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January 25th, 2023
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Up-and-Coming FinTech Companies in Scotland That You Need to Know About
Oct 26, 2023
Photo by Gerzon Piñata from Pexels
FinTech companies are the future of the economy in Scotland but which ones do you need to know about?
The world of finance and technology has seen remarkable growth in recent years, and Scotland is no exception to this trend. Every Scottish law firm has been witnessing the rapid rise of numerous FinTech companies in the region.
These innovative companies are not only addressing real-world financial challenges but are also experiencing substantial growth due to the increasing demand for their cutting-edge services.
Here's a closer look at some of the promising FinTech companies that you should keep an eye on.
8 Up and Coming Scottish Fintech Brands
1. Aveni AI
Aveni AI is uniquely positioned at the intersection of two of Scotland's most dynamic sectors: artificial intelligence (AI) and fintech. Headquartered in Leith, this start-up leverages cutting-edge AI technology to analyse conversational data and enhance customer experiences.
While initially catering to the financial service sector, Aveni AI has ambitious long-term plans to expand its innovative solutions into other regulated industries, such as utilities.
Co-founded by Joseph Twigg and Moray Martin, the company has achieved remarkable growth since its inception in 2018, a growth trajectory that only accelerated during the pandemic.
In June of last year, Aveni secured £1.1 million in funding, led by the Tricapital Angel syndicate. Just last month, it raised an additional £2.75 million to fast-track the expansion of its Aveni Detect platform.
2. Coastr
Coastr offers a cloud-based, all-in-one vehicle rental management system designed to help rental firms digitise their services and streamline operations. Based in Leith, this firm's innovative software is geared towards delivering cost savings and revenue optimisation for independent rental companies.
Founded by Biswajit Kundu Roy in 2018, Coastr has experienced rapid growth since its inception. In September of the previous year, the company secured £1.4 million in funding and boasts several significant partnerships.
Photo by RDNE Stock project from Pexels
3. Float
Float is one of the more established companies on our list and has emerged as one of Scotland's top fintech firms in recent years. Established in 2012, Float provides cash management and online forecasting software, empowering businesses to track, monitor, and adjust their cash flow effectively.
Businesses can easily integrate Float's platform with their preferred accounting software, such as Xero, FreeAgent, or QuickBooks. Founder Colin Hewitt launched the company following his own experiences with cash flow challenges during his tenure running a digital agency.
4. Know-it
Glasgow-based fintech Know-it offers a cloud-based credit management platform designed to streamline and optimise credit control processes. Founded by CEO Lynne Darcey-Quigley, the company primarily caters to the SME market.
The Know-it platform allows businesses to conduct credit checks, monitor payments, and efficiently collect overdue unpaid invoices. In December 2021, the company was recognised among several Scottish tech companies in Tech Nation's Rising Stars 4.0 program.
5. Loveelectric
Loveelectric is another Scottish startup operating at the intersection of two dynamic sectors: fintech and electric vehicles. Founded by former Money Dashboard CEO Steve Tigar, Loveelectric aims to increase the adoption of electric vehicles by enhancing affordability and accessibility.
The firm's innovative leasing scheme seeks to encourage more businesses to embrace eco-friendly transport by significantly reducing the cost of vehicle leasing. Scottish businesses operating profitably for two years or more can participate in the scheme, allowing their staff to secure a vehicle for personal or business use.
6. Nova Finance
While relatively new to the Scottish startup scene, Nova Finance is making a significant impact. The company describes itself as a "non-custodial programmable asset protocol" built for decentralised finance (DeFi).
Nova's platform enables users to develop investment portfolios and automates traditionally complex investor and yield strategies, making cryptocurrency investments more accessible to everyday investors.
Co-founded by Adam Greenberg and Tom Sichel, the duo behind SageCity, Nova Finance secured $3 million in funding last year and is currently building its consumer-focused application, slated for an official launch later this year.
7. Nude
Getting a foothold on the property ladder is a formidable challenge for many in the UK, especially in 2022 amid rising house prices and a growing cost-of-living crisis. Glasgow-based fintech Nude lends a helping hand to first-time homebuyers, enabling them to open savings or investment accounts, bolster their deposits, and access vital government incentives.
Officially launched in 2020 after raising £3.6 million in funding, Nude has seen remarkable growth. It was recently recognised by Moneysavingexpert for offering one of the UK's top lifetime ISAs.
8. OneBanks
The problem of bank branch closures is affecting communities across Scotland, with research indicating that up to half-a-million Scots could be "left behind" as traditional banks withdraw from the high street. Glasgow-based OneBanks is on a mission to bridge the gap left by these closures and continue offering physical banking services.
Founded in 2020 by entrepreneur Duncan Cockburn, the firm provides physical banking services at selected sites across the country and currently operates three pilot 'kiosks' in towns with no bank branches.
The company has experienced rapid growth since its launch and recently appointed a new chief operations officer and non-executive director in preparation for national expansion later this year.
Why These Companies Are Up-and-Coming
These companies have garnered attention due to their innovative FinTech solutions that address critical financial issues. With the rising demand for their services, they have experienced significant growth.
Their commitment to solving real-world problems and their adaptability to changing market demands have played a pivotal role in their success.
What the Future Holds for These Companies
The future appears promising for these FinTech companies. Operating in high-growth markets, they possess the potential to become major players in the global FinTech industry. Their innovative approaches and adaptability to market dynamics make them well-positioned for sustained success.
Photo by Expect Best from Pexels
Up and Coming FinTech Companies in Scotland
Scotland's burgeoning FinTech sector is attracting attention not only locally but also on a global scale. The region's supportive ecosystem, combined with these innovative companies, is contributing to Scotland's growing prominence in the FinTech industry.
See: Plaid’s Annual ‘Fintech Effect’ Report Shows 84% of UK Consumers Use Fintechs to Manage Money
As these companies continue to innovate and expand, they are set to make a lasting impact on the financial technology industry. Stay tuned for their exciting journey in the world of FinTech.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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