Scotland may soon become the next FinTech hub

Scotland may soon become the next FinTech hub

Glasgow, Scotland`s largest city and the third largest in the UK, is turning its attention to the FinTech sector. While the city has traditionally bee

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Glasgow, Scotland`s largest city and the third largest in the UK, is turning its attention to the FinTech sector. While the city has traditionally been associated with the shipbuilding and steel industries, it may now become the next leading financial hub in the UK.

“From an outsider’s perspective, it appears as though Scotland is more spiritually aligned with Europe than other parts of the UK, and I have no doubt that fintech companies looking to enter the European market are thinking long and hard about alternatives to London right now.”, said Gregg M. Schoenberg, head of advisory and investment firm Wescott Capital, before the medium.com.

Glasgow has ranked among the top 20 of Europe`s best performing financial centers. On a global scale, it took the fifteenth place, according to a recent report released by pymnts.com.

Many big FinTech companies such as Nucleus, LendingCrowd and the ID Company and Float reside in Scotland. Moreover, the country boasts with the second largest number of Fin Tech – related graduates in the UK.  Statistics on pymnts.com show that 12 percent of the annual 97,000 graduates have finished their studies in Scotland.

“Think of it like baking a cake. In terms of ingredients, what does a FinTech hub require?”, said Graeme Jones, CEO at Scottish Financial Enterprise, in an interview with pymnts.com. “Universities that provide high-quality postgrads, big financial institutions, a startup and enterprise scene, strong international connections. We’ve got the lot, and to make a success of it, we’ve just got to start connecting things up.”

With the FinTech industry on the rise, Scotland may soon compete with London for the title of the UK`s largest industrial hub.

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