New US Boost for Scottish Tech Companies

Five innovative Scottish firms will showcase their solutions in the Silicon Valley in the US.

The Scottish Enterprise’s US MarketBooster Programme, is a pilot project with the objective to double the number of scaling companies in Scotland within the next decade, it is an example of a new missions-based approach to economic transformation. Over a 16-week programme, these companies will receive immersive support designed to accelerate their market readiness and sharpen their competitive edge in the United States.

The programme is split into two phases. The first, an eight-week discovery period, is taking place in Scotland. Here, the founders collaborate with experts to refine their strategies and align their offerings with the competitive US market. The second phase will see them travel to the Silicon Valley, where they will be immersed in its rich entrepreneurial ecosystem, surrounded by global entrepreneurs, investors, and innovators.

The companies involved in this initiative include Aveni, Cloudsoft, Lasting Asset, Lupovis, and Talking Medicines. These firms innovate in diverse fields such as fintech, artificial intelligence, cloud computing, cybersecurity, and healthcare data analytics.

The United States remains Scotland’s largest export market, and for good reason. With Silicon Valley’s unparalleled network of investors, partners, and talent, the opportunities are considerable. This programme aims to take away 6–12 months off the typical time it takes for companies to gain a foothold in the US market. It’s a vital head start in a highly competitive environment.

Reuben Aitken, Managing Director of International at Scottish Enterprise, emphasises the strategic importance of this initiative: “To scale up, Scottish businesses need to think globally. The US MarketBooster Programme is a direct response to this need. By combining support here in Scotland with deep immersion in the Silicon Valley ecosystem, we’re setting these companies up for success.”

The pilot programme is now underway, with the group set to travel to Silicon Valley in March. By the end of April, the participating companies will have completed a transformative experience, equipped with the knowledge, networks, and strategies to scale new heights.

Fintech Innovation in Scotland delivers growth with 8% Increase in employment

The FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300.

The continued economic contribution by the cluster comes as Fintech Scotland reaches its seventh anniversary since formation.

This growth underlines the significant contribution fintech will make in delivering the UK Government Modern Industrial Strategy and the importance of clusters to “unleash the full potential of our cities and regions”.

The fintech cluster growth has been underpinned by increasing technology adoption and fintech partnerships with established financial firms, highlighted by the tenfold increase in the number of fintech SMEs since 2018 in Scotland.

A significant cluster development in 2024 has been Fintech Scotland’s successful implementation of the Financial Regulation Innovation Lab (FRIL) which has delivered new jobs and investment to the local economy, achieving £18m investment for the region in its first year.

This has been achieved by bringing together twenty-five financial and technology institutions from across the UK to address over twenty industry challenges, attracting local and global fintech SMEs to create new products.

Nicola Anderson, CEO at FinTech Scotland said:

“Our cluster initiatives are delivering a positive economic outcome through more jobs, investment and innovative SME businesses. The Financial Regulation Innovation Lab highlights our leadership in using collaboration and technology adoption to deliver this growth and shape the future of financial services.”

Catherine Martin, Vice-Principal Corporate Services at the University of Edinburgh:

“As a founding partner of Fintech Scotland, we are proud to be an active participant in the cluster and to support its impact by leveraging our world-renowned expertise in data-driven innovation, and interdisciplinary research to address real-world challenges in finance.”

Jane Martin, Managing Director, Scottish Enterprise:

“The remarkable growth of Scotland’s fintech sector reflects the strategic efforts by the whole cluster to develop a thriving innovative environment. Scottish Enterprise has been supporting this journey by providing early-stage investment and facilitating international market access”.

Jackie Leiper, Chief Customer Officer, Lloyds Banking Group:

“There’s a real buzz around the fintech sector in Scotland and Lloyds Banking Group is thrilled to be a part of that. We’re working hard to drive more digital investment here which will help us to build new skills and capabilities and make the country a global destination for financial services tech talent.”

Scotcoin Targeting a $250M Market Debut

Scottish fintech Scotcoin will be listing on a tier 1 cryptocurrency exchange this February valuing the project at $250 million (£200 million), signifying a a very important milestone for The Scotcoin Project (TSP) Community Interest Company.

A Strategic Market Entry

Scotcoin will be paired with Tether (USDT), the world’s leading dollar-backed stablecoin, ensuring liquidity and accessibility for traders. The exchange, averaging a daily trading volume of $3 billion and ranked among the global top 20, highlights the strategic ambition behind this launch. While the specific platform remains under wraps, its identity will be revealed closer to the listing date, pending market conditions.

A Purpose-Driven Ecosystem

Unlike many cryptocurrencies focused mostly on speculative gains, Scotcoin has a clear mission: leveraging blockchain for societal good. Since its inception, the token has been actively used to address pressing social issues, including providing food, clothing, and shelter through partnerships with charities and third-sector organisations. Currently held by 6,000 individuals globally, Scotcoin is steadily gaining traction as a payment method across diverse sectors.

The funds raised through the listing will propel the project’s vision further. Temple Melville, CEO of Scotcoin, shared his enthusiasm:

“Our objective is to use the medium of crypto to help create a more equitable world. This listing will enable us to establish a dedicated team to engage preferred partners and expand the ecosystem. These partnerships will focus on basic necessities—food, clothing, and shelter—offering value to those in need rather than relying solely on donations.”

Empowering Community and Business

Scotcoin’s integration into the broader economy has already demonstrated its potential. Charities and organisations accepting Scotcoin as payment stand to benefit not only from operational efficiencies but also from the direct value of token transactions. This novel approach removes the need for free handouts and replaces them with a sustainable exchange of goods and services.

Additionally, the project will enhance its ecosystem by recruiting a full-time management team and onboarding more partner organisations. This structured expansion is expected to catalyse adoption, making Scotcoin a viable alternative payment solution.

A Visionary Future

Scotland has long been a hub of innovation, and Scotcoin’s ambitious trajectory aligns with the nation’s fintech aspirations. As highlighted in the FinTech Scotland Roadmap, digital assets and blockchain technology play a pivotal role in shaping an inclusive, sustainable financial future. Scotcoin’s commitment to addressing financial inequality and fostering an ecosystem for social impact positions it as a game-changer in the crypto space.

Fintech Innovation in Scotland delivers growth with 8% Increase in employment

The FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300.

The continued economic contribution by the cluster comes as Fintech Scotland reaches its seventh anniversary since formation.

Nicola Anderson, CEO at FinTech Scotland said:

“Our cluster initiatives are delivering a positive economic outcome through more jobs, investment and innovative SME businesses. The Financial Regulation Innovation Lab highlights our leadership in using collaboration and technology adoption to deliver this growth and shape the future of financial services.”

Catherine Martin, Vice-Principal Corporate Services at the University of Edinburgh:

“As a founding partner of Fintech Scotland, we are proud to be an active participant in the cluster and to support its impact by leveraging our world-renowned expertise in data-driven innovation, and interdisciplinary research to address real-world challenges in finance.”

Jane Martin, Managing Director, Scottish Enterprise:

“The remarkable growth of Scotland’s fintech sector reflects the strategic efforts by the whole cluster to develop a thriving innovative environment. Scottish Enterprise has been supporting this journey by providing early-stage investment and facilitating international market access”.

Jackie Leiper, Chief Customer Officer, Lloyds Banking Group:

“There’s a real buzz around the fintech sector in Scotland and Lloyds Banking Group is thrilled to be a part of that. We’re working hard to drive more digital investment here which will help us to build new skills and capabilities and make the country a global destination for financial services tech talent.”

Unlocking the Potential of AI in Finance: Insights from Hays’ Latest Research

The financial services sector is going through important changes driven by the increasing adoption of Artificial Intelligence (AI). According to the latest research from Hays, this shift is reshaping the way financial institutions operate, offering opportunities for innovation and growth. The report also highlights a critical gap: the need for advanced training and skills to fully harness AI’s potential.

AI’s Transformative Role in Financial Services

AI is no longer a concept of the future—it’s here, driving real-world solutions. Financial institutions are increasingly using AI to analyse vast amounts of data, offering personalised services to customers while optimising back-office processes. Machine learning, a subset of AI, plays a pivotal role in predicting customer behaviour, identifying trends, and automating tasks that were previously time-intensive.

Moreover, the use of AI in areas such as fraud prevention and regulatory compliance is becoming a game-changer. By detecting anomalies in real-time, financial institutions can protect their customers and build trust. As the technology matures, its applications are expanding into climate finance, open banking, and beyond.

The Growing Skills Gap

While the potential of AI is undeniable, Hays’ research identifies a pressing challenge: a shortage of skills within the sector. For organisations to fully embrace AI and leverage its capabilities, there must be a concerted effort to upskill existing teams and attract new talent.

The findings emphasise the need for a workforce that understands both the technical and ethical dimensions of AI. This includes data scientists, AI engineers, and professionals equipped to interpret complex outputs. Equally important are skills related to AI governance, ensuring the technology is used responsibly and inclusively.

Collaboration is key

The solution lies in collaboration. Businesses, academia, and policymakers must work together to bridge the skills gap. Initiatives such as targeted training programmes, partnerships with educational institutions, and support for lifelong learning are essential.

Scotland, a recognised leader in financial innovation, is well-positioned to take the lead. With a thriving cluster of fintech firms, universities excelling in AI research, and a supportive regulatory environment, the country is already a hub for fintech advancement.

Zumo’s Amelie Arras Joins MENA Fintech Association’s Sustainable Fintech Alliance as Co-Chair

The MENA Fintech Association (MFTA) has announced the appointment of Amelie Arras, representing Scottish fintech Zumo, as the new Co-Chair of its Sustainable Fintech Alliance. Teaming up with sustainability advocate Gihan Hyde, this powerful partnership aims to drive initiatives that advance sustainability in the fintech and digital asset sectors across the MENA region and beyond.

Championing Sustainability Through Collaboration

Amelie Arras is passionate about sustainable growth through technology and collaboration and brings a wealth of expertise to her new role. She expressed her excitement for the opportunity to drive meaningful change, stating:

“I am honoured to join as co-chair of the MENA Fintech Association Sustainability Alliance, to champion the incredible potential of the fintech and digital asset sectors in creating sustainable opportunities for both people and the planet. The journey toward meaningful impact requires strong collaboration across everyone in our industries, and that is precisely what the Sustainability Alliance aims to foster. By encouraging education, upskilling, and the exploration of innovative technologies, our goal is not only mobilising the sector but also empowering the UAE to lead by example on global sustainability. Together, we can drive change that resonates far beyond our industry.”

Aligning with the UAE’s Sustainability Goals

The appointment comes at a time when the UAE is solidifying its role as a global leader in sustainability and innovation. As the nation continues to set benchmarks for environmental leadership, the Sustainable Fintech Alliance will amplify this momentum by harnessing the transformative power of fintech and digital assets.

From advancing green finance solutions to exploring blockchain applications that promote transparency in carbon offsetting, the Alliance under Amelie Arras and Gihan Hyde’s leadership will serve as a beacon for sustainable progress in the region.

NatWest Launches Fintech Growth Programme to Drive Innovation in Payments

NatWest Group is launching its inaugural Fintech Growth Programme, offering UK- based fintech startups a great opportunity to collaborate with one of the UK’s most established high-street banks. This initiative aims to empower fintechs to scale sustainably, leveraging NatWest’s resources, expertise, and expansive networks. The Fintech Growth Programme is aligned with NatWest’s ambition to lead the future of banking by addressing pressing challenges in the payments space. Through this initiative NatWest is focusing on collaboration to develop solutions that could shape the future of financial services. The programme will select five pre-Series A fintech startups based in the UK, specifically those addressing critical issues in payments. Over a 10-week period, the chosen fintechs will participate in workshops, receive personalised mentoring and coaching, and work directly with NatWest’s Innovation team to co-create innovative solutions.

David Grunwald, Director of NatWest Innovation, highlighted the program’s impact on customers and the innovation economy:

“This programme lays a pathway to create better outcomes for our customers. Working this closely with fintechs and UK entrepreneurs strengthens our ability to be future focused, while supporting the growth of the innovation economy. “ Mark Brant, Chief Payments Officer at NatWest, emphasized the importance of collaboration: “Innovation and collaboration are fundamental to growth, especially in a challenging commercial environment. This programme champions NatWest’sinnovation by working with fintechs to co-create solutions to lead the future of banking.”

The programme provides fintechs with access to:
• A Curated Scale-Up Curriculum: Designed by Aspire, a consultancy specialising in startup growth, the curriculum will deliver tailored workshops and guidance to help fintechs refine and scale their solutions.
• Senior NatWest Decision Makers: Participants will engage with key figures within NatWest, gaining invaluable insights and feedback.
• A Collaborative Network: The programme drives connections among peers, industry experts, and NatWest’s dedicated Innovation function.

NatWest is calling on innovative fintechs to seize this opportunity. If you’re a pre- Series A UK-based fintech startup looking to take your business to the next stage, this is your chance to collaborate with one of the UK’s leading financial institutions.

To learn more and apply, visit the NatWest website.

Hope4u: Empowering People Through Financial Innovation

Throughout their lives, people will more often than not face financial challenges at some point. Recognising this, Hope4u, a fintech part of the FinTech Scotland community, is transforming how families navigate these hurdles with its innovative digital solutions.

What is Hope4u?

Hope4u is a fintech platform designed to provide tailored financial support for people in difficult financial situations. By leveraging advanced data analytics and user-centric design, Hope4u enables individuals and families to access grants, manage their budgets, and find relevant support services—all in one easy-to-use app.

How Hope4u Works

The platform connects users with financial assistance programs and resources in their region, helping them make informed choices about their finances.

• Personalised Financial Assistance Finder: Using intelligent algorithms, Hope4u matches families with benefits, grants, and services that align with their specific needs and eligibility criteria.

• Budgeting Tools: people can set financial goals, track expenses, and receive tips on managing household budgets effectively.

• Access to Community Resources: Hope4u links users with local support networks, childcare providers, and education resources, creating a holistic support system.

Making a Broader Impact

By addressing challenges like financial inclusion and resource accessibility, Hope4u is helping individuals across the UK thrive in uncertain times.

For example, Hope4u enables users to discover and apply for financial aid programs similar to Scotland’s Scottish Child Payment or Best Start Grant, demonstrating its adaptability to regional contexts. The platform’s flexibility ensures it can support families regardless of their location, making it an invaluable tool for those navigating complex financial landscapes.

Amiqus Strengthens Leadership in AML Expertise

Scottish fintech Amiqus has just appointed Graham MacKenzie, an expert in Anti- Money Laundering (AML), as its Director of AML & Financial Crime Risk. Graham brings with him over a decade of hands-on experience in AML and financial crime regulation. His career includes roles as Chair of the UK AML Supervisors Forum, member of the Legal Sector Affinity Group (LSAG), and Head of AML at the Law Society of Scotland.

Enhancing AML Capabilities in a Rapidly Changing Sector

With an increase in regulatory demands and the increasing need for firms to proactively manage AML risks, Amiqus is doubling down on its investment in AML solutions. Graham’s appointment is more than a leadership shift, it marks the next phase in Amiqus’ strategy to scale its AML platform for high-volume financial services and wealth management clients.

As part of this evolution, Amiqus is launching a new AML consulting service. This capability will enhance its existing offerings by providing clients with bespoke content, premium support, and access to regulatory guidance, independent audits, and horizon scanning for upcoming regulatory changes.

Looking Ahead

Amiqus is shaping the future of AML services and with Graham, the company will lead the charge in equipping regulated firms with the tools, knowledge, and support they need to navigate an increasingly challenging regulatory environment.

Callum Murray, CEO of Amiqus, commented:
“We’ve committed to scaling the impact Amiqus has by 10x over the next few years. To do that it’s critically important we’re able to attract the very best people to join us across a wide variety of roles.”

I’ve known and respected Graham for a number of years in his previous role and I’m excited for us to put our plans to work, supporting our teams, clients and delivering on the potential we have to fundamentally change the way people are able to reusably access regulated products and services online.”

Graham MacKenzie commented:
“After eight incredible years setting up and running the AML function at the Law Society of Scotland, I have gotten to know the team at Amiqus really well. I’ve always been impressed not only by the quality of their product and solutions but by their overall mission and objectives – growing ethically, sustainably and purposefully, using business as a force for good and making access to legal and other professional services simpler for everyone.”

“When making the decision to move on from the Society, it was important to me to know these are the principles which continue to guide Callum and everyone whoworks at Amiqus.”

“As money laundering and other economic crime risks become ever more complex, and the regulatory landscape expands to keep pace, it is clear to me that using technology you can trust is not only a competitive advantage – it has increasingly become an imperative. “

“As an ex-regulator, I'm acutely aware of the pressures all professional firms face in the current environment. There is however, a huge amount of untapped potential to use technology to help firms in this space and I’m looking forward to using my experience and expertise to support Amiqus and their clients unlock this opportunity, and with wider AML/economic crime compliance requirements.”

KPMG UK joins FinTech Scotland further boosting fintech innovation in Scotland

KPMG UK has joined FinTech Scotland, the cluster management organisation for fintech in Scotland. The two organisations will work closely together to help foster innovation, accelerate growth and drive technology adoption within the Scottish financial technology sector.

KPMG UK’s commitment adds additional expertise to Fintech Scotland’s cluster continuing to develop Scotland’s leadership as a fintech cluster as well as supporting the firm’s plans for further growth in Scotland.

As a global professional services network, KPMG UK will bring some of the latest thinking in financial services innovation to a sector that is being disrupted like never before by new technologies such as AI, Distributed Ledger Technologies or Open Finance to name a few.

KPMG UK’s leadership will also play a crucial role in ensuring that Scotland’s fintech cluster continues to lead by example through purposeful innovation driven by collaboration to foster financial inclusion.

Fintech Scotland’s cluster includes over 250 fintech SMEs, 35 established financial and professional services institutions, global technology enterprises, world-class universities, regulators and a supportive public sector.

Ann Devine, Partner at KPMG UK, said:

“We’re excited to be working with Fintech Scotland and deepen our relationships with firms in this growing sector. Scotland is one of the key clusters for UK fintech activity and this collaboration demonstrates our ongoing commitment to local fintech businesses in the region.”

Nicola Anderson, CEO of FinTech Scotland, said:

“This partnership with KPMG UK strengthens our shared commitment to fostering innovation, collaboration, and growth in Scotland’s fintech cluster. Thanks to KPMG’s global expertise and the thriving Scottish fintech community, I’m confident we can accelerate innovation and support the scaling of innovative businesses that contribute to Scotland’s economic and societal progress.”