Scotland’s fintech cluster has seen a 24% increase in jobs over the past two years amid celebrating its sixth anniversary.
After aiming to significantly increase fintech related jobs in the country, the cluster management organisation, Fintech Scotland has delivered.
The catalyst of growth is down to several components – including an increased number of fintech SMEs, a growing maturity across the community with more achieving growth, and a continued number of international businesses settling in Scotland.
A number of international fintech companies have also included the country in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.
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.”
Founded in 2017, Fintech Scotland has also reported an increase in enterprises scaling through collaboration with large financial institutions, with fintech innovation hubs playing a “key role”.
Launching with institutions such as Lloyds Banking Group, TSB and Phoenix the labs help create environments that enable product development to thrive. Whilst also aiming to develop partnerships, providing positive outcomes for customers through collaboration.
Collaboration has led to projects like Snugg and TSB enabling 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.
Jackie Leiper, Chief Customer & Distribution Officer of Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark, said: “Over the past three years through our Launch Innovation Lab we have worked with over 30 fintech firms, supporting their product development, generating new products for our customers, clients and colleagues whilst tackling some very important challenges around climate, cost-of living and financial inclusion.
“A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for business and consumers.
“The Launch Innovation Lab will continue to grow, and we will continue to work in close collaboration with FinTech Scotland to build on our success to date and create more opportunities to engage fintech businesses in 2024.”
