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A collaborative cluster

Collaboration is at the heart of innovation within Scotland’s FinTech cluster. By bringing fintech innovators, established financial firms, actors from other sectors, regulators, citizen an academia together, we ensure that fintech innovation drives positive outcomes for people, society and the planet.

Cross-sector partnerships

EY launched its first Scottish fintech lab in Edinburgh to foster collaboration and innovation. The lab brings together fintechs, investors, and regulators to develop real-world solutions, with a focus on sustainable finance. Its first cohort, in partnership with FinTech Scotland and Space Scotland, explored how space science data can enhance financial services, supported by the UK Space Agency.

Partnering for learning

Barclays Eagle Labs have launched a digital learning platform to help founders start and scale their business. The bite-sized lessons allow users to learn at their own pace. The platform covers key aspects of launching and running a business, from how to find and hire the best people to how to raise finance.

Partnering for growth

NatWest launched its first fintech Growth Programme, an exciting opportunity for fintech startups to use the resources, expertise and networks of an established high-street bank to help them scale-up sustainably. The programme supports NatWest’s ambition of leading the future of banking and drive the bank’s innovation pipeline.

Partnering for inclusion

The Morgan Stanley Inclusive and Sustainable Ventures. In-house start-up accelerator that promotes financial inclusion and provides access to capital for early-stage technology and technology-enabled companies lead by women or under-represented groups.

In 2023, Scottish fintech Inicio AI won the Scottish pitch event and became one of the 21 companies selected for their global programme which ended with a demo pitch event in London in front of hundreds of investors and other organisations.

Fintech collaboration examples

ESG Innovation

Snugg partners with TSB

Snugg partners with TSB

Background

Snugg, a Scottish fintech focused on sustainability, empowers homeowners to make their properties more energy-efficient. By simplifying access to funding, certified suppliers, and tailored advice, Snugg supports both environmental goals and financial wellbeing. Recognising the alignment between Snugg’s mission and its commitment to innovation, TSB partnered with the FinTech to enhance its services.

The Partnership

In 2022, Snugg participated in the TSB Innovation Lab, an initiative supported by FinTech Scotland to foster collaboration between financial institutions and innovative firms. Through this process, Snugg’s technology was selected for integration into TSB’s customer journey, enabling seamless access to energy-saving solutions.

The Impact

The partnership allows TSB customers to identify energy-saving opportunities, access government funding, and connect with trusted suppliers directly through the bank’s platform.

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Financial Inclusion Innovation

Inbest and Lloyds Banking Group join forces

Inbest and Lloyds Banking Group join forces

Background

Inbest, a Scottish FinTech company, specialises in developing tools to help individuals access unclaimed benefits and improve their financial health. Recognising the significant amount of unclaimed benefits in the UK, Inbest aims to bridge this gap by providing user-friendly solutions that identify potential entitlements. Lloyds Banking Group, committed to supporting customers’ financial wellbeing, saw an opportunity to enhance their services by integrating Inbest’s innovative technology.

The Partnership

In November 2024, Lloyds Banking Group partnered with Inbest to launch a new benefits calculator within their mobile banking app. This collaboration was facilitated by FinTech Scotland who facilitated the creation of Lloyds Banking Group’s Launch Innovation Lab, which supports partnerships between established financial institutions and FinTech innovators.

The benefits calculator is designed to help customers identify unclaimed benefits, such as Universal Credit and council tax support, by providing personalised estimates based on their individual circumstances.

The Impact

Since its launch, the benefits calculator has assisted thousands of customers in discovering additional financial support they were previously unaware of. By answering a few simple questions about their household, income, and living situation, users receive an estimate of potential benefits and are guided on how to claim them.

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