US Export Plan - Sector Report - FinTech

Exporting to the US

FinTech Scotland’s analysis shows that 30% of Scottish FinTech firms are actively preparing to export, targeting key markets in North America, Europe and Asia Pacific. Sixty businesses are actively exporting to the US already, although it should be noted that 48 of these are not headquartered in Scotland^[18]. Furthermore, out of the 82 Scotland based FinTechs which started elsewhere, a third are North America headquartered, proof of the Scottish FinTech cluster’s appeal on the other side of the Atlantic^[19].

The United States FinTech market is moderately fragmented, with a few major players holding notable influence while leaving room for new entrants and specialised innovators. This market structure supports the growth of vertical-focused FinTech solutions, allowing niche disruptors to address specific customer needs. Established firms, meanwhile, leverage their scale, infrastructure, and regulatory relationships to maintain a competitive edge^[20].

Since 2022, the UK and the US have signed and acted upon eight separate state-level Memorandums Of Understanding on closer trade and economic ties, many of which have a strong focus on financial services and FinTech innovation. For example, both the Florida and Illinois MOU’s specifically reference FinTech as a priority area for cooperation and advancement. Additionally, in 2022 the InsurTech Corridor was launched between the UK Government and Connecticut as part of the broader US-UK Financial Innovation Partnership (FIP). This aims to unite the two global insurance capitals by removing barriers faced by Insurtech companies as they enter and expand into each respective market^[21]. While these bilateral agreements are not legally binding, they provide a clear market signal and demonstrate a shared direction of travel that can ease regulatory barriers. For example, the InsurTech Corridor between the UK Government and Connecticut has lead to more mission lead activity, facilitating greater collaboration and engagement. Furthermore, the new Open Banking rules (under Section 1033 of the Dodd‑Frank Act), make this all the more attractive for firms to expand to the world’s largest market for financial services.

There has been a strong emphasis on building strategic networks and facilitating high-value introductions to accelerate traction in the US market, with supporting organisations acting as critical conduits for connecting Scottish businesses to key stakeholders and opportunities. For example since 2022, Foras has taken more than 100 of Scotland's top founders and start-up leaders on international trips, including in New York, Silicon Valley and Austin, providing participants with facilitated introductions, business visits, hands-on workshops, and investor-facing opportunities^[22].