Office space and high-quality expertise will be more available for Scotland’s crop of new-wave finance entrepreneurs, thanks to the launch of the country’s first-ever fintech accelerator.
Based at the Gogarburn headquarters of Royal Bank of Scotland (RBS) scheme Entrepreneurial Spark, the accelerator is described as a “milestone in Scotland’s journey towards its ambition of being a world leader in fintech and innovation”.
Supported by trade association Scottish Financial Enterprise (SFE), with further input from Dell EMC and KPMG, the facility aims to bring start-up chiefs together with established industry leaders and their networks – plus Entrepreneurial Spark’s proven ability to build, grow and scale businesses.
The launch comes less than a year after the creation of SFE’s Fintech Strategy Group, which spurred a collaborative push between public-sector bodies and the business world to put Scotland on the global fintech map.
According to Scottish First Minister Nicola Sturgeon, the new hub “will contribute to the immediate need for physical space for fintech companies, while the wider financial services industry continues to work collectively to deliver the fintech strategy”.
She added: “Scotland is already playing an active role in the fintech sector and the strategy will further enhance our standing – both nationally and internationally.”
Under the hub’s terms of service, an Entrepreneurial Spark expert and the RBS Technology Relationship Team will look after each firm, providing assistance with core banking solutions. Plus:
Entrepreneur David Ferguson, CEO of fintech firm Nucleus, said: “It's great to see larger companies engaging in fintech and supporting the growth of emerging businesses. Important lessons can be learnt on both sides, and that should only be positive for everyone involved.”
“We want fintech businesses to succeed and scale up across the whole of the UK,” said economic secretary to the Treasury Simon Kirby MP. “This new hub will help create the ideal conditions for fintech in Scotland to thrive.”
SFE chief Graeme Jones hailed the initiative as “a huge leap forward in Scotland’s ambition to become a leading, global fintech centre”.
He added: “This first dedicated fintech hub is the beginning of what we hope will be a network throughout the whole of Scotland, offering a range of opportunities to companies large and small, and the ability to fully integrate with the wider industry.”