The UK Government’s brochure, 'UK FinTech State of the Nation', published this month, provides an overview of the UK’s booming FinTech industry and highlights Scotland’s attractiveness for entrepreneurs, investors and talent in this sector.
The brochure reports that Scotland’s FinTech credentials are on the rise:
- Over 100 FinTech companies have made their home in Scotland
- FinTech SMEs based in Scotland have tripled in number in the last year
- Scotland voted best European place to start a tech business
This boom in the FinTech sector in Scotland is helped by Edinburgh’s well-established reputation as a world-leading financial centre as well as Scotland’s rich combination of talent, excellent universities – the first to offer specific degree courses in FinTech – and a supportive public sector which encourages growth and innovation, through agencies such as Scottish Development International (SDI).
Tax breaks also make this sector attractive:
- Investors may be able to access a variety of tax efficient government funding initiatives including the Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Scheme (EIS), Social Investment Tax Relief (SITR) and Venture Capital Trusts (VCT); and
- R&D tax reliefs for the business itself.
The full report can be found here.
MacRoberts' Corporate Finance team has a wealth of experience acting on behalf of growing technology businesses, and investors, in the financial services tech sector. If you would like to learn more about what we can do for your FinTech business, please contact a member of our team.