US Export Plan - Sector Report - FinTech

Overview

Scotland boasts a thriving and internationally competitive FinTech sector, with startups, scale-ups and established FinTech businesses contributing over £598 million to the Scottish economy^[1]. The sector is defined as the use of technology to support or enable a broad range of financial services, and the Kalifa Review identifies Scotland as a “large and established cluster” with recognised specialisms in RegTech, Payments, WealthTech, and Open Finance^[2]. This has, in part, built on Scotland’s more traditional areas of strength in financial services.

The sector benefits from strong academic partnerships that drive innovation in FinTech. Several universities provide world-class expertise in AI, machine learning, and data science, fuelling FinTech innovation. Notably, the University of Edinburgh’s Smart Data Foundry, backed by £55 million in funding, is accelerating financial data innovation and reinforcing Scotland’s position as a leader in Open Finance^[3]. The FinTech sector in Scotland also has significant backing from Government and industry bodies, with initiatives such as the Financial Regulation Innovation Lab (FRIL) which has delivered new jobs and attracted £18 million investment in its first year.

Scotland’s FinTech cluster has grown rapidly since 2018, with employment rising to over 11,300 in 2024, an 8% increase year-on-year, and a 24% increase over two years^[4]. This growth reflects not only the expansion of established firms but also the emergence of new start-ups and scale-ups, driven by supportive regulatory frameworks, and increasing international investment as well as academic partnerships. Scotland is now home to over 250 companies and is considered a highly concentred cluster, given that there are 25 FinTech firms per 1 million population, a 60% greater density than the non-London UK average^[5].

Engagement with the US market, and increasing growth there, is a key pillar to Scotland’s ambition to establish itself as a global FinTech powerhouse. To support this ambition, in September 2025 Scottish Enterprise and FinTech Scotland launched the Scotland North America Fintech Gateway, a strategic initiative to support ‘export-ready’ Scottish FinTechs enter the US market, provide market intelligence and attract inward investment. This includes access to key industry events and a place on Scottish Enterprise’s US MarketBooster Programme. Through this pilot programme, five innovative Scottish firms successfully showcased their solutions in Silicon Valley in the US^[6], driving significant economic impact. The cohort is forecasting £23.4 million in new sales over the next three years and the creation of more than 60 new jobs as a direct result of their engagement with the US market during the pilot^[7]. Building on the success of the pilot cohort, a second phase was announced in October 2025 which will see six new companies immerse themselves in the US FinTech ecosystem.