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Financial Figures Show Fintech Flourishing in Scotland

Scotland is fast on its way to becoming a fintech centre of excellence according to Callum Sinclair, head of technology at Burness Paull.
 
A growing number of technology start-ups and their disruptive impact, plus recognition from major financial institutions that they must adapt and invest in new technology, is resulting in a rapidly evolving financial services sector according to Callum.
 
“The launch of FinTech Scotland last October was really significant, giving the sector momentum, and a healthy and growing talent pool is rising to the challenge, underlined by Edinburgh Napier University having just launched a Masters degree in fintech,” he commented.
 
“Our dealmaking team has also noticed the prominence of tech deals over the past 12 months, with a steady flow of transactions coming through from the financial sector.
 
“LendingCrowd, the online peer-to-peer lending service and the only platform of this type to be based in Scotland, has established a strong market presence across the UK.
 
“It has reported record first half lending of almost £14m in 2018, bolstered by three consecutive months of record lending in April, May and June. This compared to £4.9m for the same period last year.
 
“In March this year we advised the team on an external funding round, where they secured £2 million. This investment is allowing LendingCrowd to drive forward their ambitious growth strategy, which includes a target to more than double loan deals in 2018.
 
“As an innovative fintech making a real mark in the financial services industry, it is well deserved that they are being recognised for the role they play in supporting the deal-making community. By allowing SMEs access to keener loan rates, providing attractive returns for investors and demonstrating how alternative lenders can give businesses the option to “Think Outside the Bank”, they are a great example of what Scotland has to offer the financial sector.
 
“The future of Scotland's growing fintech market looks set to remain bright, and I am looking forward to seeing the industry and its innovative players continue to thrive.”

06 July 18