Scotland’s digital roles grow by over 25% year on year

Scotland’s tech sector is going through a rapid growth according to the UK’s Secretary of State for the Department of Digital, Culture, Media and Sport.

New figures released today show tech jobs in Glasgow and Edinburgh have increased by more than 25% in the past two years, way above the UK’s average.

According to Adzuna IT-related vacancies account for 13% of all UK job vacancies whilst this number is 30% in Edinburgh and 28% in Glasgow.

Today 135,000 people are employed by Scottish tech startups and scaleups. This is the 3rd highest number in the UK after the South East and London.

Software developers and data scientists are in high demand fo r the tech sector. Developers in Edinburgh and Glasgow can command an average salary of £45,000 or £55,000 for more senior positions.

There is an increasing demand for senior-level employees across all areas of Scottish tech. For instance, 89% of available roles for IT System Architects are all for senior positions.

Digital Secretary Nadine Dorries said:

“Scottish tech is booming and this thriving sector is creating exciting opportunities up and down the country.

“The UK government is determined to see this success continue and is investing heavily to help people in Scotland get the skills they need to seize the opportunities on offer and build back better from the pandemic.”

2021 is also a great year for investment with UK Tech companies having raised £13.5 billion in the first half of this yearend Scotland raising £446 million, the highest number so far.

Fintech is one of the biggest sectors for fundraising in the UK generally and in Scotland more specifically. The biggest fundraising round in 2021 so far was for the Kirkcaldy-based fintech Paysend, which raised £90.5m in Series B funding.

Dr George Windsor, Head of Insights at Tech Nation said:

“Edinburgh is proving to be one of the fastest-growing tech cities in the UK, with a higher number of opportunities and salaries compared to other cities. Glasgow is also making a name for itself as a destination for tech workers, with some of the best cost of living standards compared to the median tech salary of the whole UK. With scaling companies in sectors such as fintech and health tech, Scotland’s tech sector is only expected to grow in the next few years.”

Photo by ThisIsEngineering from Pexels

Festival of Fintech Innovation Shaping the Emerging Digital Economy

A rich diversity of innovative participants and initiatives will be showcased at this year’s fintech festivals in Scotland which gets underway from today

For the next 4 weeks, Scotland will be the stage of more than 50 events bringing alive the burgeoning impact of fintech leaders and capabilities which are shaping many elements of the emerging digital economy.

The festival, organised under the umbrella of Fintech Scotland, is in its fourth year and will build on the impactful platform of previous years in demonstrating how financial innovation is supporting citizens, business, regulators and government build towards economic and social recovery after the pandemic.

This year’s festival is even more diverse with a broad range of innovation themes and participants form fintech entrepreneurs, large global enterprises, universities, the public sector and the regulator, Financial Conduct Authority (FCA), which is hosting half a dozen events on topics such as cryptocurrency, sustainability and the regulatory sandbox.

The festival has a significant global reach with participation organised with fintech innovators in the USA, Europe, Australia working in conjunction with Scottish Development International and UK Govt Department of International Trade.

The formal kick off is the Fintech Summit, a hybrid online and in person event at Dynamic Earth in Edinburgh organised by online publisher Digit

The festival will conclude on the 14^th of October with an all-day in person UK wide FinTech Conference at the University of Strathclyde Technology & Innovation Centre organised by Canongate Publishing and The Times.

This high-profile event hosted by Fintech Scotland, well bring together speakers from across the UK fintech centres in England, Wales and Northern Ireland as well as presentations from UK Government and Scottish Government Ministers and Ron Kalifa, the author of the Treasury’s recently commissioned Fintech Review.

Nicola Anderson, CEO at FinTech Scotland said:

“We’re looking forward to connecting with colleagues as we welcome the return of some face-to-face events as well as a variety of digital and virtual events. The range of topics, contributions and organisations taking part really demonstrates the breadth, expertise and diversity that drives fintech innovation in Scotland.”

Fiona MacKinnon, responsible for business events at VisitScotland said:

“We’re delighted to once again support the FinTech Scotland Festival. It’s an opportunity to come together to learn, connect and collaborate both virtually and face to face. This year we’re extending a warm welcome to delegates from over 30 countries and look forward to learning from a global community and sharing our own knowledge and expertise.”

Growing FinTech Community Driving Digital Economic Transformation through the pandemic

FinTech Scotland announce 50% Plus Growth of Scottish Fintech SMEs and a New Entrepreneur Advisory Board

The number of Scottish Fintech SMEs has increased by over fifty per cent during the eighteen months of the pandemic with the FinTech Scotland entrepreneurial community growing from 119 in March 2020 to 181 today.

The growth in the innovative enterprises reflects the increase in demand for financial technologies as more and more of the economy and society adapts to a digital environment driven by the challenges of the pandemic.

The news of the growth comes as FinTech Scotland announces a SME Advisory Board made up of leaders from the fintech entrepreneurial community focused on ensuring the necessary support is in place to continue the momentum of fintech innovation

Initially, the Advisory Board focus on providing impetus on skills development, experience when it comes to accessing funding and commercialisation opportunities.

The Advisory Board includes a diverse range of founders and leaders; Jude Cook (ShareIn), James Varga (DirectID), Loral Quinn (Sustainably), Anthony Rafferty (Origo), Pardeep Cassells (AccessFintech), Andrew Duncan (Soar), Andrew Veitch (EedenBull), Stuart Lunn (LendingCrowd) and Russell Jaques (Fin-Q).

Stephen Ingledew, Executive Chairman at FinTech Scotland and Chair of the Fintech Advisory Board said,

“There is growing recognition of the valuable role fintech in contributing to the digital economy, therefore, formally bringing together prominent group of entrepreneurs signifies Fintech Scotland ongoing commitment to ensure the best support is available for innovative enterprises in Scotland”

Jude Cook Co-Founder of ShareIn added:

“It’s great to see more entrepreneurs joining the FinTech Scotland community. Scotland is such an interesting place to be in the run up to COP26 climate negotiations here in Glasgow in November. Fintech has a vital role to play as we emerge from the COVID 19 pandemic.”

Nicola Anderson CEO of FinTech Scotland said:

“We are focused on supporting fintech innovation in Scotland and the number of fintech SME’s establishing themselves here is a testament to the talent and experience across the Cluster. This Board helps us build on that talent and expend the practical fintech expertise that continues to build and evolve in Scotland”

UK Government Ministers visit Scotland’s thriving fintech community

To recognise the global impact of Scotland’s growing fintech sector, FinTech Scotland hosted a visit by Secretary of State for Trade, Liz Truss and Secretary of State for Scotland, Alister Jack on Tuesday 20^th July, at the Bayes Centre, University of Edinburgh.

Financial technology  (“fintech”) uses digital and data driven innovation to improve and enhance financial services, both for businesses and individuals and is making a significant contribution to innovation and the broader economy.

For example, the collaboration between the University of Edinburgh, FinTech Scotland and industry participants on innovative financial technology initiatives has enabled Scotland to be the home to the Global Open Finance Centre of Excellence as well as FinTech Scotland being recognised as the UK’s first accredited fintech cluster.

The meeting at the Bayes Centre provided an opportunity for UK Government ministers to meet with a number of key entrepreneurs from leading firms from the Fintech Scotland community such as Direct ID, Modulr, FreeAgent, Float, EedenBull and Trace AI

Liz Truss, International Trade Secretary, said:

“The UK is a world-leader in FinTech and that’s why we’re breaking down barriers, pushing new frontiers in our free trade agreements and opening up markets to boost this growing industry.

“From Australia to Singapore, we are using our independent trade policy to drive foreign investment into UK FinTech and increase export opportunities worldwide.

“Scotland’s FinTech sector is thriving, and I want to ensure that we fuel the future global growth opportunities for FinTech businesses across the UK.”

Secretary of State for Scotland, Alister Jack said:

“As home to 180 fintech businesses, Scotland is right at the heart of exciting developments as the UK becomes a major force within the global sector.  Collaboration between academia, industry and government will ensure that Scottish fintech has a bright future ahead.

“It was great to meet with some of the key people behind the industry’s growing success, and I look forward to seeing how their ambition and innovation will further enhance the profile of Scotland and the whole UK within the global fintech community.”

Stephen Ingledew, Executive Chair of FinTech Scotland, who hosted the ministerial visit said:

“This visit demonstrated how collaborative leadership by entrepreneurs, large enterprises, academia and government can make a significant impact in delivering impactful fintech innovation which will shape the future economy and people’s lives both in the UK and internationally. Our forthcoming fintech research and innovation roadmap will highlight how we will build on momentum created and foster further collaboration with the regional fintech hubs across the UK.”

Peter Mathieson, Principal of the University of Edinburgh, welcomed the Ministers to the Bayes Centre and commented:

“The University has a global reputation for ground-breaking innovation and the Bayes Centre is a great example of creating a creative and collaborative environment delivering new opportunities in data, artificial intelligence and robotics in the emerging new sectors such as fintech”

The Ministerial visit coincides with the unveiling of plans for Scotland’s FinTech Festival in September which will showcase financial innovation from across the UK highlighting progress made since the HM Treasury commission Fintech Sector Review by Ron Kalifa OBE was released in March this year.

The Fintech Festival, now in its fourth year, will be a diverse range of 50 plus events and activities taking place over four weeks with fintech leaders and entrepreneurs attending from the UK and virtually from around the world.

The Festival will include major conferences in Edinburgh and Glasgow with examples of innovation from Scotland and the UK amongst many other global fintech leaders.

Fintech For All in Scotland

Today FinTech Scotland and Scottish fintech firms have signed the FinTech For All charter.

The charter is an industry led initiative to promote diversity and inclusion in fintech. It was established in 2020 and is a commitment to use diversity and inclusion as a force for innovation and growth. The work is led by InChorus and is supported by a steering committee of members from the Financial Conduct Authority, Innovate Finance, FinTech Alliance and Level 39.

Signing the pledge reinforces the culture of inclusion across Scotland’s FinTech Cluster. Alongside the cluster management organisation, 23 fintech firms based in Scotland have also signed the pledge and commit to making fintech a sector where diversity is encouraged and businesses continue to build inclusive cultures.

By signing the pledge, the Scottish fintech community became the biggest contingent of signatories since the pledge was launched, reaffirming that fintech is a force for good.

Amongst other things the charter aims to:

• Support FinTech’s in promoting diversity and building inclusive environments
• Ensure the at least one member of the senior team is accountable for Diversity & Inclusion
• Develop employee awareness around what constitutes inclusive practices

The signatories include Scotcoin, DirectID, Gcex, Polydigi, Nude, Float, Exception, Pour, Bellrock, Level-E, Amiqus, LendingCrowd, Zumo, FastPAYE, Caseblocks, Broker Insights, WomensCoins, Hubb Insure, Blockchain Technology Partners, Gobbill, Modulr, Lightbox Rewards

Nicola Anderson, CEO at FinTech Scotland said:

“FinTech Scotland was established in 2018 around the values of innovation, collaboration and inclusion. The FinTech for All charter aligns to those values and demonstrates the ongoing commitment for diversity and inclusion. The FinTech Scotland cluster creates an environment of connection and belonging, welcoming a wide range of diverse participants and we’re stronger for it. Scotland has a strong reputation for FinTech for good and we’re looking forward to seeing this continue to grow. “

James Varga, CEO at Scottish fintech DirectID said:

“The FinTech community is crucial to the success of tech within the UK, and we must show leadership in every area we can ”“ including in our workplace culture”.  

“As a company DirectID has taken steps to ensure that all employees have an equal voice, and an environment where colleagues are free to speak up. We encourage breadth of contribution and inclusion is vital to our future success. The culture within the company is very important to us, and one we have taken years to foster.”

Phyl Meyer Head of Business Development at Inclusion Scotland said:

“There is widespread recognition that we need to do a lot more to ensure people from all parts of society aren’t excluded from employment. We know from experience that it’s real action that counts, which is why we welcome ambitious efforts to make meaningful progress such as those being taken by Fintech Scotland, recent hosts of one of our Inclusion Scotland internships.”

You can join the movement by visiting the InChorus’ website

FinTech Scotland confirms new Chief Executive as it reaches its third anniversary with continued growth of the fintech SME community

FinTech Scotland, the cluster leadership body, has confirmed the appointment of Nicola Anderson as the new chief executive officer

Nicola has been on secondment from the FCA for two years and most recently been the interim chief executive when Stephen Ingledew stepped into a new
position of Executive Chair in November 2020

Prior to joining FinTech Scotland on secondment in October 2018, Nicola was a senior regulator at the Financial Conduct Authority (FCA). Nicola also brings experience from working for small enterprises and larger institutions, with a focus on customer experience and operational change.

FinTech Scotland announcement comes as it reaches its third anniversary and the continued growth of the fintech SME community over the last twelve months by 31 firms to a total of 150 firms

Over the three years since FinTech Scotland was formed in January 2018, the innovative fintech SME community had grown from 26 firms to 150 firms today.

The growing strength and breadth of the fintech community and cluster has been accelerated over the past twelve months with additional milestone achievements for the FinTech Scotland cluster, including;

• Continued investment funding in Scottish fintech SME’s and on a par with 2019 levels
• Being the first UK fintech body to be recognised for cluster management excellence recognition by the European Cluster Accreditation Body.
• In collaboration with the University of Edinburgh, securing Innovate UK multi-million funding for the Global Open Finance Centre of Excellence, to enable research and innovation through financial data, another first for the UK
• Founding member of a Europe wide fintech hubs collaboration group involving sixteen fintech centres across the continent to support international inward investment and exports

These milestones and the growing number of fintech SME’s along with the breath of global strategic partners supporting FinTech Scotland, continue to demonstrate the innovative, collaborative and inclusive impact of the fintech cluster.

Executive Chair of FinTech Scotland, Stephen Ingledew said:

“I’m delighted Nicola has accepted the role of chief executive and is deserved recognition of her valuable contribution since joining the team. I would like to thank the FCA for their ongoing collaboration through over the last two years. I am looking forward to supporting Nicola take Fintech Scotland on to the new stage of its exciting journey”

Commenting on her appointment Nicola Anderson said:

“I’m absolutely delighted to be appointed into this role and for the opportunity to further the great work already achieved by FinTech Scotland. Joining the team has reinforced my passion for entrepreneurial innovation and how it can benefit citizens and the economy. I’m very much looking forward to championing the fintech community and cluster through innovation, collaboration and inclusiveness.”

FinTech Scotland, ScotlandIS and LawscotTech to build strong digital economy through collaborative clusters initiative

Three of Scotland’s leading technology cluster voices are to work more closely to stimulate Scotland’s digital economy and develop cross-sector collaboration that will lead to growth and a prosperous economy.

The collaborative cluster approach by FinTech Scotland, ScotlandIS and the Law Society of Scotland’s LawscotTech aims to bring leaders together from a diversity of disciplines and expertise. The aim is to share learning experiences and solutions to help speed up the rate of innovation and help businesses and individuals adapt to new working practices, following the outbreak of COVID-19.

Scotland has distinctive advantages in terms of its existing collaborative business culture, access to government and funding agencies, its raw talent and history in global sectors such as finance, health, data, advanced manufacturing, energy, engineering and legal and other professional services.

Karen Meechan, Chief Operating Officer of ScotlandIS, the membership and cluster management organisation for Scotland’s digital technologies industry, said:

“ScotlandIS, the Law Society Scotland and FinTech Scotland have a shared ethos and ambition to create a truly digital nation, one that recognises the value of the digital economy and uses its power to enable growth for all sectors.  This natural step forward will allow member companies of the three organisations to collaborate and innovate, and to further drive the step change in business and the wider society.  We’re looking forward to working closely together going forward and the opportunities that it will bring.”

FinTech Scotland is the leadership body developing an integrated financial innovation cluster working with innovative entrepreneurs, large global enterprises, skills bodies, public sector, investors and citizen groups.

Stephen Ingledew, Executive Chair and founder of FinTech Scotland, said:

“Bringing together our collective strengths across the clusters will enable us to be best placed to address the economic and social challenges faced by many communities and businesses. This is reinforced by our shared values of inclusivity and collaboration being at the heart of all innovation developments. I am excited by the opportunities to bring together participants and development the collaboration with colleagues at Scotland IS and the Law Society of Scotland”

Amanda Millar, President of the Law Society of Scotland and founding member of the LawscotTech Advisory Board, said:

“At the heart of LawscotTech is collaboration and bringing the right people from the legal and technology worlds together to collectively stimulate legal technology innovation and build a stronger future for the profession and the clients we serve. I am really pleased that we have been able to reach out and expand that to work with Fintech Scotland and ScotlandIS who have been making great progress. Together we can harness our collective energy and create the right conditions for our tech eco-systems to thrive and play a pivotal role in the Scotland’s economy.”

The first article in a series of collaborative content from ScotlandIS Cyber and Data Clusters, FinTech Scotland and LawscotTech considers how working from home can impact on employees’ attitudes towards diligence and how companies can encourage a compliance-driven culture in a remote setting. It is available to read on the Law Society of Scotland website.

Check Point Software Announces Strategic Partnership with FinTech Scotland

Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber-security solutions globally, has today announced that it has become a strategic partner of FinTech Scotland, an independent not-for-profit body jointly established by the private sector and the Scottish Government. Check Point solutions bring a practical boost to cyber-security awareness and engagement with Scottish fintech firms.

The partnership will see Check Point deliver cyber-security education and training initiatives to organizations operating in FinTech Scotland’s cluster. It will also work with the fintech SMEs to enable cyber-security from the outset with focused solutions to help protect their businesses against cyber threats targeting networks, cloud deployments and mobile devices.

FinTech Scotland is supported by a broad range of global financial services, technology, and professional services firms, as well as University of Edinburgh and University of Strathclyde, the Financial Conduct Authority, Scottish Government and Scottish Enterprise. Check Point brings its expertise and global experience on cyber security, which will help further develop Scotland’s position as a global fintech cluster.

“Scotland is home to a phenomenal pool of fintech talent. However, as with many sectors, these firms face complex challenges right now, as they navigate the changes to their networks due to the rapid digital transformation and remote working practices forced upon us all. By partnering with FinTech Scotland, we aim to equip these firms with the tools and support they need to ensure cybersecurity is deeply embedded within their business in these challenging times and beyond.”

Roddy MacCallum, Head of Scotland at Check Point Software Technologies.

“We’re delighted to welcome Check Point as a strategic partner. They join a group of global organisations that have decided to support the development and growth of the Scottish fintech cluster. Cyber threats are one of the biggest concerns for fintech entrepreneurs. Involving a global expert in cyber security will help address those concerns and support fintech SME’s to confidently develop safe and secure innovation.”

Nicola Anderson, interim CEO at FinTech Scotland.

The partnership with FinTech Scotland further demonstrates Check Point’s ongoing commitment to providing essential education and training in Scotland. To mark the launch of the partnership, Check Point and FinTech Scotland are hosting an online event on 26 November to discuss the latest cyber-security threats in the sector. To register for interest, please visit: https://www.eventbrite.co.uk/e/fintech-scotland-zero-touch-security-tickets-127138640095

Follow Check Point via:
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Facebook: https://www.facebook.com/checkpointsoftware
Blog: http://blog.checkpoint.com
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About Check Point Software Technologies Ltd.

Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to governments and corporate enterprises globally. Its solutions protect customers from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other types of attacks. Check Point offers its multilevel security architecture, Infinity Total Protection with Gen V advanced threat prevention, which defends enterprises’ cloud, network and mobile device held information. Check Point provides the most comprehensive and intuitive one point of control security management system. Check Point protects over 100,000 organizations of all sizes.