FinTech Scotland: Number of financial technology firms north of Border doubles

Scotland’s standing on the global fintech stage has strengthened with the sector more than doubling in size over the past five years, new figures have revealed.

Marking its eighth anniversary, industry body FinTech Scotland said the nation’s fintech - financial technology - cluster had grown from about 120 firms in 2020 to more than 260. The rapid expansion comes as more and more of us switch to digital banking and use apps to manage a range of services such as savings, investments and pensions.

FinTech Scotland said the growth had been driven by higher levels of investment, deeper partnerships across industry, academia and the public sector, and more businesses scaling up and trading internationally.

More and more people are opting to use digital banking and apps to manage a range of services such as savings, investments and pensions.

Aleks Tomczyk, chief executive of FinTech Scotland, said: “The doubling of Scotland’s fintech density is a clear signal that our collaborative and cluster-based approach is working. The Research and Innovation Roadmap provided a national framework to accelerate purposeful innovation, and it’s been inspiring to see how fintech entrepreneurs, financial institutions, and universities have got behind that shared vision.

“As I begin 2026 as FinTech Scotland’s new chief executive, I look forward to leading our plans to support the next stages of cluster growth and thereby accelerate successful business growth and innovation in financial technology.”

FinTech Scotland was founded in January 2018 as a joint initiative by the University of Edinburgh, Lloyds Banking Group, HSBC and Scottish Enterprise. The organisation is now supported by a broad range of global financial services, technology and professional services firms as well as major universities, the Financial Conduct Authority and Scottish Enterprise.

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Jane Martin, managing director of innovation and investment at Scottish Enterprise, said: “A major strength for Scotland is its connected fintech cluster, an inclusive network of entrepreneurs, researchers and industry leaders working together to solve real world challenges. This growth shows that Scotland can have a global impact by focusing on purposeful and collaborative innovation.”

Callum Murray, chief executive of fintech firm Amiqus, added: “FinTech Scotland has provided practical ongoing support to Amiqus and many other fintech scale ups across the country for many years. We look forward to the collaborative opportunities working with the Fintech Scotland team over the years ahead.”