FinTech

What is FinTech?

Financial technology (Fintech) is is an emerging industry that uses new technology that seeks to improve and automate the delivery and use of financial services. From mobile banking and insurance to cryptocurrency and investment apps, fintech has a broad range of applications.

Outside of London, Scotland is the most important financial centre in the UK, with a proven track record in servicing global markets. According to the Kalifa Fintech Review, Scotland hosts the third largest volume of fintech companies in the UK and the sector provides one of the country’s strongest start-up sectors, with over 200 companies across a range of specialisms now making up the ecosystem.

FinTech Market

Number of Scottish fintech SMEs increased by 50%+ during pandemic
(Source: Fintech Scotland)

FinTech has an Estimated GVA of £598m
(Source: Fintech Scotland)

Estimated GVA of £2.1 bn and 30,000 jobs by 2031
(Source: Fintech Scotland)

Financial Centre

Glasgow is the UK’s third largest financial centre and ranks 65th globally

Why
Glasgow?

Great Opportunities

More than 25% of Glasgow’s top 100 tech firms are in Financial & Business Services, the highest among the UK core cities

Great Education

No 1 of the UK’s 10 core cities for producing the highest number of Financial and Business Tech graduates

FinTech Clusters

Glasgow’s transformation to a leading fintech cluster is underlined by the reinvention of traditional locations, now providing a home to a new breed of tech start-ups

Co-working Spaces

…These incubator and co-working spaces include Rookie Oven, The Whisky Bond, Clockwise, Skypark, The Garment Factory and Collabor8te

Barclays Financial Campus, Tradeston

With around 70 fintech firms supported by a highly skilled population and a growing start-up scene, Glasgow has a strong cluster in dedicated technology operations for the financial sector and has become an ideal place for starting and developing a fintech business.

Glasgow is home to three of the UK’s top business schools and the city is ranked number one of the UK’s 10 core cities for producing the highest number of Financial and Business and Tech graduates. And there is an established workforce in the financial and business services sector in excess of 58,000 people – over a quarter of the national complement for Scotland. Almost 34,000 people are employed in the digital technology sector alone, representing a collective turnover of more than £1 billion.

Glasgow’s fintech sector is growing at an unprecedented rate and with the International Financial Services District (IFSD) already home to a thriving centre for digital financial services, the city has been home to technology centres for the biggest names in global finance – from JP Morgan, Barclays (see case study below) and BNP Paribas to Morgan Stanley, Santander and Virgin Money.

The University of Strathclyde has spun out more than 50 fintech companies with annual sales exceeding £80 million – these include XXXXXXXXXXXXXXXXXx.