Scotland has unveiled a "Fintech Gateway" with North America in an effort to accelerate international growth for the country's fintechs while attracting a wave of foreign direct investment.
Led by Scottish Enterprise and FinTech Scotland, the 18-month programme will be targeted at international fintechs and tailored to fintechs based in Scotland that are export ready and actively aiming to grow in North America.
Scotland’s fintech community has expanded to more than 250 companies and now employs over 11,300 people of which 1,700 are employed by fintechs with international headquarters. FinTech Scotland’s analysis shows that 30% of these firms are actively preparing to export, targeting key markets in North America, Europe and Asia Pacific.
Meanwhile, out of the 82 Scotland based fintechs which started elsewhere, a third are North America headquartered, proof of the Scottish fintech cluster’s appeal on the other side of the Atlantic.
Firms will be offered North American market insights and intelligence, the opportunity to join the Scottish Enterprise US MarketBooster programme, and access to a network of tech and financial services contacts. Meanwhile, North American fintechs will be wooed with guidance on location, hiring and regulatory navigation.
Reuben Aitken, MD, international operations, Scottish Enterprise, says: "Scotland’s thriving fintech sector is worth over £14billion to the Scottish economy. The launch of the North America Fintech Gateway will support new export opportunities, attract high-value investment, and help create jobs.
"We know the US is a key market and this initiative helps place fintech as a key driver of international innovation and growth. This partnership with Fintech Scotland helps strengthen international collaboration and expand Scotland’s global footprint."