The number of fintechs based in Scotland has increased threefold in the last 12 months following an initiative between government, academia and the finance industry designed to boost the sector.
Fintech Scotland was launched in January 2018 and has been credited with helping the growth in fintechs which now number more than 80, comprising both new startups and existing ones expanding their presence in the country.
Among the fintechs are open banking identity software firm ID Co, wealth management software firm Asura Financial, cloud-based banking platform Beeks Financial which floated in 2017 and Nucleus Financial, a wrap platform which had an IPO in 2018.
Some of the private sector firms backing the initiative are Prudential, Deloitte, IBM and Equifax.
According to Fintech Scotland, the growth in 2018 means that Scotland is on course to break into the top tier of European fintech hubs.
“One year on there is still much to do but with a very supportive board and strategic partners plus a range of stakeholders from private sector, Government and academia actively participating we can achieve the top ranking global fintech status,“ said Stephen Ingledew, chief executive of Fintech Scotland.