Scotland’s Fintech cluster has reportedly experienced a 24% increase in overall jobs within fintech as Fintech Scotland, the cluster management organization, marks its sixth year of supporting the ecosystem.
Regularly delivering on Scotland’s goal to considerably boost fintech-focused roles, the nearly 25% growth is being driven by a number components, such as “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 in “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, are providing 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.”
The thriving fintech SME community and the vibrant fintech cluster have “made Scotland a major destination for companies worldwide and continue to position Scotland as a global opportunity for innovation. 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.”
FinTech Scotland 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, commented that they are focused on building strong foundations to allow Scotland to realize its Fintech potential.
Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, said the 24% increase in Fintech jobs is proof of their commitment to supporting the Fintech ecosystem in Scotland.
Chief Customer & Distribution Officer, Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark Jackie Leiper, said:
“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.”