FinTech Scotland, the organisation supporting FinTech firms in Scotland, has revealed that the number of active FinTech companies in the country has jumped from 72 to 119 in the past 12 months.
That represents a 60% increase in one year.
The organisation stated that the growth was due to both domestic startups launching in Scotland and international ones moving in to the country from abroad.
FinTech Scotland is a joint initiative by a number of financial services firms, Scottish Enterprise, the Scottish government and Scottish Enterprise.
“Scotland’s rich heritage in financial services coupled with its reputation as a country of innovators means it’s ideally placed to become one of the world’s leading fintech ecosystems,” said Linda Hanna, managing director of Scottish Enterprise, a non-departmental public body which encourages economic development in Scotland. “This is evident in both the number of new Scottish FinTech companies and those international businesses that are relocating their operations to take advantage of Scotland’s experience and expertise in the sector.”
The announcement coincided with the second anniversary of the creation of FinTech Scotland
“It is a privilege to lead the FinTech Scotland team and galvanise the broad range of support from across Scotland to support the growth of innovative FinTech enterprises in this last year,” said Stephen Ingledew, CEO of FinTech Scotland.
“Our progressive, collaborative and inclusive agenda is certainly establishing Scotland as a major global FinTech centre which can contribute to Scotland’s economic and social ambitions.
“There is still much to do but with the support of a range of stakeholders from private sector, government and academia actively participating we can achieve the top ranking global FinTech status. I am excited about a number of new initiatives planned for early 2020 which will enable us to build on the momentum throughout Scotland.”
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