The number of climate-focused financial technology companies doubled in Scotland in 2022 amid a year in which Scottish fintech companies bucked the wider funding downturn.
The data, which came from the independent cluster body FinTech Scotland, shows that there was an overall increase of 13% in the number of fintech companies setting up a base of operations in Scotland.
FinTech Scotland pointed to an acceleration of partnerships and adoption via innovation labs launched with Lloyds Banking Group and TSB. These labs helped move customers to carbon efficiency, FinTech Scotland said.
In total, Scotland-based fintech companies secured £305m in funding in 2022, a 200% increase from the year prior. Across all tech sectors in the UK, investment fell by 22% as economic headwinds and rising interest rates hampered funding availability.
The data comes as part of Fintech Scotland’s strategic roadmap, which the body said was currently on track.
Nicola Anderson, CEO of FinTech Scotland, said: “The FinTech R&I Roadmap demonstrates how collaboration and innovation can change people’s lives, driving positive outcomes for both business and citizens both in Scotland and across the UK.”
The report also found there was a 19% increase in new payment-focused fintechs, a 13% increase in those specialising in regtech, and a 26% increase in those using open finance data.
“The UK Fintech Sector Review clearly set out recommendations to ensure the country retains its global leadership position in financial innovation,” said Charlotte Crosswell OBE, chair of the Centre for Finance, Innovation and Technology.
“An important component of that success is increased investment in fintech, and ensuring the brightest minds across the UK are involved.”
Recipients of Scottish fintech funding in 2022 include Bearsden-based pension platform Guiide, which raised £210,000 in September.
Investors in the region include Scottish Widows, Archangels, Foresight Group and British Business Bank.
The British Business Bank at the start of the year announced it will be launching a £150m Scotland fund in the summer.