Number of financial tech firms in Scotland rises by 60%

The number of financial technology firms based in Scotland has soared by 60% over the last year, according to new figures.

FinTech Scotland found there were 119 fintech businesses north of the border, compared with 72 the previous year.

The support body said the growth had been driven in part by new start-ups.

They included Open Banking Research, Visible Capital, SecureTheFile, Guiide, Contract2Pay and Digital Future Capital.

There were also more businesses moving to Scotland from abroad, as well as from other parts of the UK.

'Rich heritage'

Last year saw overseas firms such as Gobbill (Australia), Polydigi (Hong Kong), EedenBull (Norway) and QWallets (USA) set up in Scotland, while UK firms included Xpand, Mudano, Infinity Works and BePayd.

The figures were released on the second anniversary of the founding of FinTech Scotland, a joint initiative by financial services firms, the University of Edinburgh, the Scottish government and Scottish Enterprise which aims to promote growth in the sector.

Scottish Enterprise managing director Linda Hanna said: "Scotland's rich heritage in financial services coupled with its reputation as a country of innovators means it's ideally placed to become one of the world's leading fintech ecosystems.

"This is evident in both the number of new Scottish fintech companies and those international businesses that are relocating their operations to take advantage of Scotland's experience and expertise in the sector."