US Export Plan - Sector Report - FinTech

Opportunity states

Through stakeholder consultation and desk-based research a number of US states has emerged as offering opportunities for Scottish FinTech companies:

California, and in particular the San Francisco Bay area, is considered a global epicentre of technology and innovation with strong FinTech adoption and venture capital access. The Bay Area is host to nearly 2,400 VC-backed FinTech companies, about 21% of the country’s total, according to November 2024 Pitchbook data^[39]. In 2024, California recorded 826 VC deals, the highest figure of an US state. This also represents a growth rate of 20% since 2020, highlighting that not only is there significant deal volume but also its continued growth. It is home to 38 FinTech firms according to Orbis data, including major players in open banking, payments and AI-driven finance. The San Francisco Bay Area also hosts global renowned events like the Blockchain Expo North America. However, while this market is large and lucrative it is also a highly competitive and crowded market to break into – to be successful Scottish firms would need to scale or offer niche expertise to succeed. A further consideration is California’s Consumer Privacy Act which pushes compliance spending higher, which can limit new entrants but strengthens the resilience of established platforms^[40].

New York is renowned as being the world’s leading financial centre with a dense network of banks, asset managers and FinTech accelerators. Given these factors, there is a high demand for RegTech, compliance and Open Finance solutions, aligning well with Scotland strengths within FinTech. It is also notable that in 2024, New York overtook San Francisco for deal count, accounting for roughly 30% of national FinTech transactions^[41]. Additionally, there is a large network of GlobalScots in financial services, providing opportunities for relationship building. The existing MoU in place with Scotland also helps support regulatory cooperation and innovation exchanges, easing market entry.

Texas, and particularly Austin, is a resilient and dynamic tech hub with strong FinTech growth and a business-friendly environment. According to Pitchbook data it had 435 FinTech firms in 2024. This community of businesses is diverse, with businesses experienced in payments, wealth management, Insurtech and blockchain – aligning well with Scotland strengths. It also hosts the SXSW Conference, a major innovation showcase for FinTech and tech firms. Under the UK–Texas Statement of Mutual Cooperation signed in March 2024, both governments have pledged to deepen their relationship across advanced technologies and professional business services, including FinTech innovation to drive trade, investment and cross-border partnerships. A further benefit of locating here is that the Texas Department of Banking offers state-chartered bank licenses that provide greater regulatory alignment and local oversight – facilitating faster decision-making for FinTech’s seeking banking functionality^[42].

Florida represents a strong market for Scottish FinTech exporters due to its combination of regulatory flexibility, cost advantages and strategic positioning. Whilst the number of VC deals in FinTech were lower than the states of California and New York, Florida has seen the greatest growth in FinTech VC deals between 2020 and 2024, rising by 80% to reach 175 in 2024. The state’s Financial Technology Sandbox allows firms to test innovative products under lighter regulatory requirements, accelerating market entry^[43]. With no personal income tax, competitive corporate tax rates, and access to R&D credits and export assistance programmes, Florida offers a cost-efficient environment for scaling operations. Additionally, its growing FinTech hubs - particularly in Miami and Jacksonville - provide access to banking, payments, and crypto ecosystems, while proximity to Latin America enhances cross-border opportunities. In late 2025, the JAX hub was launched in Jacksonville which serves as a key FinTech corridor connecting the UK and Florida to foster financial innovation^[44]. The JAX Hub builds on the UK-Florida MOU which highlights FinTech as a priority area for focus and cooperation. These factors make Florida an attractive gateway for Scottish FinTech companies seeking US expansion and international reach.

Illinois, particularly Chicago, has a growing FinTech sector, with companies specialising in areas such as trading technology, payments and lending. Chicago’s strong FinTech ecosystem is built on the city’s historical position as an international financial centre, and a global derivatives, insurance and risk management centre, notes the Global FinTech Hub Report 2020^[45]. In 2025, an MoU on trade and economic co-operation between the UK and the State of Illinois was signed, with FinTech and financial services highlighted as a priority for cooperation.

All five priority states identified above represent large and lucrative markets, but they are also highly competitive and crowded, making them more challenging to enter. As a result, gaining meaningful traction may be more difficult than in smaller, less saturated markets. Readiness for market entry is therefore essential. Businesses must have a clear understanding of their product–market fit and ensure they have the resources required to scale rapidly. This is where partnerships with support bodies, such as Scotland–North America FinTech Gateway, can play a critical role.

Geographical considerations also influence decisions about suitable market entry points. Insights from stakeholder consultations indicate a natural gravitational pull towards East Coast states such as New York, which not only offer significant opportunities across banking, asset management, and insurance, but also allow for easier collaboration with Scotland‑based headquarters due to favourable time zones and travel links. Some businesses may therefore choose to establish an initial presence in a major East Coast hub as a launchpad, before expanding into secondary markets further south - such as Miami - as their US footprint grows.

Other notable opportunity states:

Washington (Seattle) has a growing FinTech sector comprising 475 companies^[46]. It is also home to Amazon, Microsoft and major tech companies, creating demand for embedded finance, cloud-based payment solutions; and AI-driven financial services. Scotland expertise in data science and AI aligns well with Seattle’s tech ecosystem.

North Carolina (Charlotte) is a major US banking hub, second only to New York in financial assets. This creates strong demand for banking technology, risk analytics and compliance solutions. Open Banking and RegTech capabilities of Scottish exporters fit well with North Carolina’s financial infrastructure. It also benefits from a supportive ecosystem thanks to the Carolina FinTech Hub which is dedicated to building and promoting the states FinTech ecosystem by connecting innovative FinTech startups with established financial institutions^[47]. Its appeal as a hub for emerging and scaling FinTechs is reinforced by Plaid’s decision to establish its next US hub in North Carolina, specifically in the Durham–Raleigh Triangle area. This expansion will add a fifth hub to Plaid’s existing network across London, San Francisco, New York and Amsterdam^[48]. Furthermore, the UK–North Carolina Memorandum of Understanding, signed in July 2023, commits both parties to deepen cooperation in innovation, trade, and investment including financial services and technology, encouraging partnerships that align well with Scotland’s strengths in FinTech and data analytics.

Georgia, and specifically the Atlanta area, is widely known as ‘Transaction Alley’, reflecting that the sector is heavily focused on payment processing, with 70% of all financial transactions processed there. The cluster comprises of more than 200 companies offering banking, blockchain, information security and data analytics^[49]. This includes major payment processing leaders like First Data, World Play and Global Payments and TSYS.