Scotland's big data and fintech sector are ready and waiting for investors hungry to tap into their huge growth potential. So what are you waiting for? Why not take your first big byte?
Do you have an appetite for fintech and big data? If so, why not feed it?
Both sectors promise some tasty options on a multi-billion pound menu of investment. With Scotland sitting on a gastronomic data goldmine estimated to be worth £20 billion, the nation is a financial powerhouse of major banking and asset multinationals - all fuelled by a booming sector of over 1000 tech firms.
This week's brilliant banquet served up both Datathon 2017 and DataFest17, proving that the UK offers vast potential for investors to capitalise on these huge growth sectors. Both events in Scotland offered a fine spread from key organisations, big hitters and partners from across Scotland’s fledging fintech sector including: FreeAgent, The ID co and miiCard, Gavin Littlejohn, founder of Money Dashboard and Kent MacKenzie of Deloitte.
Datathon 2017 was a two-day event with an awards’ presentation; the first day brought together the brightest minds from data science and financial services at the “Deloitte Greenhouse” in Edinburgh.
Day one was open to anyone with a wide range of skills’, including data analysis, visualisation techniques, presentation skills and product development. Day Two saw the doors open to the public who heard from innovators driving the fintech movement in Scotland, how they are using data, and what Open Banking will mean for the future.
The Datathon was a fantastic success, demonstrating that Scotland has all the right credentials to attract inward investment into its fledging fintech and data sectors. It proved that Scotland offers a compelling proposition for London as well as overseas’ investors to benefit from this dynamic industry.
#DataChangesEverything… like a good feed
Scotland’s data credentials include a highly-talented skills’ base, infrastructure and academia which is helping to drive this core growth sector. Scottish Development International will continue to play an active part in supporting and growing innovative data and fintech investors in Scotland, and throughout this dynamic industry at large.
DataFest17, also held in Edinburgh this week, showcased a brilliant banquet of data innovation, co-organised by Sainsbury’s Bank, Scottish Enterprise, The Data Lab and Innovation Centres.
The event celebrated data innovation with events on the theme of #DataChangesEverything. The week-long programme presented an appetising menu: it explored the successes, the challenges and the future of data innovation, showcasing exciting projects.
Brian Hills, head of data at the Data Lab, said: “Our Data Talent Scotland event was really positive and we want to scale up that activity. We work all around Scotland with universities, the public sector and industry so we know there is a huge appetite for doing things with data. We wanted to promote what we are doing in Scotland on an international map."
Order more from Scotland's metoric fintech menu
With so many innovative financial services institutions, Scotland draws on fintech professionals from far afield. These include companies in London that are catering for vibrant communities with a high quality of life, education and connectivity.
- Australia’s Encompass Corporation arrived in Glasgow in 2015, assisted by £2.2m from development agency, Scottish Enterprise. It chose the UK as its first international base because the regulatory regime is similar to Australia’s and is using a further £1.8m from the Scottish Investment Bank (SIB) to source more data suppliers.
- Edinburgh’s Nucleus Financial, established in 2006, provides a wrap software platform for financial advisers and their clients. Its staff look after around £10bn in assets across almost 80,000 clients, working with more than 400 advisor firms.
- Money Dashboard’s financial data platform has attracted 100,000 users since its launch in 2010. The innovative fintech company, based in Edinburgh, believes it has the potential to transform how people manage their finances digitally.
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