Scotland has launched a new initiative known as the “Fintech Gateway” to enhance international growth opportunities for its fintech sector while also attracting significant foreign direct investment from North America.
This 18-month program, spearheaded by Scottish Enterprise and FinTech Scotland, is designed to support both international fintech companies and local firms in Scotland that are ready to expand into foreign markets.
Scotland’s fintech landscape has grown remarkably, with over 250 companies now employing more than 11,300 individuals, including 1,700 who work for firms with international headquarters. According to FinTech Scotland’s analysis, 30% of these companies are preparing to enter export markets, focusing on key regions such as North America, Europe, and Asia Pacific.
Notably, one-third of the 82 fintechs based in Scotland that originated from other locations are headquartered in North America, demonstrating the attractiveness of the Scottish fintech ecosystem to the U.S. market.
The initiative will provide participating firms with valuable insights and intelligence about the North American market, opportunities to engage with the Scottish Enterprise US MarketBooster program, and access to a network of professionals in technology and financial services. Additionally, North American fintechs will receive guidance on matters related to location, hiring, and regulatory compliance.
Reuben Aitken, Managing Director of International Operations at Scottish Enterprise, emphasized the significance of the fintech sector to Scotland’s economy, which is valued at over £14 billion. He stated that the FinTech Gateway will foster new export prospects, draw in valuable investment, and contribute to job creation. “We recognize the U.S. as a crucial market, and this initiative positions fintech as a vital engine for international innovation and growth. Our collaboration with FinTech Scotland will enhance global partnerships and expand Scotland’s presence on the world stage,” he remarked.