US Export Plan - Sector Report - FinTech

Key subsectors of focus for the US market

The FinTech Innovation Roadmap and Kalifa Review highlights a number of key subsectors in FinTech. However, given the sector involves deploying technology in a wide range of use cases, there will also be a range of significant niches for Scottish innovators to exploit in the US market.

RegTech in the US has been forecast to grow at a compound annual growth rate (CAGR) of 15.0% over the coming years^[23]. This suggests significant growth potential for the Scottish firms able to seize it, albeit the differences in regulatory regime will have a different impact for a range of different propositions. Grant Thornton research for Scottish Enterprise found there to be 41 RegTech firms located in Scotland, with higher concentrations in Glasgow and Edinburgh. This community of businesses apply advanced tools such as AI, data analytics, blockchain and Distributed Ledger Technology (DLT) to help businesses comply with regulations more efficiently^[24]. These include pioneering RegTech firms who are providing cutting-edge solutions in a number of areas. Companies like Amiqus, DirectID, and Trace are developing solutions for identity verification, data privacy, and compliance automation. Scotland's RegTech community continues to collaborate with various industries to address regulatory challenges. For example, in 2025 Edinburgh-based law firm Vialex partnered with a number of industry experts and academics to create a RegTech Leadership Forum aimed at fostering collaboration.

California and New York are both considered significant RegTech hubs – in 2024 California based firms captured 31% of RegTech deals, whilst New York accounted for 15% of RegTech deals^[25]. Whilst RegTech deal volumes were less in Florida (6%), the state benefits from a state-regulated FinTech Sandbox, ideal for testing RegTech solutions under supervised conditions^[26]

Payments - In the US, payments is the largest Fintech sector, accounting for approximately 55% of revenues in 2024, highlighting particular opportunities for Scottish FinTechs in this area^[27]. Despite a funding cooldown in 2025, the US remains the dominant centre for payments, with California, New York and Texas each playing distinct roles. Major players include Stripe, PayPal, and Block, each with national footprints but headquartered in California and New York.

In Scotland, Payments is considered the leading area of innovation and one of the fastest growing segments. 37% of FinTech firms in Scotland are working in this area^[28] and Fife has emerged as a key centre for the payments industry^[29]. The cluster has also attracted strategic partnership and investment with global brands such as Mastercard, enhancing innovation and international market reach. Growth in this area has been further enabled through universities like Edinburgh and Glasgow that provide expertise in data science, AI and cybersecurity.

WealthTech – The WealthTech sector (referring to wealth management technology) in the US experienced mixed performance in Q3 2025, with deal activity increasing (up 39% from Q3 2024) but overall funding levels declining (50% decrease from Q3 2024). This divergence between deal count and funding volume could signal a shift towards smaller deal sizes and early-stage investments, as investors continue to show interest in innovative WealthTech platforms while maintaining a cautious approach to large-scale funding commitments^[30]. New York and California dominate WealthTech activity, with New York businesses securing 33 deals in Q3 2025, closely followed by California with 27 deals^[31].

WealthTech is a growing segment within Scotland’s FinTech cluster and is also highlighted as a strategic growth area in the Kalifa review. The sector benefits from a highly skilled workforce and world-class universities with expertise in AI, data science, and blockchain, which fuels innovation in wealth management technology.

Open Banking and Open Finance – Open Finance is identified as a strategic priority within Scotland’s FinTech Research Innovation Roadmap. The US open banking market was valued at around $7 billion in 2024, with forecasts projecting it to exceed $30 billion by 2030, reflecting a 20-28% CAGR. Unlike in Europe and the UK, growth in this sector has been ‘market-driven’ as opposed to ‘regulation-driven’, with industry bodies like the Financial Data Exchange (FDX) establishing standards, connecting banks and FinTechs through APIs for data access. A core trend is the evolution of open banking to Open Finance, a shift that moves beyond banking to incorporate investments, insurance, pensions, and lending, enabling holistic financial management. This is broadly being driven by consumer empowerment, API innovation, and regulatory clarity, including the Consumer Finance Protection Bureau’s Section 1033 rule.