US Export Plan - Sector Report - FinTech

Industry trends

Scotland’s strategy for growth in the sector is underpinned by the FinTech Research Innovation Roadmap (2022-31) which is an industry-led and action-focused tool to increase the positive impact of FinTech innovation across Scotland and the UK. This aims to generate up to 30,000 extra jobs in Scotland and increase economic value (GVA) by more than 330% over ten years^[8]. The cross industry led collaboration has resulted in four key strategic innovation themes which provide the foundation for the Roadmap, these are Open Finance data, climate finance, financial regulation and payments and transactions.

Globally, the FinTech market is expected to grow at a 16.2% CAGR between 2025 and 2032, with the market value estimates likely to exceed $1 trillion by 2032^[9]. As technology becomes increasingly ingrained in financial services, this trend is likely to continue, with FinTech companies reshaping the landscape of banking, payments, investing, and more. Across the Atlantic, the US FinTech market is one of the most dynamic in the world, with significant investment and innovation occurring across financial services and technology.

As the financial sector continues to evolve, so do technological advancements shaping how consumers access and manage their finances. From open banking and digital lending to AI and blockchain technology, companies are leveraging these technologies to create innovative solutions to improve customer experience^[10]. For example, in 2024 over 77% of Americans preferred mobile or online banking, prompting banks to enhance mobile interfaces and cloud-based platforms^[11].This demand trend varies across states – a survey conducted in 2023 found that the highest adoption rates of mobile banking as their primary method of account access was in Utah (62.7%), Texas (56.7%) and Alaska (55.4%), whilst online banking was highest in New Hampshire (33.7%), Maryland (28.9%) and Pennsylvania (26.1%)^[12].

An additional motivation for some Scottish FinTech companies to engage with the US market is also to seek investment alongside sales given the wider and deeper pools of capital and more sector-savvy investors there. The robust venture capital ecosystem in the US continues to pour significant investments into the FinTech sector, providing startups with the financial backing needed to scale their operations and expand their offerings. In the first half of 2025, the US ranked first on global FinTech investment activity with a dominant $11.5 billion raised across 1,082 deals, underscoring its continued position as the largest and most active FinTech market worldwide^[13]. This influx of funding allows FinTech companies to pursue ambitious projects, and invest in technology and growth, further propelling the industry forward^[14].

Growth in this vital sector is being propelled forward due to number of factors including:

• Data and AI: FinTechs in the US are at the forefront of using emerging AI and data focused technology. They can be more nimble than established financial services providers and are not as encumbered by legacy technology. Scotland’s strength in data, AI and machine learning are turbocharging the scale-up of commercial FinTech ventures, and links well to the corresponding developments in the US^[15].
• Digital Adoption: Increasing use of apps for savings, investments, and pensions is accelerating WealthTech innovation. The demand for digital first finance in the US, links to Scotland’s traditional strength in wealth management, and Scottish FinTech innovation in this subsector.
• Open Banking evolving into Open Finance: The Open Finance ecosystem in the USA is expanding quickly, with some support from the Consumer Financial Protection Bureau. This shift to Open Finance data fits well with a key area of focus for Scotland, and is creating more opportunities through the application of emerging technologies, resulting in new data driven innovations, emergence of new business models and significant improvement to customer and business engagement with the financial services industry^[16].
• Regulatory Consolidation: At the UK level, the abolishment of the Payment Systems Regulator (PSR) and merging its functions with the Financial Conduct Authority (FCA) is reducing regulatory complexity and lowering compliance burdens, particularly for startups and challenger banks^[17]. This is, in some circumstances, making innovation easier, but Scottish FinTech exporters need to align UK focused developments to the emerging regulatory position in the USA.