Leading Scottish Fintechs highlighted at Europe’s largest financial innovation summit with the support of FinTech Scotland and Scottish Development International

FinTech Scotland, in partnership with Scottish Development International (SDI), the international arm of Scottish Enterprise, announced today the participation of nine leading Scottish fintech companies at Europe’s largest fintech conference, Money2020, which will be held in Amsterdam from June 4th to June 6th.

These innovative companies, Modulr, Zumo, Inicio AI, Autorek, Predictiva, Br-dge, Appointedd, Encompass and CopyLab, will represent the Scottish fintech sector at the event as part of the UK Department for Business and Trade’s (DBT) wider delegation.

Hosted at the DBT pavilion, the Scottish delegation will showcase the country’s leadership and innovation in the fintech sector, highlighting its global influence. FinTech Scotland and SDI will share the pavilion with other regional fintech groups part of the UK Fintech National Network, including Fintech Wales, Fintech Northern Ireland, Supertech West Midlands, Fintech North as well as Fintech Alliance and Barclays Rise.

FinTech Scotland and SDI have planned a series of activities designed to maximise the event’s impact for Scottish fintechs. These include:

• Discussions with country experts on European regulations, to support fintech’s exporting services.
• Building meaningful connections with a networking event with over 200 European fintechs
• A series of investor pitching and networking events, driving investment for future growth and international expansion
• A series of panel discussions focused on expert insights on growing an international fintech business
• Capturing the key learning and expert insights from across the conference with a series of podcasts live from the event

Additionally, FinTech Scotland’s strategic partner TSB will share one of the main stages with Scottish fintech Inicio AI to discuss fintech collaboration.

Nicola Anderson, CEO of FinTech Scotland, said:

“We are thrilled to have a strong presence at Money2020, where we will highlight the immense talent, innovation, and leadership that Scotland brings to the fintech sector. This partnership is an essential part of our broader strategy to support the growth and scaling up of fintech companies. We look forward to meaningful collaboration and opportunities that this global event will provide as well as developing new connections”.

Reuben Aitken, Managing Director of International Operations at Scottish Enterprise, said:

“With a rich history in financial services, internationally renowned universities and an innovative tech scene, Scotland’s fintech sector enjoys an incredibly strong global reputation.

“Money20/20 is Europe’s largest fintech event and we look forward to joining FinTech Scotland in showcasing the very best the sector in Scotland has to offer, opening doors for Scottish companies to international markets and delivering investment opportunities here in Scotland in the process.”

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FinTech Scotland partners with Cisco and Sword Ping to enhance fintech innovation resilience

Leading technology organisations in Scotland, Cisco with partners Sword Ping are thrilled to announce their strategic partnership with FinTech Scotland, the cluster management organisation for the fintech sector in Scotland.

Through this collaboration Cisco, Sword Ping and FinTech Scotland will be joining forces to foster innovation, drive technology adoption and accelerate growth within the financial technology sector whilst ensuring that cyber-resilience is at the core of fintech innovation.  This partnership connects Sword Ping and Cisco expertise with the growing fintech landscape in Scotland, supporting the continued growth of Scotland’s fintech landscape.

CISCO and Sword Ping’s expertise in developing robust technology solutions specialising in scalable security/network managed services and hybrid cloud aligns with FinTech Scotland’s objective, supporting fintech SMEs to scale.

Nicola Anderson, CEO of FinTech Scotland, said:

“We are delighted to partner with Cisco and Sword Ping. This collaboration shows our commitment to accelerating fintech innovation and adoption in Scotland and across the UK. By working together to support and enhance cyber-resilience across the financial sector we can also advance opportunities for innovation and future fintech developments. This helps us contribute confidently to the future digital economy with resilient services supporting customers and businesses.”

Ishbell MacPail, Cisco Scotland Country Manager said:

“In partnering and supporting FinTech Scotland, we aim to do our part in developing Scotland’s fintech landscape. Alongside Sword Ping Ping, by collaborating with FinTech Scotland, we can leverage our knowledge to support Scotland’s fintech sector in promoting innovation, propelling technological breakthroughs, and quickening its expansion in the fintech space. At Cisco, we’re dedicated to fostering creativity and providing state-of-the-art solutions that enable companies to thrive.

Terry Neill, Business Unit Director at Sword Ping, said:

“We are excited to be coming together in partnership with Fintech Scotland. At Sword Ping, we are committed to driving innovation and delivering cutting-edge solutions that empower business to succeed in the digital age. By collaborating with FinTech Scotland, we aim to leverage our expertise to support the growth of the fintech ecosystem in Scotland beyond.”

FinTech Scotland Showcases Scottish Innovation in New York

FinTech Scotland is participating in New York Tartan Week and New York FinTech Week, representing the dynamic Scottish fintech sector on the global stage.

Led by CEO Nicola Anderson, FinTech Scotland is accompanied by a select group of innovative Scottish fintech companies, including Terrapin, Tindeco, Grand Bequest, and Broker Insights. This delegation is organised in collaboration with the UK Department for Business and Trade (DBT) and aims to explore and establish transatlantic market opportunities.

The participation reaffirms FinTech Scotland’s commitment to fostering international collaboration and showcasing the Scottish fintech cluster’s strengths. The delegation’s presence in New York represents a significant opportunity to create ties between the Scottish and US financial services sectors, promoting cross-border innovation and business opportunities.

As part of the Tartan Week celebrations, DBT, FinTech Scotland and Scottish Financial Enterprise (SFE), hosted a reception on April 4th. The event was designed to celebrate and strengthen financial relationship between Scotland and the United States.

During New York FinTech Week, FinTech Scotland and the four accompanying fintech firms have the opportunity to engage in a series of strategic activities aimed at raising their international profile and exploring the US market. These include participating in reverse pitching sessions ”“ a unique opportunity where investors pitch to fintech companies ”“ roundtable discussions, meetings with investors and banks, and various speaking engagements.

Nicola Anderson, CEO of FinTech Scotland said:

“Our participation in Tartan Week and New York FinTech Week is a fantastic opportunity to highlight fintech innovations and expertise within the Scottish fintech cluster. We are excited to collaborate with our strategic partners PwC and the UK Department for Business and Trade to facilitate meaningful connections and explore new avenues for growth in the US market.”

UK Government Minister for Scotland John Lamont attended the FinTech reception as part of his visit to New York for Tartan Week.

He said:

The UK Government wants to harness the immense potential of our transatlantic partnership and encourage US businesses to explore the exciting possibilities Scotland offers in the FinTech sector.

It’s fantastic that four Scottish companies will be attending  New York FinTech Week to showcase their dynamic and innovative work. By collaborating  with our US partners, we can encourage growth to create more highly-skilled jobs and opportunities.’

 

Deputy Trade Commissioner North America, the UK’s Department for Business and Trade John Thompson added:

“Scotland’s vibrant and innovative fintech community primes Scottish companies for international success. Bolstered by Scotland’s 300-year legacy of financial services excellence and cutting-edge expertise in technologies like AI and data, these firms carry forward a tradition of trust and quality. This solid foundation positions emerging Scottish fintechs to confidently expand their client base here in the US and continue Scotland’s financial services legacy.”

Techscaler partners with FinTech Scotland to accel-erate sector growth

Lloyds Banking Group’s “Launch 2024” Innovation Call Is Live

We’re thrilled to announce the fourth edition of Lloyds Banking Group’s innovation programme, “Launch 2024.” This initiative is opened for application for fintech innovators across the globe.

What Makes Launch 2024 Unique?

“Launch 2024” is not just another innovation call; it’s a 5-month collaborative journey designed to accelerate fintech solutions. This programme offers access to subject matter experts and business masterclasses, enabling rapid experimentation and development.

Participants will gain the opportunity to work closely with Lloyds Banking Group’s subject matter experts, refining and testing their propositions. At the end of this programme, fintechs will pitch their solutions to challenge sponsors and senior leaders, potentially leading to a proof of concept partnership.

Who Can Apply?

Lloyds Banking Group are calling on ambitious companies and individuals looking to tackle one of their five strategic challenges. Startups or more established companies are welcomed if their vision aligns with this year’s challenges.

In line with Lloyds Banking Group’s commitment to diversity and inclusion, they especially encourage applications from women-led teams and businesses founded by individuals of Black, Asian, and Minority Ethnic heritage.

Launch 2024 Challenges

• Helping customers through their life moments
• Helping Customers with their everyday lives
• Optimising customer experience across channels
• Leveraging technology to enhance internal risks and controls
• Increase customer understanding of their finances through gamification

How to apply?

This is a great opportunity for fintechs looking to make an impact, be recognised as a leader in fintech innovation, and potentially collaborate with one of the UK’s leading banking groups.

More information and application

Sarah Kocianski Announced As New CEO for FinTech Wales

Sarah Kocianski is set to become the Chief Executive Officer of FinTech Wales starting 1 March 2024, marking a significant chapter in the narrative of the independent membership organisation dedicated to fostering the fintech and financial services sectors in Wales. With a rich history of over ten years in the fintech and insurtech arenas, Kocianski brings a wealth of experience from her engagements with global firms and startups spanning the financial spectrum, including eminent banks, insurers, healthtech companies, and retail businesses.

Her journey also encompasses contributions to several fintech associations such as Qorus, and her role on the committee of WVC:E, focusing on promoting equity within the venture capital space to the advantage of both investors and entrepreneurs. Before assuming her new role, Kocianski used her strategic insight at Founders Factory, aiding financial service partners like Aviva in finessing their fintech investment approaches, and led the Competitor Strategy at 11:FS, a pioneering consultancy providing benchmarking, research, and advisory services globally to a diverse clientele including banks, insurance companies, government bodies, regulatory agencies, and startups.

Upon her appointment, Kocianski expressed her enthusiasm for leading FinTech Wales, emphasising her intent to leverage her extensive background to bolster the fintech ecosystem in Wales. She highlighted the challenges of establishing and scaling a fintech venture, especially in securing funding and crafting investment strategies, and voiced her eagerness to augment the already vibrant Welsh fintech scene, known for its innovation and talent. Kocianski’s vision is to elevate Wales’ status as a fintech hub of international repute, driven by the region’s abundant resources, and the inherent drive and passion of its fintech community.

Sarah Williams-Gardener, who passes on the CEO mantle to become the new Chair of FinTech Wales, praised Kocianski’s appointment, citing her deep-seated industry knowledge and commitment to fintech as pivotal to the organisation’s future success. Williams-Gardener’s endorsement underscores a seamless transition aimed at further nurturing and expanding the Welsh fintech ecosystem.

Since its inception in April 2019, FinTech Wales has been instrumental in providing support to its member network, advocating on their behalf to key political and financial influencers, and striving to create a fertile environment that not only retains existing fintech entities but also attracts new ventures to Wales. The organisation’s mission to establish Wales as a centre of fintech excellence is underpinned by a strategic four-year plan focusing on enhancing skills and talent, fostering community and ecosystem development, amplifying funding and investment opportunities, and promoting Wales as an ideal location for fintech and financial organisations.

This mission received a significant boost with a five-year, £1.6 million investment from Cardiff Capital Region (CCR) in June 2022, reinforcing a collaborative effort to position Wales at the forefront of the UK’s fintech sector. For further details about FinTech Wales and its initiatives, visit their website at www.fintechwales.org.

Scottish Friendly and FinTech Scotland join forces to help boost innovation in the financial mutual sector

Leading financial mutual Scottish Friendly has announced a strategic partnership with FinTech Scotland, highlighting the growing significance of further developing and improving fintech innovation across all financial services sectors, including life, savings, and investments.

By joining forces with FinTech Scotland, Scottish Friendly positions itself at the forefront of the fintech revolution, signalling a commitment to innovation and customer-centric financial solutions.

The partnership will provide Scottish Friendly with deep insights into cutting-edge fintech areas such as open finance data and regulatory technology (regtech), which are crucial for the evolution of savings and investment strategies.

Scottish Friendly will actively participate in FinTech Scotland’s research and innovation roadmap, contributing to the shaping of the industry’s future. Their involvement is aimed at streamlining the life, savings and investment process, leveraging technology to make it as effortless and accessible as possible for consumers.

Alexander Manas, Commercial Director at Scottish Friendly, said:

“We are dedicated to helping individuals and their families achieve the best possible financial outcomes through affordable, high-quality products and exceptional customer service. We are therefore delighted to partner with FinTech Scotland in our efforts to continuously deliver better outcomes for our customers through technology and innovation.”

Nicola Anderson, CEO at FinTech Scotland said:

“We are delighted to welcome Scottish Friendly to the FinTech Scotland cluster to embrace fintech innovation through strategic partnership. This partnership is a testament to our inclusive approach, aiming to revolutionise financial services by leveraging collective expertise. Scottish Friendly’s objectives align perfectly with our mission to drive impactful changes in the sector.”

Employment by Fintech enterprises grows by 24% over two years as FinTech Scotland reaches its sixth anniversary

Scotland’s fintech cluster has seen a 24% increase in jobs within fintech as FinTech Scotland, the cluster management organisation, celebrates its sixth anniversary.

Delivering on Scotland’s ambition to significantly increase fintech-related jobs, the 24% increase is driven by several components, including an increased number of fintech SMEs, a growing maturity across this community with more achieving growth, and a continued number of international businesses settling in Scotland.

FinTech Scotland also reports an increase in enterprises scaling through collaboration with large financial institutions. Fintech innovation labs are playing a key role, creating the environments that enable product development to thrive and support partnerships to develop.

These innovation labs, launched with institutions such as Lloyds Banking Group, TSB and Phoenix, are providing positive outcomes for customers through collaborative fintech partnerships. Examples include:  Snugg and TSB enabling TSB’s customers to improve their home energy efficiency; Behavioural Finance and the Phoenix Group supporting better retirement outcomes for consumers; and GoCodeGreen teaming up with Lloyds Banking Group around digital sustainability.

The thriving fintech SME community and the vibrant fintech cluster has made Scotland a major destination for companies worldwide and continues to position Scotland as a global opportunity for      innovation. 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.

FinTech Scotland has further plans in 2024 to support fintech SMEs to scale, maintaining a focus on investment, international connection, and impactful collaborative partnerships.

Nicola Anderson, CEO of FinTech Scotland, said:

“As we mark FinTech Scotland’s sixth anniversary, we’re focused on building on the strong foundations that are enabling Scotland to continue to realise its fintech potential. Seeing the increase in SMEs and the growth in jobs is a testament to the fintech businesses and the commitment from all involved in the FinTech Scotland Cluster. It spurs us on as we look to the year ahead and continue to focus on growth, the fintech community, and supporting Scotland to achieve its ambition as global fintech leader.”

Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, said:

“The 24% increase in jobs in the fintech cluster reflects Scotland’s commitment to nurturing an environment where technological and financial innovation can thrive. The growth in employment is a clear indicator of our country’s attractiveness to global fintech companies, driven by our rich talent pool, academic excellence and well-established strengths of our financial services sector. We look forward to working with FinTech Scotland and the wider sector to see even more companies coming through, achieving scale and creating new jobs over the years to come.”

Jackie Leiper, Chief Customer & Distribution Officer, Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark said:

“Over the past three years through our Launch Innovation Lab we have worked with over 30 fintech firms, supporting their product development, generating new products for our customers, clients and colleagues whilst tackling some very important challenges around climate, cost-of living and financial inclusion. A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for business and consumers. The Launch Innovation Lab will continue to grow, and we will continue to work in close collaboration with FinTech Scotland to build on our success to date and create more opportunities to engage fintech businesses in 2024.”

Pardeep Cassells, global head of buy-side customer experience at AccessFintech, said:

“The growth we’re seeing shows how fintech companies like AccessFintech can have an impact on Scotland’s economy. It echoes what we are experiencing within our organisation. In the past three years, we’ve grown the number of full-time colleagues from zero to 24 and will continue to grow in 2024. Our company started in the US and Glasgow has been a great second home for us as well as a great platform to support our growth thanks to a very collaborative environment and the great work by universities to provide a pipeline of new talents.”

Aruna Bhalla, Head of Partnerships and Open Banking at TSB, said:

“With TSB’s strong roots in Scotland, we’re delighted to partner with Scottish fintechs like Snugg to help us deliver Money Confidence to our customers. We’ll continue to play our part by working with fintechs to develop partnerships that will help our customers better manage their finances and make more of their money.”

Robin Peters, Co-founder and CEO at Snugg, said:

“At the heart of Scotland’s fintech cluster’s success is the collaboration mindset. Thanks to our new partnership with TSB, secured through their innovation lab, we’ve been able to accelerate our growth plan and develop our team further. Now on our scaling-up journey, we’re excited to see FinTech Scotland’s plan to provide many more collaboration opportunities, helping us move to the next stage of our growth.”

FinTech Scotland and Smart Data Foundry Announce Winners of UK Fintech Innovation Challenge

FinTech Scotland and Smart Data Foundry have announced the winners of their UK Fintech Innovation Challenge. The challenge aimed at discovering innovative solutions to strengthen the relationships between financial institutions and their SME clients.

Fintech companies Xpand and Skwile Ltd have each been awarded £50,000. This investment will fuel the development of their propositions, fostering innovation and supporting the economic growth within central Scotland.

This innovation call represents a unique way of encouraging the development of new, impactful financial products and services. FinTech Scotland has a long track record of running successful innovation calls for established financial firms and, thanks to its collaboration with Smart Data Foundry, it has taken those calls to the next level. Participating fintechs were given access to a unique SME synthetic dataset, created by Smart Data Foundry’s aizle synthetic data engine, to develop and test their innovative propositions safely and efficiently.

Virgin Money and NatWest played a vital part in this innovation call, supporting fintech SMEs with invaluable workshops to help those businesses be more collaboration-ready whilst getting early access to new innovative solutions.

This initiative continues to demonstrate the commitment of FinTech Scotland and Smart Data Foundry to drive innovation but also aligns with the objectives laid out in the Research and Innovation roadmap published by FinTech Scotland in March 2022. The roadmap highlighted the importance to focus on helping established financial firms service their SME clients better to support them in a post-Covid world.

James Gumble, CEO at Xpand said:

“The challenge allowed Xpand to understand the opportunities working directly with business data on behalf of financial institutions – and has identified new opportunities, which we will use the funds to explore.

Working with the partners on the challenge enabled Xpand to further our work tracking the impact of public sector funding with national and local government teams.

Integrating the synthetic data into our tools showed how this enriched data can provide businesses with the most up-to-date funding information, help them grow and scale and provide support through uncertain economic times”

Makoto Fukuhara, CEO of Skwile Ltd, added:

“We are thrilled to be selected as a prize winner and are excited by the opportunity to make a positive impact in Scotland.

We have gained invaluable insights throughout the competition and thoroughly enjoyed collaborating with the competition partners, Smart Data Foundry, NatWest, and Virgin Money, on this transformative journey. The knowledge we’ve acquired will be instrumental in enhancing our products and services, allowing us to continue delivering innovative solutions that empower businesses to make better informed financial decisions and thrive.”

Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry commented

“We are delighted with the success of our first innovation call in partnership with FinTech Scotland, the first in a joint programme of innovation calls to help drive economic growth in Scotland’s fintech sector. I was especially pleased to see the value of giving access to our SME synthetic dataset as part of the challenge, which helped accelerate participants thinking and allowed for rapid iteration of ideas as they developed their pitch of their proposition.”

 

Graeme Sands, Head of Digital Business Banking at Virgin Money said:

“We were delighted to work with FinTech Scotland and Smart Data Foundry on this innovation call designed to unlock innovation in the SME sector with the use of synthetic data. As a signatory to the FinTech Pledge and as a member of the Fintech Delivery Panel we are committed to supporting the innovative community in Scotland and across the UK”

Elaine McLaughlan, Core Capabilities Lead at NatWest Group commented:

“NatWest Group were delighted to support this industry-wide UK fintech thematic innovation call led by Fintech Scotland and Smart Data Foundry. The theme of the challenge, “Supporting and strengthening Financial Services relationships with their SME clients” is fully aligned with our purpose to champion potential, helping people, families and businesses to thrive. We’re committed to innovating for our customers and communities. We’re excited to see the ideas that were showcased through the challenge and in particular how the fintechs leveraged the specifically designed synthetic data asset from Smart Data Foundry in developing their proposals”.