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Fintech in Aberdeen

Aberdeen

Embracing fintech

Aberdeen is a global leader in research, development and innovation. Digital tech is a key growth sector in north east Scotland and has one of Europe largest EnergyTech communities with strengths in ClimateTech, AgriTech and FinTech. North east Scotland is a region particularly attractive for FinTech start-ups with many benefits including synergies with the highly regulated energy sector, a highly innovative and skilled talent pool and a dynamic and growing digital tech ecosystem, providing expertise and support to the diverse community. Aberdeen has two world class universities (University of Aberdeen and Robert Gordon University) that produce some of Scotland’s most employable graduates. The pool of educated and skilled workers is high, making it a competitive location to start or relocate a business.

A growing digital sector

North east Scotland’s high-value digital tech sector is leveraging its energy industry expertise to drive further innovation and growth. Benchmarking analysis commissioned by Opportunity North East and Scottish Enterprise earlier this year revealed that north east Scotland’s tech cluster now comprises more than 300 companies employing almost 4,400 people and turning over more than £520 million a year.

Impressive infrastructures

ONE Tech Hub based in Aberdeen city centre, is a transformational project by Opportunity North East (ONE) and the anchor point for the digital tech community in north east of Scotland. A unique ecosystem that brings together leading entrepreneurial education, digital tech business incubation and support with a wide range of sector experts, mentors and investors to create a community focused on growing and diversifying the region’s digital tech sector. ONE Tech Hub is also home to the north east of Scotland’s Tech Scaler Hub, Barclays Eagle Labs, The Data Lab, Censis and the Scottish 5G Centre and Aberdeen Connect 5G Hub, which together provide a range of expert support for digital tech startups and scaling tech businesses.

 

The city has great ambitions as demonstrated by projects such as the Aberdeen Hydrogen Hub will help position the region as a global leader in hydrogen production and distribution. Further investment in Aberdeen City Centre and Beach waterfront, as well as Union Terrance Gardens recently reopening at the start of 2023. The Port of Aberdeen’s South Harbour, a £420 million investment which will boost the region’s trade and investment opportunities.

An icon showing a superfast broadband router

Digitally connected

Thanks to its flourishing technology sector, Aberdeen was ranked at the top of Payment Sensea’s list. The city was the first area in the UK to experiment with fibre-to-the-premises and was the first in the UK to have access to super-fast broadband.

The Full Fibre Project, funded by the Aberdeen City Region Deal, was completed in June 2023 and provides ultrafast fibre connectivity to the region. This £11.5 million investment was put in place to connect as many as 190+ corporate sites across the north east and has opened up opportunities for residents, businesses and internet providers to help further strengthen the region’s connectivity.

Aberdeen City Region Deal

The Aberdeen City Region Deal is the agreement between the UK Government and the Scottish Government with Aberdeen City Council, Aberdeenshire Council and Opportunity North East (ONE) as one delivery mechanism for the Region’s economic vision.

The £1 billion deal will focus on transformational investment supporting the evolution of the region’s key sectors, sustainable business growth and creating green jobs for the future.

Investment Zone Status

In June 2023, the north east of Scotland was announced as one of two new Investment Zones in Scotland by the UK and Scottish Governments. The Investment Zone will boost the regional economy, stimulate business growth and create high quality jobs for local people. As one of Scotland’s first two Investment Zones, the North East will be supported with up to £160 million in targeted investment, tax reliefs and other incentives over 10 years doubling the money and timeline.

For further information visit: Opportunity North East Digital Tech or  Technology & Digital (investaberdeen.co.uk)

Connected laptops

The Fintech community

We enable fintech companies of all sizes to start, scale up, develop and prosper