Publication - Research and analysis
US Export Plan - Sector Report - FinTech
This is one of 8 sector reports that outlines the background research and analysis prepared in support of the US Export Plan and looks to identify the key opportunities in the USA for Scottish companies in this sector.
Table: Top Priority States for Scotland in the Sector
The table below provides a summary of the top five priority states identified in the Matrix model, which have been cross-referenced with research, analysis and stakeholder engagement.
State: Florida
Strengths/opportunities:
- Scores well on FDI Inflows in FinTech
- VC deals in FinTech: 175
- Strong growth in FinTech VC deals: 80%
- GDP in Financial & Business Services: 689,473
- High consumer spending per capita (2024): $62,618
- Total Assets Under Management (AUM) 355,428,162,960
- Scores well in terms of presence of businesses in FinTech and in Financial & Business Services
- Benefits from Regulatory sandbox
- UK-Florida MOU which highlights FinTech as a priority area for focus and cooperation.
- JAX Hub – FinTech corridor connecting the UK and Florida
Subsector opportunities for Scottish exporters:
- RegTech (particularly Blockchain)
- Payments
State level risks/considerations for Scottish exporters:
- While fast‑growing it has relatively immature FinTech regulatory environment.
- Florida has historically had higher rates of financial fraud, which can lead to increased scrutiny.
State: California
Strengths/opportunities:
- Scores well on FDI Inflows in FinTech
- Significant no. of VC deals in FinTech: 826
- VC growth in FinTech: 21%
- Very high GDP in Financial & Business Services: 1,349,443
- High consumer spending per capita(2024): $67,565
- Total Assets Under Management (AUM) 1,174,896,228,882
- Scores very well in terms of presence of businesses in FinTech and in Financial & Business Services
Subsector opportunities for Scottish exporters:
- Payments
- RegTech
- WealthTech
- Open Finance
State level risks/considerations for Scottish exporters:
- High operation costs
- Highly competitive FinTech market
- Strict data privacy rules
- Lacks regulatory sandbox
State: New York
Strengths/opportunities:
- Scores well on FDI Inflows in FinTech
- Significant no. of VC deals in FinTech: 688
- Strong growth in VC deals in FinTech: 63%
- Very high GDP in Financial & Business Services: 1,091,676
- High consumer spending per capita(2024): $66,426
- Total Assets Under Management (AUM) 406,238,013,900
- Scores well in terms of presence of businesses in FinTech and in Financial & Business Services
- MOU in place
Subsector opportunities for Scottish exporters:
- Payments
- RegTech
- WealthTech
- Open Finance
State level risks/considerations for Scottish exporters:
- High operational costs
- Most stringent financial regulator in the US (New York Department of Financial Services)
- BitLicense requirements
- Lacks regulatory sandbox
State: Illinois
Strengths/opportunities:
- Scores well on FDI Inflows in FinTech
- VC deals in FinTech: 66
- GDP in Financial & Business Services: 401,398
- Consumer spending per capita (2024): $60,612
- Total Assets Under Management (AUM) 431,262,337,470
- Scores well in terms of presence of businesses in FinTech and in Financial & Business Services
- MOU in place with FinTech priority
- Offers lower operating costs compared to NY and CA
Subsector opportunities for Scottish exporters:
- WealthTech
- RegTech
- Open Finance
State level risks/considerations for Scottish exporters:
- Illinois adopted the MTMA (effective 2026), modernising and tightening requirements for money transmitters
- Competitive FinTech market
- Lacks regulatory sandbox
- VC deals reduced in recent years
State: Texas
Strengths/opportunities:
- Scores well on FDI Inflows in FinTech
- VC deals in FinTech: 160
- VC growth in FinTech: 13%
- High GDP in Financial & Business Services: 864,899
- Consumer spending (2024): $54,060
- Total Assets Under Management (AUM): 416,869,078,200
- Scores well in terms of presence of businesses in FinTech and in Financial & Business Services
- UK-Texas MOU in place, with FinTech seen as priority area
- Hosts SXSW Conference (Austin)
Subsector opportunities for Scottish exporters:
- Payments
- RegTech
- OpenFinace
State level risks/considerations for Scottish exporters:
- High competition in blockchain
- Legally volatile producing some uncertainty
- Lacks regulatory sandbox
Contact
Email: William.Gray@gov.scot