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Number of Scottish climate fintechs doubles

Scotland fintech 2022
Image credit: FinTech Scotland

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....