A FinTech welcome to 2023!

January 2023 marks FinTech Scotland’s 5th birthday! Across that time we’ve seen fintech numbers grow, investment build, partnerships develop, international opportunities prosper and fintech adoption accelerate.

The occasion gives us an opportunity to reflect, consider the future and celebrate the fantastic progress of fintech firms in Scotland.

Over the years these fintech businesses have grown in number, collectively raised over £530m in investment and continue to build businesses with longevity and scale in mind, that deliver positive outcomes for people, businesses and society. It’s a resilient and inspiring group of innovators and leaders and I’m looking forward to the year ahead and the future opportunities to come.

The birthday celebrations were one reason to cheer, another was the news that Stephen Ingledew, our founding father and now our Executive Chair was honoured in the New Years honours list!

A further cause for celebration on two fronts.

Firstly, it’s a richly deserved mark of Stephen’s leadership and commitment, and secondly, it’s another indication of the value that’s placed on fintech innovation across the UK. We’ve always known the value that fintech will bring and it’s given us a further spring in our step as we welcome the possibilities for 2023.

We started those possibilities with an event connecting Space innovation and FinTech innovation. On a bright morning on the 11th of January, in a room full of space tech and fintech innovators, financial and professional service experts we gathered to discuss what we could achieve if we explored the connection between Finance and, Satellite data such as earth observational data or EO to those working in the Space sector.

The answer came when we joined the dots on sustainable finance, and ‘ESG’.  There are several pioneering companies, already innovating in this space.

Trade in Space, EarthBlox, Space Intelligence or Terrabotics are great examples of fintechs using earth observational data and technology. Their capabilities can help build confidence in green investing, will shape the future of infrastructure and real estate insurance, build clarity on the environmental impact of supply chains, and help businesses demonstrate regulatory compliance!

The day set the tone for more to come, watch this space!

Data Driven Innovation continues to inspire us, and while we might be at the beginning of our work with Space to drive Climate-FinTech possibilities, other data driven innovators are striving ahead.

January has seen an even stronger renewed focus on financial inclusion, with fintechs including Inicio.ai, Amiqus, DirectID, MoneyMatix, Soar and Inbest.ai continuing to grow and deliver change for citizens across Scotland and the UK.

More than ever, we’re confident that the purpose and intent from the Scotland’s fintech community will help drive the products and services needed to help address the challenges we continue to face.

The potential for 2023 continues, with partnerships and investment top priorities.   Br-dge kicked off the year announcing its partnership with Visa and its growth plans for the year ahead! Gigged.ai kicked off investment news with a £1.6m raise to fuel next stage development.

And I’m looking forward to more! Welcome 2023, I’m looking forward to seeing business grow, fintechs scale, investment continue, and more collaboration develop.

On a personal note I’m looking forward to more daytime daylight and a stretch to the evening!

I’m also looking forward to seeing you in February! Please join us on Wednesday 15 February for our first in-person gathering of the year as we celebrate success and look forward to 2023.