Number of Scottish fintech SMEs increases by over 50% during pandemic
The number of Scottish Fintech SMEs has increased by over 50% during the eighteen months of the pandemic with the FinTech Scotland entrepreneurial community growing from 119 in March 2020 to 181 today.
The growth in innovative enterprises reflects the increase in demand for financial technologies as more and more of the economy and society adapts to a digital environment driven by the challenges of the pandemic.
The news of the growth comes as FinTech Scotland announces a SME Advisory Board made up of leaders from the fintech entrepreneurial community focused on ensuring the necessary support is in place to continue the momentum of fintech innovation
Initially, the Advisory Board focus on providing impetus on skills development, experience when it comes to accessing funding and commercialisation opportunities.
The Advisory Board includes a diverse range of founders and leaders; Jude Cook (ShareIn), James Varga (DirectID), Loral Quinn (Sustainably), Anthony Rafferty (Origo), Pardeep Cassells (AccessFintech), Andrew Duncan (Soar), Andrew Veitch (EedenBull), Stuart Lunn (LendingCrowd) and Russell Jaques (Fin-Q).
Stephen Ingledew, executive chairman at FinTech Scotland and Chair of the Fintech Advisory Board, said: “There is growing recognition of the valuable role fintech in contributing to the digital economy, therefore, formally bringing together prominent group of entrepreneurs signifies Fintech Scotland ongoing commitment to ensure the best support is available for innovative enterprises in Scotland”
Jude Cook, co-founder of ShareIn, added: “It’s great to see more entrepreneurs joining the FinTech Scotland community. Scotland is such an interesting place to be in the run up to COP26 climate negotiations here in Glasgow in November. Fintech has a vital role to play as we emerge from the COVID 19 pandemic.”
Nicola Anderson CEO of FinTech Scotland, commented: “We are focused on supporting fintech innovation in Scotland and the number of fintech SME’s establishing themselves here is a testament to the talent and experience across the Cluster. This Board helps us build on that talent and expend the practical fintech expertise that continues to build and evolve in Scotland.”