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<\/a><\/p>\nOne of the key drivers of success is organisations joining the dots between the different parts of the ecosystem, whether that is fintechs, established financial institutions, academia, regulators or government. FinTech Scotland has occupied that role since 2018, acting as an independent cluster management organisation designed to strengthen the connections amongst active ecosystem participants. <\/p>\n
By bringing these different groups together, supporting businesses as they start and scale, and creating opportunities for collaboration, research and innovation, it helps turn Scotland\u2019s individual strengths into a more cohesive whole capable of generating growth at home and raising the profile of the sector internationally.\u00a0<\/p>\n
Aleks Tomczyk, who only came to the helm of FinTech Scotland in January \u2013 replacing Nicola Anderson \u2013 has been looking back on a cluster that has grown steadfastly since 2018.<\/p>\n
\u201cMy predecessors did a fantastic job coalescing the FinTech Scotland cluster from essentially a group of people that occasionally met for a chat and a drink \u2013 which I was a part of as an early-stage founder \u2013 going from a group of just 26 to 266 fintechs to date,\u201d said Tomczyk.<\/p>\n
\u201cImportantly, we\u2019ve also gone from 5 to 36 strategic partners actively participating in the community since January 2018 \u2013 that\u2019s some pretty great growth.\u201d<\/p>\n
FinTech Scotland has fostered partnerships and collaborations amongst large financial organisations, fintechs of all sizes and academia, the Financial Conduct Authority, and started innovation labs in financial health, regulation, and digital trust.<\/p>\n
As part of their focus on fuelling growth and innovation in the sector, FinTech Scotland hosts a yearly Festival dedicated to the country\u2019s fintech community, featuring one of DIGIT\u2019s most popular conferences by way of the Fintech Summit<\/a>, as well as the Scottish Financial Technology Awards<\/a>.\u00a0<\/p>\n \u201cThe ecosystem is stronger,\u201d Tomczyk said, reflecting on the changes he\u2019s seen since he began as a founder himself.\u00a0<\/p>\n But Tomczyk \u2013 and data FinTech Scotland has gathered <\/a>\u2013 points to an ecosystem still firmly in its growth phase. The organisation\u2019s figures show that fintech employment in Scotland grew 8% in 2024 to more than 11,300 people, while the number of fintech SMEs operating in the country had increased tenfold since 2018.\u00a0<\/p>\n Tomczyk sees this as an opportunity to strike, not rest. The opportunity for Scottish fintech to flourish on the global stage will benefit not only that specfic sector and the wider financial services industry, but the entire nation.\u00a0<\/p>\n \u201cAs a country and as a business community, we want to see more scaled businesses, we want more innovation in large firms, we want to see greater economic growth, we want to see more jobs, we want to see higher value jobs, more fulfilling jobs.\u201d Tomczyk said.<\/p>\n \u201cAnd the fintech sector is very well positioned to deliver on that whilst also addressing some of the fundamental issues such as access to finance and services, fair treatment of customers and inclusion.\u201d<\/p>\n What better sector to focus efforts on expanding the entire UK\u2019s financial health and technological superpoweredness than fintech, the very epicentre of these ideals?\u00a0<\/p>\n A Room with A View<\/b><\/p>\n From his early days as a founder participating in FinTech Scotland events in their infancy, Tomczyk now has the position to see the entire cluster operate as startups battle for funding, scaleups expand internationally, and partnerships bound toward revolutionary innovations.\u00a0<\/p>\n The last seven-to-eight months have given Tomczyk time to reflect on his new perspective.\u00a0<\/p>\n \u201cAs I\u2019ve got to know the cluster in greater detail, I think we\u2019re a lot deeper and broader as a cluster than we were just a few years ago or when I started.\u201d he said.\u00a0<\/p>\n This is not only reflected in the number of active fintechs participating in the cluster management group, but also in the scope of partnerships and eagerness for innovation calls.\u00a0<\/p>\n \u201cWe\u2019ve got a lot more ambition and a lot more capability in the fintechs that are present here. Our native fintech businesses have leaders with real experience, drive and vision.\u201d<\/p>\n Further, local entrepreneurs\u2019 experiences in fintech have expanded and matured \u2013 \u201cWe have people on their second or third venture. Founders are also getting advice from the people that have been there before and have built globally significant ventures.\u201d<\/p>\n Beyond this, Tomczyk says that he\u2019s seen an increase in mentorship both locally and by those residing overseas. He notes the commonly cited willingness to help among the Scottish ecosystem that seems inherent to business and tech communities in the nation.\u00a0<\/p>\n \u201cThe scale, and breadth and depth of ambition \u2013 and the ability to execute \u2013 and numbers of experienced people willing to help have struck me particularly.\u201d Tomczyk said.\u00a0<\/p>\n Another point Tomczyk was able to reflect on was the purpose-driven ambition of many Scottish fintechs.\u00a0<\/p>\n \u201cThere are many founders who, like our large existing financial services firms, are very focused on the wider impact of their product and service.\u201d he said.<\/p>\n \u201cI\u2019d say it\u2019s one of the characteristics of businesses in Scotland, which perhaps slightly differentiates it from elsewhere, is that founders think of consumer impact as part of their DNA.\u201d\u00a0<\/p>\n One of his own startups reflected this purpose-driven focus \u2013 Exizent, which Tomczyk co-founded in 2019 \u2013 focused on legal and financial support in times of bereavement. The firm, which weaved fintech and legaltech into a powerful solution for professionals interacting with bereaved clients, was built to a successful exit in late 2024 and continues to flourish under new ownership.\u00a0<\/p>\n The cloud-based platform has gone on to be nominated for awards in both the legaltech and fintech sectors, a testament to the importance of purpose-led innovation.\u00a0<\/p>\n \u201cI think I\u2019ve always led businesses with purpose. Here at FinTech Scotland, we aim to enable other businesses in the cluster, large and small to successfully innovate and grow using fintech \u2013 to the benefit of those businesses, their customers and the wider economy. So there\u2019s a very clear purpose.\u201d<\/p>\n Gaining Perspective\u00a0<\/b><\/p>\n FinTech Scotland spent the first quarter of 2026 speaking with fintechs, having conversations with founders, to see how they should orient themselves to best enable the burgeoning community.\u00a0<\/p>\n \u201cWe spent some time in Q1 this year testing some hypotheses with the fintechs, both on a one-on-one basis and in group discussions to see what would best help them.\u201d\u00a0<\/p>\n Based on this goal and these conversations, FinTech Scotland is centering its priorities for fintechs around four themes: opportunities, talent and skills, funding, and knowledge and experience.\u00a0<\/p>\n \u201cWe\u2019re now piloting a range of activities that will help with aspects of business growth across those themes.\u201d Tomczyk said.\u00a0<\/p>\n FinTech Scotland leant on those willing to help in the ecosystem, for example to start a pilot focusing on branding and market-facing propositions, and another focused on assessment of talent acquisition process to better suit fintech\u2019s future needs.\u00a0<\/p>\n Beyond these four themes and their relevant pilots, other key principles emerged.\u00a0<\/p>\n \u201cThe conversions re-validated some of our thinking \u2013 having built a couple businesses myself, I know the things you need in the early stages of your journey aren\u2019t necessarily the same ones you need down the line.<\/p>\n \u201cWe have reshaped our support to reflect an updated segmentation of the fintech base so that we don\u2019t try and treat everyone the same. We want to tailor what we do to the relevant and relative stages of the company, its skillsets, its market, the products it builds and the problems it tries to solve.\u201d<\/p>\n This more tailored approach is set to underline some of FinTech Scotland\u2019s key offerings in 2026 and future years, including its pilots which are being rolled out and tested in an agile framework allowing for adjustment and space for feedback.\u00a0<\/p>\n \u201cWe\u2019ve seen some real tangible commercial value for all participants in these programmes, as well as true innovation,\u201d Tomczyk said.\u00a0<\/p>\n A Look to the Future<\/b><\/p>\n Tomczyk sees a clear opportunity for Scotland to become a location internationally known for fintech, one that FinTech Scotland is working to unlock through initiatives including its innovation labs. The most significant to date is the Financial Regulation Innovation Lab (FRIL),<\/a> that is helping the sector innovate in a complex regulatory landscape.\u00a0<\/p>\n \u201cWe\u2019re currently running an Innovation Challenge on Responsible AI as part of our Financial Regulation Innovation Lab.\u201d Tomczyk said. \u201cIt\u2019s one of those hot topics of discussion and is particularly linked to Consumer Duty.\u201d<\/p>\n