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.”
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.”
Scottish fintech GiftRound’s Wins the Great British Entrepreneur Awards
GiftRound was named the Innovation Entrepreneur of the Year at the 2024 Great British Entrepreneur Awards (GBEA) thanks to its remarkable contributions to the group gifting market, making the processes more inclusive and efficient.
A Win for GiftRound and Scottish Entrepreneurship
Held at the Grosvenor House in London, the awards ceremony brought together top innovators and changemakers from across the UK. GiftRound’s recognition was a proud moment for the company but also for Scotland’s vibrant FinTech community.
Founder and CEO Craig Forsythe shared his thoughts:
“It was great to attend the Great British Entrepreneur Awards in London and be in a room full of amazing entrepreneurs representing such a broad spectrum of industries. To have GiftRound recognised as a winner is an amazing achievement and recognition of our journey and the amazing efforts of our dynamic team who are passionate about making group collections easier.”
This prize reflects GiftRound’s innovative approach to solving everyday challenges in group gifting—creating a seamless, secure, and inclusive platform for managing group collections. GiftRound puts customers at the centre of the experience, setting a new benchmark in the sector.
Recognising the Impact of Entrepreneurs
The GBEA, often described as “The Grammys for Entrepreneurship,” is in its 12th year of honouring individuals and businesses that drive innovatio.
Francesca James, founder of the awards, emphasised the significance of this recognition:
“This year’s winners collectively generate over £3 billion in turnover and employ over 20,000 people. These extraordinary individuals are not only transforming industries but also uplifting communities and inspiring the next generation of business leaders.”
What’s Next for GiftRound?
The GiftRound team remains focussed on expanding their impact, enhancing user experiences, and driving innovation in the group gifting space. They’ll continue to empower communities and bring people together through technology.
Lloyds Banking Group Partners with Scottish FinTech Inbest to Launch New Benefits Calculator
Lloyds Banking Group has partnered with Scottish fintech Inbest to launch a new tool aimed at helping millions of UK households access unclaimed benefits. The benefits calculator, now available in the Lloyds mobile banking app, is designed to bridge the gap between people and the £23 billion of unclaimed benefits such as Universal Credit and council tax support.
How It Works
The calculator is simple and intuitive. Users start by answering six quick questions about their household, income, and living situation. Based on this initial input, the tool provides an estimate of potential benefits they might be entitled to. For a more detailed analysis, users can complete a five-minute questionnaire to receive a final summary of their benefits eligibility.
If eligible, the calculator doesn’t just stop at telling users what they might claim; it also provides direct links to begin the application process. Additionally, the tool highlights potential grants for home improvements or energy efficiency upgrades.
Tackling a National Problem
Lloyds Banking Group’s initiative is a direct response to the estimated eight million UK households missing out on financial support. With the cost-of-living crisis intensifying, the “More Money in Your Pocket” hub in the Lloyds app aims to provide tangible assistance to those who need it most.
Since its soft launch, the benefits calculator has already helped thousands of users identify new sources of financial support. The tool is available on both iOS and Android devices, ensuring broad accessibility for Lloyds customers.
A Collaboration for Impact
This innovative solution was developed in partnership with Inbest, a leading Scottish fintech specialising in financial inclusion technology. Inbest’s expertise in building user-friendly tools to simplify financial complexity was instrumental in creating the benefits calculator.
FinTech Scotland, which supports collaborations like this, continues to highlight the power of partnerships between established financial institutions and fintech innovators. By joining forces, Lloyds Banking Group and Inbest are leveraging technology to deliver impactful financial solutions for everyday consumers.
“We’ve launched Benefit Calculator, helping customers to identify the benefits they may be eligible for and providing clear guidance on making a claim.”
This partnership with Inbest is a testament to the growing importance of fintech collaborations in addressing societal challenges. By combining Lloyds’ reach and resources with Inbest’s innovative capabilities, this initiative marks a significant step towards greater financial inclusion across the UK.
Financial firms, Telcos and Technology leaders launch a collaborative programme in International Fraud Awareness Week to tackle financial crime across the UK
As part of International Fraud Awareness week, 11 industry partners including BT, HSBC, Morgan Stanley, Abrdn, TSB, Virgin Money, Lloyds Banking Group, Barclays, Fujitsu, Equifax and Dudley Building Society are collaborating to launch an innovation programme focused on addressing financial crime.
FinTech Scotland, SuperTech West Midlands, and Greater Manchester Combined Authority, brought together through the Innovate UK Innovation Accelerators programme, will lead the UK wide innovation call aiming from within the Financial Regulation Innovation Lab to tackle financial crime challenges.
Innovators worldwide are invited to apply to join the programme by 13 January 2025. Successful applicants will benefit from direct support from industry leaders, an unparalleled opportunity to refine and test their propositions within a robust framework. Participants will also gain insights through exclusive roundtables, masterclasses, and workshops led by leading academics from the University of Glasgow, University of Strathclyde, Aston University, and Birmingham City University.
This initiative builds on the momentum of three previous innovation calls launched this year by FinTech Scotland through its Financial Regulation Innovation Lab (FRIL). By publishing industry-led challenge statements, FRIL invites innovators to develop new solutions to address real world challenges. By focussing on non-competitive challenges, FRIL encourages collaboration across established institutions, delivering meaningful change in financial services and other sectors.
In addition, this fourth call further expands the geographical reach of FRIL. Having expanded recently on the call relating to Consumer Duty, launched in September, with the partnership with SuperTech West Midlands, the financial crime programme welcomes the addition of Greater Manchester Combined Authority to cement the development of FRIL as an asset for the whole of the UK. As the three geographies with Innovation Accelerator pilots, part of the government’s commitment to place-based innovation investment through Innovate UK, part of UKRI, the partnership is working to demonstrate the power of this approach and that of cluster-led innovation activity relevant to advancing the UK’s position in a priority sector
This collaboration will deepen FRIL’s impact in tackling financial crime, with a specific focus on five use cases provided by industry.
The call will conclude on 20 March 2025 with a showcase event, offering innovators the chance to present their solutions to a broad range of senior stakeholders.
Applications close on 13 January 2025. For more information and to view the programme’s use cases, please visit https://www.fintechscotland.com/what-we-do/financial-regulation-innovation-lab/financial-crime/
Nicola Anderson, CEO at FinTech Scotland said:
“FRIL is all about the power of collaboration, bringing together diverse expertise to deliver better outcomes for all. By partnering with other UK regions, we are strengthening the UK’s position as a leader in financial innovation, connecting the best minds and resources to address some of the industry’s toughest challenges.”
Hilary Smyth-Allen, Executive Director SuperTech:
“Joining this latest thematic call with FRIL, we are building on the strong base of cross-regional collaboration of innovation endeavour. As the partnership expands, the undoubted winner is the UK; this time in tackling some of the biggest challenges facing industry and citizens as result of financial crime”
Paul Taylor, Managing Director, BT Business:
“By taking part in FRIL, BT will continue to co-innovate with industry partners on key challenges and priorities in tackling Financial Crime. It will allow us to explore FinTech solutions and harness innovation to ensure our customers and businesses are protected today and prepared for tomorrow.”
Paddy O’Keefe, Public Private Partnerships Virgin Money:
“Virgin Money is committed to tackling financial crime, and technology has a key role to play in effectively achieving that. Following the success of FRIL’s ‘simplifying compliance with AI’ programme, we’re excited to support the new ‘innovation to address financial crime’ programme and look forward to engaging with partners to help combat this important issue.”
Ali Fellows, Head of Compliance & Financial Crime, Dudley Building Society:
“Financial Crime prevention is something I am extremely passionate about, having worked in the financial services industry in this area for over 20 years. We have a huge part to play in this, and collaborative working is fundamental in helping drive the fight and shape the future. I am really looking forward to working with SuperTech WM and Fintech Scotland to see how innovation can help develop solutions to help make it harder for criminals to abuse our society and tackle the harm that financial crime causes.”
Robert McKechnie, Director, Credit Products and Strategic Alliances at Equifax UK, said
“This call aligns seamlessly to Equifax’s commitment to strengthen the financial services’ sector in their responding to criminal activities i.e. Identity and Fraud thus meeting their regulatory requirements. The ability to leverage innovative and emerging applications of technology plays a crucial role in the identification and disruption of financial crime and we are excited to be engaging across the FRIL programme to support the development of these solutions.”
Kwaku Osafo, Head of Economic Crime Prevention & MLRO, Insurance, Pensions & Investments Risk, Lloyds Banking Group said:
“Lloyds Banking Group are delighted to be participating in this unique collaborative programme focused on strengthening cross sector efforts to tackle financial crime and fraud. We are looking forward to engaging with industry, academia and regulatory colleagues to explore and harness cutting edge fintech solutions.”
FRIL is a project funded by the Glasgow City Region Innovation Accelerator programme Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerators programme invested £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters – Glasgow City Region, Greater Manchester and West Midlands. This is a new model of R&D decision making that empowers local leaders to harness innovation to drive regional economic growth, help attract private investment and develop future technologies.
CBI and Zumo Partner to Track Sustainability in Digital Assets
Commercial Bank International (CBI), a UAE-based bank, has entered into a strategic partnership with Scottish fintech Zumo. This collaboration will focus on exploring methods to track the sustainability of digital assets—a step in CBI’s ongoing work to bring innovative, environmentally conscious digital solutions to its clients.
The UAE is rapidly positioning itself as a centre for digital asset growth and regulatory clarity, with projections suggesting that the nation’s digital asset market will grow from $453.20 million in 2024 to $616.80 million by 2028. As digital assets become a more established part of the financial landscape, both CBI and Zumo aim to contribute to a framework that prioritises transparency and environmental awareness.
Giovanni Everduin, Chief Strategy & amp; Innovation Officer at CBI, commented on the partnership:
“Our partnership with Zumo marks a significant milestone in CBI’s ongoing commitment to innovation and sustainability. Aligned with our vision of partnership driven innovation, we look forward to collaborating with Zumo to become one of the first banks in the world to provide carbon footprint insights with carbon offsetting for digital assets. This revolutionary capability will ensure
that, as digital assets become further embedded within the financial ecosystem, customers and institutions have the required tools and data to ensure their sustainability goals are tracked and achieved.”
For Zumo, the partnership represents an opportunity to extend their focus on sustainability within the digital asset sector.
Clark Povey, Zumo’s Chief Operating Officer, shared his perspective:
“We’re delighted to announce our strategic partnership with Commercial Bank International, one of the UAE’s most innovative banks, headquartered in Dubai. Our collaboration with CBI will see Zumo’s pioneering digital assets and blockchain technology complement CBI’s financial expertise and innovative approach to drive sustainability. Zumo solves the biggest challenges in digital
assets for financial institutions by providing business-critical technologies to navigate the rapidly evolving digital asset landscape, and with Zumo’s technology and leadership in sustainability of digital assets, the exciting journey ahead is just beginning..”
Zumo’s platform is designed to help financial institutions address sustainability challenges within digital assets. It provides tools to meet MiCA’s sustainability disclosure requirements in the EU, simplifying how crypto asset service providers
(CASPs) can publish environmental sustainability indicators for distributed ledgers. With these tools, CASPs can provide transparent, accessible data on the environmental impact of their digital assets.
Zumo is committed to decarbonising digital assets and plays and important role as an early signatory of the Crypto Climate Accord and the Abu Dhabi Sustainable Finance Declaration.