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TLDR: Scotland’s fintech cluster has seen a 24% increase in fintech jobs, driven by the growth of fintech SMEs, collaboration with large financial institutions, and the presence of innovation labs. The thriving fintech community has attracted international companies to Scotland, positioning it as a global opportunity for innovation. Fintech Scotland plans to continue supporting SMEs and fostering collaborative partnerships in the coming year.
Scotland’s fintech cluster has experienced a 24% increase in overall jobs within fintech, according to a report by Fintech Scotland. This growth is being driven by a number of factors, including the growing number of fintech SMEs, a greater maturity within the community, and continued international businesses settling in Scotland.
The report also highlights the role of innovation labs in creating environments for product development and fostering partnerships. These labs, launched with institutions such as Lloyds Banking Group, TSB, and Phoenix, have resulted in positive outcomes for customers through collaborative fintech partnerships. Examples include Snugg and TSB improving home energy efficiency for customers and Behavioural Finance with the Phoenix Group supporting better retirement outcomes.
The presence of a vibrant fintech cluster and a thriving SME community has made Scotland an attractive destination for companies worldwide. Currently, 38 international fintechs have included Scotland in their development plans. Companies such as AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics have recognized Scotland as a global opportunity for innovation.
Looking ahead, Fintech Scotland plans to support fintech SMEs in scaling and will continue to focus on investment, international connection, and impactful collaborative partnerships. The aim is to build strong foundations to allow Scotland to realize its fintech potential.
Nicola Anderson, CEO of Fintech Scotland, commented that the 24% increase in fintech jobs is a testament to their commitment to supporting the fintech ecosystem in Scotland. Meanwhile, Jackie Leiper, Chief Customer & Distribution Officer at Lloyds Banking Group, and CEO of Embark, emphasized the benefits of a growing fintech sector in driving innovation and collaboration for the entire industry.
