FinTech Scotland announces, on its fifth birthday, a further increase in the number of entrepreneurial fintech SME firms as well as a record-breaking new investment funding for the year.
IN BRIEF:
- In the last 12 months, Scottish FinTechs received over £305mn in funding, an increase of over 200% on the previous year
- Over 60% of funding was raised by FinTech SMEs focused on payment and data innovation
- In addition, 2022 saw the number of Scottish FinTech SME firms increased to 211, a 13% increase over the year, driven by both new FinTech start-ups and international firms setting up in Scotland.
What does this mean?
Commenting on another record-breaking year, Nicola Anderson, chief executive said: “I am continuously inspired by the progress achieved by FinTech entrepreneurs who continue to accelerate innovation, change and growth across the cluster. The record levels of investment in 2022, reinforces the value of FinTech innovation, and propels us to continue driving cluster excellence, build on the recognition the we achieved in 2022, and the role we play in contributing to the growing wider UK fintech ecosystem.
