The Scottish fintech community now exceeds 100 firms with more than 25 start-ups setting up this year.

This increase continues the momentum since the formation of FinTech Scotland at the beginning of 2018.

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Last year, the number of Scottish fintech firms trebled to 75.

The growth in Scottish fintech firms is fuelled by new enterprises and international firms moving to Scotland. In addition, existing technology firms are developing new fintech propositions.

Public Finance and Digital Economy Minister Kate Forbes says: “Scotland has the fundamental strengths to be globally recognised as a centre of fintech excellence.  Our economy is open and competitive. We have a highly skilled workforce, great quality of life and an attractive cost base compared to other financial centres.”

Scottish fintech: ‘just the beginning’

Forbes adds: “Working with FinTech Scotland and its partners, we have seen real growth in the sector in Scotland. I am pleased to celebrate the milestone of our first 100 fintech companies. This is just the beginning, and I am confident that we will see continued growth

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Fintech Scotland has been established by the Scottish Government, Scottish Enterprise, the financial services sector and University of Edinburgh.

Specifically, it aims to ensure that Scotland seizes the fintech opportunity and achieves critical mass in the sector.

It encourages financial innovation, collaboration and inclusion as part of the country’s broader digital economy objectives.

Scottish fintech: founding partners include HSBC, Lloyds and Avaloq

The founding partners are the Scottish Government, Scottish Enterprise, University of Edinburgh, HSBC, Avaloq and Lloyds Banking Group.

FinTech Scotland’s strategic partners are IBM, Deloitte, Equifax, Pinsent Masons, Sopra Steria, Dentsu Aegis Network and the Prudential.

Scotland’s International Fintech Festival runs between the 9 and the 27 September. It follows on from the success of last year’s community led Festival.

David Ferguson, CEO of AIM listed fintech Nucleus Financials adds: “These are becoming very exciting times for fintech in Scotland. It’s hugely inspiring to see so many companies contributing to the tech-led reinvention of financial services.”

A full list of the Scottish fintech firms is listed on the Fintech Scotland website.