In Scotland, the fintech sector has experienced a 24% increase in jobs over the past two years, according to figures from FinTech Scotland. The growth of jobs in fintech is attributed to the rise of fintech SMEs, collaboration with large financial institutions, and the arrival of international businesses. Fintech innovation labs have also played a significant role in driving growth, facilitating product development and supporting partnerships.
Scotland has become a major destination for fintech companies, with 38 international fintechs including Scotland in their development plans. FinTech Scotland plans to continue supporting fintech SMEs to scale in 2024, with a focus on investment, international connection, and collaborative partnerships.
Nicola Anderson, CEO of FinTech Scotland, stated that the increase in jobs and the growth of SMEs demonstrate Scotland’s fintech potential and the commitment of the fintech businesses in the country. Scottisih Enterprise’s managing director, Jane Martin, commented on the growth, stating that it reflects Scotland’s attractiveness to global fintech companies due to its talent pool, academic excellence, and strong financial services sector.
Jackie Leiper, CEO of Embark and chief customer & distribution officer at Lloyds Banking Group, emphasized the benefits of a growing fintech sector for the entire industry, including talent development, driving innovation, and enabling purpose-led collaboration