Bayes Centre

[15/01/24] Member News: 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 enterprises as Bayes Centre Member 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.

Related Links

FinTech website 

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




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