KPMG is searching for Scotland’s top tech pioneers
Scotland’s start-up community is flourishing. Amid a climate of political and economic uncertainty, it’s sometimes a challenge to find glimmers of light and optimism, but our country’s tech-focused entrepreneurs are exactly that.
Last year, research from KPMG revealed that more than £100m of Venture Capital (VC) had been injected into start-ups. As we head towards December, we’re on-course to smash that figure. As of Q3, the figure was over £95m. For some time now, the world’s investors have been paying attention to Scotland’s tech hub cities, and there’s no sign of that enthusiasm draining anytime soon.
But, despite the outstanding achievements of the innovations and disruptors, speak to many start-up founders and they’ll tell you getting in front of the right people at the right time can be their biggest obstacle to growth.
That’s part of the motivation behind KPMG’s Best British Tech Pioneer competition. Now in its sixth year, it was set up to spot talent and facilitate those golden opportunities. This year, our search is even bigger. Throughout January, we’ll be inviting entrepreneurs to pitch to a panel of experts at informal events in Glasgow and Edinburgh. The lucky ones will then be invited to our semi-final pitches in London in February where they’ll have the chance to pitch for a place at the Mobile World Congress (MWC) in Barcelona later that month.
Previous competition finalists have included Babylon Health, What3Words Echo and SafeToNet, and more than £100 million has been raised to date.
The application process is open now and companies can apply via our website. To qualify, you’ll need to own a registered UK company that’s been operating for less than five years, with revenue generated of between £1m and £10m, or you should have raised at least £500k in equity.
Does that sound like you? If so, apply now. The deadline is December 1st. Our Best British Tech Pioneer competition is about finding talent and providing the opportunity to immediately access a global audience. Get involved and let us help you unlock your international growth potential.
First FinTech National Network Symposium to take place in Glasgow
The first ever FinTech National Network Symposium, bringing together the various fintech bodies from across the UK, will take place in Glasgow on the 10th of October 2019b hosted by FinTech Scotland.
The symposium is being held at the University of Strathclyde Technology and Innovation Centre which has played a leading global role in developing fintech skills and innovation
The hosting of the symposium in Glasgow further recognises the development of the City as a major global fintech cluster as part of the broader Innovation District development.
The symposium builds on the announcement earlier this year by Innovate Finance, FinTech Scotland and FinTech North to establish the FinTech National Network to foster collaboration between the bodies and provide valuable connections to amplify their collective support for fintech enterprises.
Over recent months the network has expanded to include FinTech Wales, FinTech Northern Ireland and FinTech West.
The Symposium will bring together senior leaders from these fintech bodies, the Financial Conduct Authority, Scottish Development International, UK Department for International Trade, the Treasury and Fintech Alliance come together. They will be joined by leading fintech entrepreneurs.
This first symposium will focus on various key themes including global innovation opportunities, encouraging greater diversity, regulatory landscape as well as the developing of collaboration across the various bodies to support fintech growth and innovation. The meeting will also focus on setting goals for the FinTech National Network so the various bodies can work together to encourage fintech growth and innovation.
The Symposium will be followed in the day by the latest meeting between the various fintech bodies building on the very successful initial meeting and networking event held in June in Manchester hosted by FinTech North. The meeting will be focusing on the rolling programme of activities to support collaborative fintech innovation in all parts of the UK.
Commenting, Stephen Ingledew, CEO of FinTech Scotland said: “It’s a great honour to be hosting the first symposium of the FinTech National Network with the fast growing fintech community in Glasgow. We’re delighted at the prospect of showcasing the great collaboration, innovation and inclusion opportunities offered by our vibrant ecosystem”
Charlotte Crosswell, CEO of Innovate Finance said: “The UK is a world leader in FinTech, but in order to develop and grow further, it is vital that we connect hubs around the country. Innovate Finance is committed to ensuring that innovation in Financial Services is represented across the UK and not just London.”
Chris Sier, HM Treasury FinTech Envoy & Chairman, FinTech North said: “I’m delighted to see the different regional ecosystems around the UK coming together via the FinTech National Network. A collaborative and open approach is the route to success and the national FinTech sector will be stronger thanks to this initiative.”
Sir Jim MacDonald, Principal and Vice Chancellor at the University of Strathclyde said: “Strathclyde University is delighted to host the first ever UK FinTech National Network Symposium at our Technology Innovation Centre, located in the heart of the Glasgow City Innovation District (GCID). Strathclyde is firmly committed to supporting the growth of the FinTech community and Glasgow is very well placed to contribute to the success of the fintech cluster given both the numbers of entrepreneurial FinTech start-ups, access to world-class research and talent, and the growing presence of large global financial services companies who are making significant investments in the city which will bring new technologies, new products, new jobs and economic growth”
Those interesting in attending the symposium can register using this link
Sopra Steria and the University of Edinburgh launch fintech collaboration programme: Chemistry for Financial Services
On August 23rd Sopra Steria and the University of Edinburgh, supported by FinTech Scotland, launched Chemistry for Financial Services, a collaboration programme aimed at encouraging co-creation initiatives between fintech firms, technology providers, academia and established financial service companies.
Companies that have been selected to join the Chemistry programme will be co-creating and taking to market new solutions which address business challenges and improve the financial wellbeing of consumers.
With the launch, the first two challenges have now been released. Both are focused on mortgages, making them more accessible and improving the customer experience for existing mortgage holders.
Applications are now open until September 23rd, 2019. Mid-October, shortlisted applicants will pitch their ideas to a panel of industry experts and Sopra Steria’s clients. Companies selected by the panel, will then join a design sprint at Sopra Steria’s Digilab before presenting the output to multiple clients leading to potential commercial arrangements.
Commenting on the launch Mingaile Vaisnoraite, Customer Experience Consultant at Sopra Steria declared:
“Our Chemistry programme is about working with Start-Ups and SME’s with strong support from FInTech Scotland and Edinburgh University to energise change and create new, innovative solutions. This is a really exciting opportunity where we can re-imagine how financial companies interact with customers and deliver new services and products. There is a wealth of SME and start-up talent in the FinTech sector and with FinTech Scotland and Edinburgh University we want to help them with their ambition to grow, win new business and be successful.”
Dr John Lonsdale, Head of Enterprise at Edinburgh Innovations, University of Edinburgh said:
“We are delighted to be working with Sopra Steria and Fintech Scotland to provide innovation opportunities for emerging Fintech companies. The Chemistry programme contributes towards making Edinburgh the Data Capital of Europe, encouraging company-to-University linkages, and providing opportunities for entrepreneurs to work with leading financial services companies to create innovative solutions for customers.”
To read more and apply for the programme please click here.
FinTech Scotland launches its Consumer Panel
FinTech Scotland has launched a Consumer Panel to support inclusive fintech business development. It will connect consumer and citizen advocate groups into the fintech ecosystem with the emphasis on citizen financial inclusion, problem solving and innovation.
The panel will provide ease of access to a citizen and consumer voice for fintech innovators, and build an inclusive network across consumer groups, innovation and technology. The objective is for open, practical and diverse engagement, to bring citizens and consumers directly into fintech product design.
Recent UK research showed 24% of UK adults have little or no confidence in managing their money, with 18-24-year-olds rating themselves as the least confident.
Scottish entrepreneurs are achieving true change. They are introducing easier and better ways to deal with money as well as new products and services that adapt to the changing needs of today’s society. Many are presenting updates during FinTech Scotland’s Festival in September.
The Consumer Panel offers a practical way to connect fintech entrepreneurs and their growing ability to find new and innovative solutions, with real and everyday financial issues impacting customers/consumers.
Founding members come from a range of Consumer Advocate organisations, Third and Public sector, as well as Academia. Those participating include, Money Advice Scotland, Scottish Government, University of Strathclyde and University of Edinburgh, The Big Issue, The Money and Pensions Service, Step Change, Age Scotland, Fresh Start Edinburgh, Passion4Fusion and Mental Health and Money Advice.
Stephen Ingledew FinTech Scotland’s CEO said “This is an important aspect to the work of FinTech Scotland. Fintech provides a major opportunity to improve the way people can engage with their money and finances. The consumer panel aims to bring people directly into the conversation and increase inclusion within fintech and the financial services industry more broadly. It will give greater access to customer insights enhancing the focus for good customer outcomes which is our definition of what the fintech movement is.”
Speaking for Money Advice Scotland, CEO Yvonne MacDermid welcomes this initiative. “Working with fintech propositions will help the debt advice sector connect with more people in a range of different ways and enable consumers to gain confidence in using digital applications”
Kate Forbes MSP fully endorsed this initiative saying “The FinTech consumer panel will help drive inclusion across our society and economy as we make new technological and digital developments. This is a hugely positive and practical step that will ensure that our people are fully involved in the digitalisation of our technology and financial services”.
Join Us for Scotland’s Biggest Fintech Event
With just over one month to go, DIGIT is gearing up for its sixth annual Fintech Summit, hosted at Edinburgh’s Dynamic Earth on the 25th and 26th of September.
The two-day summit will explore the rapid evolution of the financial services sector; ranging from disruption within Scotland’s startup community to ongoing tech developments at established financial institutions.
DIGIT’s 2018 Fintech Summit saw more than 400 delegates in attendance over the two days, exploring and discussing current trends and developments.
Scotland’s national strategy to establish itself as a global fintech leader will also be an area of key importance at the 2019 Fintech Summit – exploring funding, collaboration and the country’s ongoing efforts to boost digital skills.
Outside of London, Scotland boasts the UK’s most complete financial services sector with world-class capabilities in banking, investment management, asset servicing and a flourishing technology startup scene. The financial services sector also employs more than 80,000 people across Scotland.
Speaking at Fintech 18, Finance Secretary Derek Mackay said: “The sector is, and has always been, of huge importance for Scotland, and that will continue.
“It is an area in which we’ve got a longstanding reputation and are rightfully recognised as world leaders. That will continue in spite of the uncertainties of Brexit.”
Fintech Summit 2019 Speakers
Covering a range of topics and subject areas, this year’s Fintech Summit will see 30 speakers in total across the two-day event.
A selection of those set to feature include:
- Philip Goffin, CTO, FNZ
- Icy Zhang, CIO, Listings Ledger
- Amir Nooriala, COO, OakNorth
- Andrew McKee, CIO, Ultimate Finance
- Faith Reynolds, Consumer Representative, OBIE Steering Group
- Clara Durodie, Author & CEO, Cognitive Finance Group
- Kristen Bennie, Head of Open Experience, RBS
- Domenico De Fano, Senior Product Owner: Open API, Revolut
- Callum Sinclair, Partner and Head of Technology, Burness Paull
- Juliette Souliman, Fintech VC Specialist, Octopus Ventures
Information on all of the confirmed speakers at DIGIT’s 2019 Fintech Summit can be found at: www.fintech19.com
This year will also feature the inaugural Scottish Financial Technology Awards, which aim to recognise and celebrate the pioneering figures and organisations operating across Scotland’s financial services sector.
For additional information on the inaugural Scottish Financial Technology Awards, please visit: www.scottishftawards.com
Scotland Fintech Festival 2019 announced
Scotland’s Fintech Festival will welcome guests from around the world with its focus on new financial innovation and inclusive collaboration opportunities
FinTech Scotland has confirmed the Festival will take place over three weeks in September (between the 9thand the 27th) celebrating the nation’s thriving fintech community and economy.
Building on the huge success of last year’s impromptu community driven Festival, this year’s activities will see over fifty events ranging from meet ups, conferences, networking and social activities.
The events include a number of showcase events such as the FinTech Summit at Dynamic Earth, the FinTech Awards evening and the FinTech Future conference at University of Strathclyde
Other events organised by the community will be up and down the country from Glasgow to Fife, Edinburgh to Dundee, Stirling to Aberdeen and Inverness
Events can be seen on www.scotlandfintechfestival.com
This year will attract a large international delegation with FinTech Scotland working closely with Scottish Development International and the Department for International Trade.
FinTech Scotland was able to announce today that most European fintech hubs will be in attendance, and that delegations from the US and Asia will also attend the festival.
Stephen Ingledew, Chief Executive at FinTech Scotland said: “I am very excited about this year’s Fintech Festival with its global appeal and engagement. We are building on last year when the impromptu festival was born out of real collaboration and inclusion with many participants and organisations coming together to create something very special. This year, even more organisations have put their hands up to participate. This is a real testament to the fact that the fintech scene across the country is vibrant and inclusive, welcoming people and enterprises to Scotland from around the world”
Graham Hatton, Team Leader, Inward Investment at Scottish Development International said: “International interest in Scotland’s Fintech community has never been higher. In the 12 months following last year’s Fintech festival, firms from London, Hong Kong and California have established operations in Scotland to support their growth, attracted largely by a domestic workforce with a deep understanding of Financial Services and expertise in areas including Data and Artificial Intelligence.”
Rory Archibald, Head of Association & Sectors at VisitScotland Business Events said; “We are thrilled to be supporting the fintech community here in Scotland for a 2ndyear to help promote this thriving sector to the world. Fintech Festival is testament to the positive outcomes of collaboration between many organisations. The goals of the fintech sector and indeed the Scottish Government to promote social change, inclusive growth and inward investment can be achieved by bringing people together to realise the news ideas that will drive fintech forward.’
Scotland’s Fintech community now exceeds 100 innovative enterprises
The fintech community in Scotland has now increased to over one hundred innovative firms focused on reinventing financial services through new technology and data.
This increase continues the momentum from the start of the year when it was announced that the number of firms had trebled to 75 over the twelve months since the formation of FinTech Scotland at the beginning of 2018.
The growth in the number of fintech firms in the community continues to be fuelled by a combination of new enterprises being created, international firms moving to Scotland and existing technology firms developing new fintech propositions.
The 100 Scottish fintech firms
The announcement comes on a day when the Public Finance and Digital Economy Minister Kate Forbes welcomed some of the newest firms to the FinTech community to the Scottish Parliament at Holyrood.
This was an opportunity for the Minister to hear from a range of diverse and exciting new enterprises and their entrepreneurs includingMoneyMatix, Xpand Access, CU Apps, Zortrex, Women’s Coin .
Additionally, Amiqus the recent winner at EIE19, Scotland’s main showcase event for firms looking for investment, joined the group to share how they are building on their initial growth. EIE this year saw fintech firms being the largest sector represented further demonstrating the growth in the sector.
Image: Public Finance and Digital Economy Minister Kate Forbes with some of the firms from the Scottish fintech community and the teams at FinTech Scotland and Scottish Enterprise.
FinTech Scotland has also announced that Scotland’s International Fintech Festival will take place over three weeks between the 9thand the 27thof September, following on the success of last year’s community led Festival.
The Festival will take place across the breadth of the country, including seven Scottish cities and will see over 50 events with many being joined by international guests from around the world, further reflecting Scotland’s growing reputation as a global fintech nation.
Following the announcement Minister Kate Forbes said:
“Scotland has the fundamental strengths to be globally recognised as a centre of FinTech excellence. Our economy is open and competitive, we have a highly skilled workforce, a great quality of life and an attractive cost base compared to other financial centres.
“Working with FinTech Scotland and its partners, we have seen real growth in the sector in Scotland, and I am pleased to celebrate the milestone of our first 100 FinTech companies. This is just the beginning, and I am confident that we will see continued growth.”
David Ferguson, CEO of AIM listed fintech Nucleus Financials added:
“These are becoming very exciting times for Fintech in Scotland and it’s hugely inspiring to see so many companies contributing to the tech-led reinvention of financial services. It’s also brilliant to see Stephen and his Fintech Scotland team doing such a great job in supporting and helping to drive this growth.”
Commenting on the latest progress, Stephen Ingledew, chief executive of FinTech Scotland said:
“We continue to be focused on supporting the dynamic and expanding fintech community across Scotland and it is encouraging to see the number of enterprises grow with the support of key partners, universities and Scottish Government.
“Scotland’s fintech community is continuing to attract growing interest from international investors as well as the established financial services sector who recognise the significant value in collaborating with creative forward-thinking enterprises.”
Linda Hanna, Managing Director for Scottish Economic Development at Scottish Enterprise, said:
“The vibrant fintech sector in Scotland keeps going from strength to strength – and its growth isn’t showing any signs of slowing down. As Scotland’s national economic development agency, we are keen to continue to build on this success, creating the ideal environment for these new and scaling businesses to thrive, and cementing Scotland’s place as a global fintech hub.”
Launch of the UK Fintech National Network
Innovate Finance, FinTech Scotland and FinTech North have today announced the launch of a national fintech network. Its aim is for innovators to connect all around the country.
The FinTech National Network will increase collaboration between fintech hubs focussing on initiatives such as skills, investment and diversity.
Because innovation is coming from all parts of the UK it is vital to have a unified message that can be taken to a global audience and attract even more Foreign Direct Investment (FDI).
FDI is still flowing into the UK fintech sector. In 2018, the UK had its highest year in terms of investment, with over $3.3 billion, split roughly 50/50 between growth PE investment and VC investment. Compared to 2017, it’s 18% higher. Between 2016 and 2017 FDI had already doubled. These growth levels put the UK third only to China and the US.
Stephen Ingledew, CEO of FinTech Scotland said:
“Innovate Finance is leading on valuable work in areas such as attracting investors, access to skilled people and international engagement, so we are delighted to be working in collaboration with them in supporting the development of FinTech enterprises. With our shared values of encouraging diversity and inclusion in financial innovation, we are looking forward to developing our partnership in supporting FinTech growth.”
Chris Sier, Chairman of FinTech North & HM Treasury FinTech Envoy, said:
“Innovate Finance is a globally respected and recognised brand. As the FinTech sector continues to develop at pace outside of London, it is really encouraging to see Innovate Finance taking more proactive steps to engage on a truly national basis.
London’s role in the global FinTech economy is a significant one, but I strongly feel the regional cities of the UK have much to offer on a national and international basis, even more so if they can collaborate with each other via initiatives like the FinTech National Network.”
Charlotte Crosswell, CEO of Innovate Finance, said:
“I am delighted that we will be working closer with the FinTech Scotland and FinTech North across the UK. Clearly, momentum is growing within the UK’s national FinTech scene outside of London and Innovate Finance is committed to ensuring that FinTech is supported and represented across the entire breadth of the UK.”
FNZ becomes first Scotland-based fintech unicorn business
The Scottish financial sector has always punched above its weight, confident in its status as the largest UK financial centre outside London. It not only contributes billions of pounds to the UK’s GDP, but is recognised the world over for its innovation and forward thinking ”“ successfully picking up the baton passed by innovators from years gone by.
Add to that the country’s current ambition to become a globally recognised top five fintech hub ”“ nurturing start-ups, scaling up SMEs, encouraging growth, and attracting global firms ”“ and it’s easy to see why the Scottish fintech ecosystem is outperforming its rivals.
Scotland’s credentials as a leading fintech location were further reinforced recently with the news that the Edinburgh-based fintech giant FNZ has reached Unicorn status.
While it would be a stretch to claim FNZ as a truly home-grown Scottish company, a lot of the business’s rapid growth has occurred on Scottish soil. The company was founded by chief executive Adrian Durham in New Zealand, before they quickly expanded to Scotland in 2005. Many of the original FNZ team were from Scotland and importantly remain working for the company today, from its Tanfield base in Edinburgh, where they employ over 400 of its 1,500 members of staff.
FNZ has thrived during its time in Scotland, thanks at least in part to the combination of talent, customers and infrastructure needed to succeed.
The company now holds £330 billion in assets under administration from around five million customers globally, serving some of the world’s largest financial institutions, including Standard Life Aberdeen, Santander, Lloyds Bank, Vanguard, Generali and Barclays.
Its success caught the attention of Al Gore’s Generation Investment Management LLP and Canadian pension fund Caisse de Depot et Placement du Quebec, which combined to acquire the stakes previously owned by General Atlantic and H.I.G. Capital- in what was 2018’s largest fintech deal ”“ valuing the company at £1.65 billion a mere 15 years after it was founded.
The deal, if we accept that foreign direct investment is a good measure of attractability for any economy, is one of the best examples of what can be achieved in Scotland.
FNZ’s business is built on the desire to help people achieve their financial goals by developing excellent technology solutions that simplify the end-user experience and ultimately direct more of their hard-earned money into assets by bringing down the cost of managing those assets.
Adrian Durham, CEO and founder of FNZ said:
“The question we asked when launching FNZ was how can technology solve the problems faced by consumers of long-term savings products? We knew then, and it’s still true today, that technology is the key to unlocking many of the solutions to the problems typically faced by customers. It was important therefore for us to expand our business into a destination that was technologically advanced and would support our ambitions. We certainly found that in Scotland.”
“FNZ is a growth business and I’m pleased to say that we have continued to grow apace, benefiting from the investment being made in our own technology and processes, our increasing scale, and the effort and dedication of our highly-skilled people.”
FNZ employs nearly 600 people in the UK, the majority of them in Edinburgh. The company’s dedicated research and development division invests heavily in its core technology platform and processes, including digital advice, blockchain, predictive analytics and end-to-end process automation.
Stephen Ingledew, CEO at FinTech Scotland said:
“FNZ is a global leader in blending new technologies with financial services to improve customer engagement with long term savings and investments and it is a shining example of how innovative enterprises can grow and expand on the international stage form Scotland.”
“I’ve known Adrian and FNZ team since their early formative days of arriving in Scotland and it has been inspiring to see first-hand their exponential growth with a focus on people skills development to support the delivery of world class customer outcomes through new technologies. The impact of FNZ on the UK and global savings and investment market has been seismic for both the financial services industry and many consumers and we are delighted FNZ are part of the Scottish ecosystem which is having such a significant international impact.”
Graeme Jones CEO of Scottish Financial Enterprise said:
“FNZ is a fabulous success story for Scotland. Reaching Unicorn status is a remarkable achievement and testament to what can be accomplished within our thriving financial services industry. The company is a leader in innovation, a major player within financial services and a sizable employer, all of which is evidence of Scotland maintaining its gold standard legacy within our industry.”
“I am delighted FNZ has joined SFE, further enhancing our membership. I am looking forward to working with Adrian and his team at FNZ as we continue to promote the strength of Scotland’s financial services industry in Scotland, across the UK and worldwide.”
FinTech Scotland and FinTech North to collaborate in 2019
FinTech Scotland announced today the strengthening of its relationship with FinTech North, one of the leading fintech organisation in England.
Together they will collaborate around many initiatives this year including Stephen Ingledew, FinTech Scotland’s chief executive delivering presentations at FinTech North’s conferences in Manchester and Leeds in the Spring
and then a joint collaboration conference by the two organisations in in Scotland in the Autumn
Julian Wells, Director of FinTech North, says:
“Its a pleasure to welcome Stephen and FinTech Scotland to our first two major conferences of 2019. We have enjoyed a mutually supportive relationship since the creation of FinTech Scotland in 2018 and the progress made by Stephen and the team in that time is highly impressive. We look forward to developing even stronger links with FinTech Scotland over the coming months and are excited to run our first event north of the border later this year.”
Stephen Ingledew, Chief executive of FinTech Scotland, says:
“FinTech Scotland is delighted to be working with the FinTech North team, with whom we share a common passion for the development of strong and vibrant FinTech communities and economy across the country. In Scotland over the last year we have made significant progress in bringing together the innovative Scottish fintech community across multiple cities, organisations and universities and I look forward to sharing our journey with the FinTech North community.”
FinTech Scotland and FinTech North were already closely aligned as both organisations are chaired by HM Treasury FinTech Envoys. Chris Sier is FinTech Envoy for the Northern Powerhouse and chairs FinTech North, while David Ferguson is Scotland’s FinTech Envoy and chair of FinTech Scotland.