FinTech Scotland said on Thursday the number of innovative fintech SMEs (small and medium size enterprises) based in Scotland has grown by more than 60% from 72 to 119 in the past year.

The announcement came on the second anniversary of the formation of FinTech Scotland, a joint initiative by a number of financial services firms, University of Edinburgh, Scottish Government and Scottish Enterprise.

“The growth in the new fintech enterprises focused on reinventing financial services has been driven by new start-ups such as Visible Capital, SecureTheFile, Open Banking Research, Contract2Pay, Digital Future Capital, Guiide amongst many others over the year,” said FinTech Scotland.

“In addition, the growth in numbers has been fuelled by fintech firms moving to Scotland from other parts of the world such Gobbill (Australia), Polydigi (Hong Kong), EedenBull (Norway), QWallets (USA) who are now part of the Scottish fintech community along with other global fintech firms, bringing their expertise and energy with them. 

“Furthermore, there have been a number of innovative fintech enterprises from the UK who have now set up operations in Scotland such as Xpand, Mudano, Infinity Works, BePayd and become part of the vibrant fintech community.

“Since its inception in early 2018, FinTech Scotland has facilitated the growing fintech innovation by fostering the connection between entrepreneurs, large financial services firms, the universities, Government and public sector as well as a range of strategic partners and stakeholders.”