Boost for Scottish fintech cluster as Tesco Insurance & Money Services partners with FinTech Scotland

FinTech Scotland, the cluster management organisation, today announced a new strategic partnership with Tesco Insurance & Money Services to accelerate innovation and collaboration across Scotland’s growing fintech ecosystem.

Tesco Insurance and Money Services is a major UK provider offering a full portfolio of insurance products, including car, home, pet, life and travel, as well as gift cards and travel money. In the UK, it leads the gift card market, ranks second in travel money, and operates the third-largest ATM network with more than 3,400 machines across more than 3,000 Tesco and One Stop stores.

By joining FinTech Scotland’s 37-strong network of Strategic Partners, which includes leading financial services firms, academia, technology providers and public sector organisations, Tesco Insurance and Money Services will support initiatives that drive innovation, encourage collaboration and build cross-regional partnerships across the fintech ecosystem.

This collaboration will connect the business with leading innovators to help shape future customer propositions. It aligns with the company’s digital strategy to deliver greater customer value by continuing to strengthen its technology capabilities, following the sale of its banking operations to Barclays UK in late 2024.

The partnership also underscores Tesco Insurance and Money Service’s commitment to Scotland. The business serves more than two million insurance customers UK-wide and maintains business operations in Edinburgh and Glasgow.

Commenting on this partnership, Aleks Tomczyk, Chief Executive, FinTech Scotland, said: “We’re delighted to welcome Tesco Insurance and Money Services as a Strategic Partner. Their active participation in the community will help Tesco IMS innovate and bring even better services to customers. Tesco IMS’s specific customer focus and commitment to innovation will also add real value to our existing stakeholders.

The collaboration will further strengthen Scotland’s fintech ecosystem and support regional growth, reinforcing Scotland’s position as one of Europe’s most dynamic and collaborative fintech clusters.”

Darren Coomer, Chief Information Officer at Tesco Insurance and Money Services, said: “We’re entering an exciting new chapter for Tesco Insurance and Money Services, and joining FinTech Scotland is a natural next step for our business. It will help us tap into leading innovators, build new partnerships and keep delivering simple, rewarding and trusted services for customers. As we continue to invest in the technology and partnerships that will support our culture growth, we’re proud to play our part in Scotland’s fintech success, supporting growth and job creation.”