Group supporting better retirement outcomes for consumers; and GoCodeGreen teaming up with Lloyds Banking Group around digital sustainability.

Undoubtedly showcasing the attraction Scotland holds for SMEs, 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.

FinTech Scotland says it has further plans in 2024 to support fintech SMEs to scale, maintaining a focus on ‘investment, international connection, and impactful collaborative partnerships.’

Nicola Anderson, CEO of FinTech Scotland, said: “As we mark Fintech Scotland’s sixth anniversary, we’re focused on building on the strong foundations that are enabling Scotland to continue to realise its fintech potential. Seeing the increase in SMEs and the growth in jobs is a testament to the fintech businesses and the commitment from all involved in the FinTech Scotland Cluster.

“It spurs us on as we look to the year ahead and continue to focus on growth, the fintech community, and supporting Scotland to achieve its ambition as global fintech leader.”

Recommended reading

• Scottish Recruitment Woes: What’s to Blame?
• What Are the Top Areas of Focus for Scots Firms in 2024?
• Tech Hiring Set to Ramp Up in 2024

Jane Martin, managing director of innovation and investment at Scottish Enterprise, said: “The 24% increase in jobs in the fintech cluster reflects Scotland’s commitment to nurturing an environment where technological and financial innovation can thrive. The growth in employment is a clear indicator of our country’s attractiveness to global fintech companies, driven by our rich talent pool, academic excellence and well-established strengths of our financial services sector.

“We look forward to working with Fintech Scotland and the wider sector to see even more companies coming through, achieving scale and creating new jobs over the years to come.”