Trade body FinTech Scotland has celebrated its second anniversary by announcing that the number of fintech businesses here has grown by more than 60% to 119 over the last 12 months.

The growth in the new fintech enterprises focused on reinventing financial services has been driven by new start-ups such as Visible Capital, SecureTheFile, Open Banking Research, Contract2Pay, Digital Future Capital, Guiide amongst many others over the year.

In addition, the growth has been fuelled by fintech firms moving to Scotland from other parts of the world such Gobbill (Australia), Polydigi (Hong Kong), EedenBull (Norway), QWallets (US) who are now part of the Scottish fintech community along with other global fintech firms, bringing their expertise and energy with them.

There have also been innovative fintech companies from other parts of the UK that have set up operations in Scotland including Xpand, Mudano, Infinity Works and BePayd.

Since its inception in early 2018, FinTech Scotland has facilitated the growing fintech innovation by fostering the connection between entrepreneurs, large financial services firms, the universities, government and public sector as well as a range of strategic partners and stakeholders.

Source: Insider