Scottish Fintech Cluster’s New Home Unveiled as Annual Festival Begins
Scotland’s FinTech Cluster celebrated the official opening of the Fintech Ward in the heart of the newly opened Edinburgh Futures Institute (EFI) in Edinburgh, with an event that also marked the launch of the much-anticipated FinTech Scotland Festival 2024.
FinTech continues to grow in Scotland with 235 fintech firms now working in Scotland, a 23% increase in the last 3 years. These businesses continue to attract investment with a 26% increase 2024.
Edinburgh has long had an established fintech foothold. The fintech ward at the EFI further advances the opportunity for accelerated growth. The facilities connect business and the latest research and interdisciplinary innovations.
Business Minister Richard Lochhead said:
“Scotland has a long and rich history in financial services, and is now a leading player in cutting edge fintech – a strategically important sector in the 21st century, playing a key role in securing economic growth and jobs.
“The opening of the Fintech Ward at EFI and the launch of the FinTech Scotland Festival are clear signals of our continuing leadership in fintech innovation, further strengthening Scotland’s position as a global fintech hub.”
The evening, brought together key players from the Scottish Fintech cluster, including representatives from established financial institutions, fintech startups, academics, and leading industry figures.
Nicola Anderson, CEO of FinTech Scotland, emphasised the importance of the festival, noting:
“This year’s festival will showcase Scotland’s vibrant fintech ecosystem and facilitate meaningful connections between innovators, financial firms, academics, and international stakeholders around the key priority areas detailed in the UK Fintech Research and Innovation Roadmap that we first published in 2022.”
Kev Dhaliwal, Interim Director of EFI, commented on the institute’s role:
“The Edinburgh Futures Institute was created to drive collaboration across disciplines, sectors, and industries, providing a space where ideas can flourish, and innovations can thrive. EFI is not only a home for fintech but also for education, data science, culture, and public policy. It offers a cross-sectorial approach to addressing the complex challenges of the future.”
The FinTech Scotland Festival 2024, running between the 25th of September and the 4th of October, will feature a series of events aimed at highlighting cutting-edge fintech innovations, and driving forward the fintech cluster in Scotland and the fintech movement around the globe. The festival will bring together local and international thought leaders, businesses, and innovators to explore the latest trends, technologies, and opportunities in payment, financial regulation, Open Finance and Climate.
For more information about the FinTech Scotland Festival, please visit www.scotlandfintechfestival.com
For more details about the Edinburgh Futures Institute, visit https://efi.ed.ac.uk/.
Photo: Business Minister Richard Lochhead and Nicola Anderson, CEO at FinTech Scotland
BlackRock joins FinTech Scotland supporting Fintech Innovation for a New Era in Finance
BlackRock, the leading global investment manager, announced it was joining FinTech Scotland, the cluster management organisation for the fintech sector in Scotland. The announcement comes as BlackRock continues to develop local knowledge and talent as it expands in Scotland.
The ambition aligns with the FinTech Scotland Research and Innovation Strategy, focused on shaping the future of finance through fintech and technology. Through this partnership BlackRock and FinTech Scotland will collaborate on innovation and solving difficult problems through data and technology, helping more people experience financial wellbeing.
BlackRock joins a fintech cluster that is recognised as a centre of excellence in fintech innovation through a committed industry driven to advance the fintech opportunity. The Cluster is rich and diverse with over 235 fintech SME, 35 established financial and professional services institutions, global technology enterprises, world-class universities, regulators and a supportive public sector.
BlackRock’s deep expertise in technology and investment management continues to add to the experience across the FinTech Scotland Cluster and confirms its plans for further growth in Scotland.
Scott Walker, Managing Director, Co-head of BlackRock’s Edinburgh office, said: “We are excited to join with FinTech Scotland and its dynamic fintech cluster. We’re looking forward to working with peers and the industry in exploring key themes that are critical to the future of financial services and important to our clients. BlackRock has a long history in Edinburgh and our partnership with FinTech Scotland demonstrates our ongoing commitment to the local market, in addition deepening our relationships in this growing sector.”
Nicola Anderson, CEO of FinTech Scotland, said: “The collaboration with BlackRock is a testament to the strength and international appeal of the Scottish fintech cluster. Thanks to the collective innovation and technology expertise across in Scotland, we will continue to drive meaningful change and fintech evolution that will address some of the most pressing challenges in the financial industry today.”
Breakthrough Data Innovations Take Centre Stage at the 7th Annual FinTech Scotland Festival
FinTech Scotland proudly announces the launch of the 7th Annual FinTech Scotland Festival, running from September 25th to October 4th, 2024.
This year’s festival promises to bring together the dynamic and collaborative Scottish fintech community, showcasing its remarkable growth, innovation, and energy. Attendees will engage in critical discussions on topics shaping the global fintech landscape.
Building on the success of previous years, Scotland will welcome over 2,000 fintech professionals and enthusiasts from Scotland, the UK, and around the world. The programme kicks off with the Fintech Summit at Dynamic Earth in Edinburgh on September 25th, organised by leading tech publisher Digit. This summit will pave the way for a series of insightful and forward-thinking discussions and presentations throughout the festival.
Spotlight on Data Innovations
The 2024 FinTech Scotland Festival will highlight data innovations revolutionising the fintech and financial industry, including AI, Distributed Ledger Technologies, Open Finance, and new data sources aimed at achieving ESG objectives. The festival will feature various events, round tables, and panel sessions designed to support the growth and development of fintech companies.
Nicola Anderson, CEO of FinTech Scotland, expressed her excitement:
“We are thrilled to launch the 7th edition of the FinTech Scotland Festival. Each year, the festival allows me time for reflection on the thriving nature of the Scottish fintech cluster and its achievements. This year”™s program is packed with events that will serve to inspire, educate, and foster collaboration across the industry.”
The FinTech Scotland Festival provides a unique platform for networking, learning, and innovation. It brings together industry leaders, startups, investors, and policymakers to discuss the latest trends and challenges in the fintech sector.
This year, Scottish fintech Appointedd, will be the official festival technology partner, providing their solution to allow attendees to book events. As official media partner, Digit will offer coverage of the festival through videos, articles and much more.
To explore events, register and get involved visit scotlandfintechfestival.com
Phoenix Group Announces Winner of Women’s Innovation Forum: Hazel Platform
FinTech Scotland’s Strategic Partner, Phoenix Group, the UK’s largest long-term savings and retirement business, just announced the winner of its Women’s Innovation Forum: the innovative platform Hazel. This announcement follows a comprehensive challenge launched in August 2023, in collaboration with FinTech Scotland, inviting organisations to pitch transformational solutions aimed at engaging women in their financial futures and helping them make more informed decisions.
Addressing the Gender Pension Gap
Phoenix Insights, the think tank of Phoenix Group, has highlighted a concerning trend: women are significantly lagging behind in their pension savings due to various life events such as caring responsibilities and divorce. By their 40s, women typically save 34% less for retirement than men, and this gap widens to 51% by their 50s, despite women generally living longer. The research highlights an urgent need for innovative solutions to bridge this gap and ensure women have sufficient income for a comfortable retirement.
The Winning Solution: Hazel
The Hazel platform, an innovative tool providing guidance and support on using housing wealth to enhance retirement income, has emerged as the winning solution. Hazel helps individuals, particularly women, understand how to utilise the equity in their property as part of a holistic retirement financial planning process. This approach can free up significant capital in retirement, contributing to a more secure and comfortable future.
How Hazel Works
Hazel’s platform offers balanced and personalised guidance to adults over 50, including retirees, on leveraging property assets. Users are guided through considerations related to downsizing, relocating to a more affordable area, or releasing equity through later life lending products such as lifetime mortgages. The platform provides a holistic personal assessment, considering lifestyle and property choices, and offers insights on finding and funding appropriate housing options and financial solutions.
Women, who are more likely to own their homes in retirement and live longer with lower pension wealth, stand to benefit significantly from Hazel’s guidance. By helping women make informed decisions about their housing wealth, Hazel aims to improve financial confidence, close the income gap, and enhance quality of life in retirement.
Moving Forward with Hazel
Phoenix Group and Hazel will now explore integrating a pilot of the platform into Phoenix’s existing services. Claire Hawkins, Executive Sponsor of the Women’s Innovation Forum and Phoenix Group’s Director of Corporate Affairs and Investor Relations, expressed her enthusiasm for the initiative:
“Hazel’s solution will help more women understand how they can use their property assets to top up their pensions and close the income gap in retirement. This practical and scalable solution offers all homeowners greater choice and control over funding their retirement. We see tremendous potential in this project to engage women in their financial futures and help them make better, more informed decisions.”
A Commitment to Empowering Women
The collaboration with Hazel is part of Phoenix Group’s broader commitment to addressing the gender pension gap and supporting women’s financial empowerment. By providing innovative, research-based solutions like Hazel, Phoenix aims to ensure that women are better prepared for retirement and can enjoy a higher quality of life.
Mark Whitcroft, Co-Founder of Hazel, highlighted the importance of this partnership:
“Grounded in extensive research with the UK’s National Innovation Centre for Ageing (NICA), Hazel was developed to address the significant challenges older adults face in making crucial life and housing decisions. Our collaboration with Phoenix Group broadens the spectrum of guidance available to their clients, empowering individuals to make confident and informed choices about their later years.”
TSB and FinTech Scotland open applications for new Innovation Labs programme
From today, TSB is taking applications for fintechs to participate in its fourth TSB Innovation Labs programme as the bank and Fintech Scotland encourage a new round of fintech collaboration.
In this year’s programme TSB is looking to work with fintechs that have open banking propositions to help the bank develop technology that will offer customers a more personalised experience and help them access a wider of financial products such as savings, insurance, investments and pensions.
The scheme will help grow Scotland’s fintech sector ”“by giving successful applicants the opportunity to develop their proposition under the guidance of TSB leaders across its business in its Edinburgh headquarters, Henry Duncan House.
TSB has also announced it will be partnering with Doshi for the next 12 months following last year’s Innovation Labs Programme. Doshi will be working with TSB to provide gamification functionality to support TSB’s Money Confident Communities financial education programme. The initiative has been in place for three years and involves TSB colleagues volunteers visiting local schools to help young people as they take their first steps toward financial independence.
Aruna Bhalla, Head of Partnerships & Open Banking, TSB said:
“Scotland is home to more than 200 fintechs and we’ve seen for ourselves the innovation they can bring in helping us deliver money confidence to our customers. We’re really excited to be partnering with Doshi following last year’s programme and want to work with fintechs this year that can help us shape the future of our Open Banking strategy.
Nicola Anderson, Chief Executive, Fintech Scotland said:
“We’re delighted to work with TSB and continue to be inspired by TSB’s approach to supporting fintech development, working in true partnership on solutions and propositions for customers. This year’s programme, focused on Open Banking is a sign of the continued value Open Banking innovation presents for the future of the banking sector. It’s an exciting opportunity and I’m looking forward to seeing the results and partnerships develop”
Leading Scottish Fintechs highlighted at Europe’s largest financial innovation summit with the support of FinTech Scotland and Scottish Development International
FinTech Scotland, in partnership with Scottish Development International (SDI), the international arm of Scottish Enterprise, announced today the participation of nine leading Scottish fintech companies at Europe’s largest fintech conference, Money2020, which will be held in Amsterdam from June 4th to June 6th.
These innovative companies, Modulr, Zumo, Inicio AI, Autorek, Predictiva, Br-dge, Appointedd, Encompass and CopyLab, will represent the Scottish fintech sector at the event as part of the UK Department for Business and Trade’s (DBT) wider delegation.
Hosted at the DBT pavilion, the Scottish delegation will showcase the country’s leadership and innovation in the fintech sector, highlighting its global influence. FinTech Scotland and SDI will share the pavilion with other regional fintech groups part of the UK Fintech National Network, including Fintech Wales, Fintech Northern Ireland, Supertech West Midlands, Fintech North as well as Fintech Alliance and Barclays Rise.
FinTech Scotland and SDI have planned a series of activities designed to maximise the event’s impact for Scottish fintechs. These include:
- Discussions with country experts on European regulations, to support fintech’s exporting services.
- Building meaningful connections with a networking event with over 200 European fintechs
- A series of investor pitching and networking events, driving investment for future growth and international expansion
- A series of panel discussions focused on expert insights on growing an international fintech business
- Capturing the key learning and expert insights from across the conference with a series of podcasts live from the event
Additionally, FinTech Scotland’s strategic partner TSB will share one of the main stages with Scottish fintech Inicio AI to discuss fintech collaboration.
Nicola Anderson, CEO of FinTech Scotland, said:
“We are thrilled to have a strong presence at Money2020, where we will highlight the immense talent, innovation, and leadership that Scotland brings to the fintech sector. This partnership is an essential part of our broader strategy to support the growth and scaling up of fintech companies. We look forward to meaningful collaboration and opportunities that this global event will provide as well as developing new connections”.
Reuben Aitken, Managing Director of International Operations at Scottish Enterprise, said:
“With a rich history in financial services, internationally renowned universities and an innovative tech scene, Scotland’s fintech sector enjoys an incredibly strong global reputation.
“Money20/20 is Europe’s largest fintech event and we look forward to joining FinTech Scotland in showcasing the very best the sector in Scotland has to offer, opening doors for Scottish companies to international markets and delivering investment opportunities here in Scotland in the process.”
FinTech Scotland partners with Cisco and Sword Ping to enhance fintech innovation resilience
Leading technology organisations in Scotland, Cisco with partners Sword Ping are thrilled to announce their strategic partnership with FinTech Scotland, the cluster management organisation for the fintech sector in Scotland.
Through this collaboration Cisco, Sword Ping and FinTech Scotland will be joining forces to foster innovation, drive technology adoption and accelerate growth within the financial technology sector whilst ensuring that cyber-resilience is at the core of fintech innovation. This partnership connects Sword Ping and Cisco expertise with the growing fintech landscape in Scotland, supporting the continued growth of Scotland’s fintech landscape.
CISCO and Sword Ping’s expertise in developing robust technology solutions specialising in scalable security/network managed services and hybrid cloud aligns with FinTech Scotland’s objective, supporting fintech SMEs to scale.
Nicola Anderson, CEO of FinTech Scotland, said:
“We are delighted to partner with Cisco and Sword Ping. This collaboration shows our commitment to accelerating fintech innovation and adoption in Scotland and across the UK. By working together to support and enhance cyber-resilience across the financial sector we can also advance opportunities for innovation and future fintech developments. This helps us contribute confidently to the future digital economy with resilient services supporting customers and businesses.”
Ishbell MacPail, Cisco Scotland Country Manager said:
“In partnering and supporting FinTech Scotland, we aim to do our part in developing Scotland’s fintech landscape. Alongside Sword Ping Ping, by collaborating with FinTech Scotland, we can leverage our knowledge to support Scotland’s fintech sector in promoting innovation, propelling technological breakthroughs, and quickening its expansion in the fintech space. At Cisco, we’re dedicated to fostering creativity and providing state-of-the-art solutions that enable companies to thrive.
Terry Neill, Business Unit Director at Sword Ping, said:
“We are excited to be coming together in partnership with Fintech Scotland. At Sword Ping, we are committed to driving innovation and delivering cutting-edge solutions that empower business to succeed in the digital age. By collaborating with FinTech Scotland, we aim to leverage our expertise to support the growth of the fintech ecosystem in Scotland beyond.”
FinTech Scotland Showcases Scottish Innovation in New York
FinTech Scotland is participating in New York Tartan Week and New York FinTech Week, representing the dynamic Scottish fintech sector on the global stage.
Led by CEO Nicola Anderson, FinTech Scotland is accompanied by a select group of innovative Scottish fintech companies, including Terrapin, Tindeco, Grand Bequest, and Broker Insights. This delegation is organised in collaboration with the UK Department for Business and Trade (DBT) and aims to explore and establish transatlantic market opportunities.
The participation reaffirms FinTech Scotland’s commitment to fostering international collaboration and showcasing the Scottish fintech cluster’s strengths. The delegation’s presence in New York represents a significant opportunity to create ties between the Scottish and US financial services sectors, promoting cross-border innovation and business opportunities.
As part of the Tartan Week celebrations, DBT, FinTech Scotland and Scottish Financial Enterprise (SFE), hosted a reception on April 4th. The event was designed to celebrate and strengthen financial relationship between Scotland and the United States.
During New York FinTech Week, FinTech Scotland and the four accompanying fintech firms have the opportunity to engage in a series of strategic activities aimed at raising their international profile and exploring the US market. These include participating in reverse pitching sessions ”“ a unique opportunity where investors pitch to fintech companies ”“ roundtable discussions, meetings with investors and banks, and various speaking engagements.
Nicola Anderson, CEO of FinTech Scotland said:
“Our participation in Tartan Week and New York FinTech Week is a fantastic opportunity to highlight fintech innovations and expertise within the Scottish fintech cluster. We are excited to collaborate with our strategic partners PwC and the UK Department for Business and Trade to facilitate meaningful connections and explore new avenues for growth in the US market.”
UK Government Minister for Scotland John Lamont attended the FinTech reception as part of his visit to New York for Tartan Week.
He said:
The UK Government wants to harness the immense potential of our transatlantic partnership and encourage US businesses to explore the exciting possibilities Scotland offers in the FinTech sector.
It’s fantastic that four Scottish companies will be attending New York FinTech Week to showcase their dynamic and innovative work. By collaborating with our US partners, we can encourage growth to create more highly-skilled jobs and opportunities.’
Deputy Trade Commissioner North America, the UK’s Department for Business and Trade John Thompson added:
“Scotland’s vibrant and innovative fintech community primes Scottish companies for international success. Bolstered by Scotland’s 300-year legacy of financial services excellence and cutting-edge expertise in technologies like AI and data, these firms carry forward a tradition of trust and quality. This solid foundation positions emerging Scottish fintechs to confidently expand their client base here in the US and continue Scotland’s financial services legacy.”
Techscaler partners with FinTech Scotland to accel-erate sector growth
Techscaler, the Scottish Government’s tech startup support programme, and FinTech Scotland, the cluster body driving Scotland’s fintech innovation, announce a strategic partnership poised to drive forward Scotland’s fintech sector development. FinTech SMEs now employ more than 10,500 people across 226 enterprises in Scotland, with around 38% of fintechs having reached scale-up stage.
Nicola Anderson, CEO of FinTech Scotland, said:
“This collaboration is about getting behind Scotland scaling for tech, together. It underscores our joint dedication to cultivating innovation and showcasing the vibrant fintech community in Scotland. We look forward to bringing tangible benefits to our scaling fintech SMEs, and sharing our sector expertise with Techscaler founders, to build a robust and forward-thinking fintech cluster.”
FinTech Scotland’s affiliated scaling firms will now be able to access the comprehensive benefits offered by Techscaler membership, opening the door to an extensive network and support system of mentorship, educational courses, community events, and more, enhancing collaboration opportunities and fostering growth for fintech innovators.
Techscaler runs three main programmes – Startup First Steps, Startup Next Steps, and Reforge. Techscaler’s partnership with Reforge, the world’s leading career development platform for top-tier professionals in tech, brings access to Silicon Valley playbooks and best practices to founders in Scotland who are scaling their teams.
Yasmin Sulaiman, VP of Partnerships for CodeBase, said,
“Connecting the diverse parts of the tech ecosystem is a huge part of our job running Techscaler for the Scottish Government. When organisations like ours and FinTech Scotland come together to understand founders’ needs, we’re able to offer a much stronger suite of support and join up founders with the opportunities they’re looking for to grow. We’re looking forward to growing our partnership, and helping connect our community to FinTech Scotland’s expertise.”
Innovation Minister Richard Lochhead said:
“Our £42 million Techscaler network is already showcasing some of Scotland’s most promising start-ups. This partnership with FinTech Scotland is another example of how the Techscaler network is helping to galvanise our innovative, collaborative and inclusive tech community by sharing knowledge and supporting growth.”
Richard Lochhead added:
“Progress like this demonstrates Scotland’s ambition to become one of Europe’s leading start-up communities. We are setting an example and helping drive a fair and growing economy.”
Techscaler’s fintech-focused members will be introduced to the resources and opportunities provided by FinTech Scotland, bringing sector specific support to fintech founding teams. This collaboration ensures that Techscaler members operating in the fintech sector receive the most relevant support to their sector, enabling them to tap into a broader ecosystem and lean into finance-specific challenges.
To mark the initiation of the partnership, Techscaler and FinTech Scotland will host a Founder Roundtable next month to gather insights from fintechs, providing founders with the opportunity to engage directly with industry leaders and peers. The insights gathered from the roundtable will be instrumental in curating activities and support mechanisms that meet the fintech community’s needs. The roundtable event will take place at CodeBase in Edinburgh on Wednesday 3rd April at 10.30am after Unfiltered, CodeBase’s monthly open networking event.
Colin Hewitt, CEO and Co-founder of Float Cash Flow Forecasting, said:
“Being part of the CodeBase community through our journey with Float has provided us with a dynamic workspace and access to the right people which has played a pivotal role in shaping Float’s success. I’m excited about the partnership between Techscaler and Fintech Scotland, it signals an exciting era for Scotland’s fintech ecosystem, and a positive sign of the continued evolution of this vibrant community.”
Scotland’s commitment to fintech innovation is evident in its ten-year sector roadmap, targeting the creation of 30,000 jobs and an ambitious economic value increase of over 330%, surpassing £2bn by the end of the decade. This strategic vision aligns with the country’s focus on four key segments: open finance data, climate finance, payments and transactions, and financial regulation.
Through the partnership, Techscaler will lend its expertise to initiatives such as the Financial Regulation Innovation Lab (FRIL), launched by FinTech Scotland in December in partnership with mutual partners the University of Strathclyde and University of Glasgow. This initiative seeks to advance understanding and adoption of new and emerging technologies in fintech through industry-led innovation challenges, skills and education programmes, workshops, roundtables, conferences, and trade missions.
Techscaler has forged multiple partnerships across and beyond the Scottish tech ecosystem since it has been operational, including with the Chief Scientist Office’s NHS Innovation Hubs, govtech funding challenge programme CivTech, and STAC, the Internet of Things accelerator.
Lloyds Banking Group’s “Launch 2024” Innovation Call Is Live
We’re thrilled to announce the fourth edition of Lloyds Banking Group’s innovation programme, “Launch 2024.” This initiative is opened for application for fintech innovators across the globe.
What Makes Launch 2024 Unique?
“Launch 2024” is not just another innovation call; it’s a 5-month collaborative journey designed to accelerate fintech solutions. This programme offers access to subject matter experts and business masterclasses, enabling rapid experimentation and development.
Participants will gain the opportunity to work closely with Lloyds Banking Group’s subject matter experts, refining and testing their propositions. At the end of this programme, fintechs will pitch their solutions to challenge sponsors and senior leaders, potentially leading to a proof of concept partnership.
Who Can Apply?
Lloyds Banking Group are calling on ambitious companies and individuals looking to tackle one of their five strategic challenges. Startups or more established companies are welcomed if their vision aligns with this year’s challenges.
In line with Lloyds Banking Group’s commitment to diversity and inclusion, they especially encourage applications from women-led teams and businesses founded by individuals of Black, Asian, and Minority Ethnic heritage.
Launch 2024 Challenges
- Helping customers through their life moments
- Helping Customers with their everyday lives
- Optimising customer experience across channels
- Leveraging technology to enhance internal risks and controls
- Increase customer understanding of their finances through gamification
How to apply?
This is a great opportunity for fintechs looking to make an impact, be recognised as a leader in fintech innovation, and potentially collaborate with one of the UK’s leading banking groups.