HALO Invest, a subsidiary of Australian fintech firm HALO Technologies, has revealed plans to set up an operations and development centre in Glasgow.
This move comes after Douglas Boyce was appointed CEO of HALO Invest earlier this year, spearheading the Australian fintech’s UK expansion, aiming to become a leading provider of financial services and technology solutions in the UK.
Boyce said: “We had the opportunity to locate anywhere in the UK, but Glasgow demonstrated itself as the ideal city for us to base ourselves with its well-established mix of financial services and fintech talent. HALO Invest will be Glasgow’s first purpose-built Investment Platform and we know that just being here will significantly increase our chances of success.”
Supported by a £800,000 grant from Scottish Enterprise, the project is expected to cost around £8m, with Scottish Enterprise believing that this expansion will boost the local economy by creating more than 60 jobs over the next two years.
Scottish Enterprise’s support for the venture is part of the economic development agency’s new missions-based approach. One of the mission’s aims is to increase the number of scale-up businesses operating in Scotland over the next 10 years by focusing on industries where Scotland has global strengths, with fintech being one of them.
Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, stated: “It’s fantastic to see HALO Invest choosing Scotland and investing around £8m in establishing a presence here, demonstrating our globally recognised reputation for financial services and fintech excellence.
“Glasgow has a rich pool of talent and the city is well on its way to becoming a world leading tech hub, making it an attractive destination for innovative fintechs looking to disrupt the market.
“We’re committed to growing Scotland’s fintech community alongside partners such as FinTech Scotland. Revenues in the fintech industry are predicted to grow almost three times faster than those in the traditional banking sector over the next three years. We see this as being an important breeding ground for new scaling businesses that will help drive Scotland’s future economic growth.”
Fintech has proven to have a positive impact on Scotland, becoming one of the most attractive destinations for new and old companies in the sector. Earlier this year, JP Morgan opened a new technology centre in Glasgow’s International Finance District.
These developments have had a positive impact on the Scottishlsand’s economy. In January, Fintech Scotland reported that the country’s fintech cluster saw a 24% increase in jobs over the past two years.
Employment and Investment Minister Tom Arthur said: “HALO Invest is a growing international company and the selection of Glasgow for its latest base is a vote of confidence in the city and will create high-quality jobs.
“This announcement further underlines Scotland’s reputation as a centre for innovative fintech businesses and its position as the UK’s most attractive location for inward investment outside London.
“The Scottish Government is focussed on driving innovation, securing investment, and increasing entrepreneurial activity. With our partners at Scottish Enterprise, we will continue to ensure Scotland is recognised as offering the innovation, skills and expertise that global fintech firms need when setting up a new base.”
