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Scottish fintech solutions to Covid-19 challenges

11 Jun 2020 • 4 minute read

Find out how Scotland's fintech firms have mobilised and responded with innovative solutions to the challenges of Covid-19.

Person using banking app on mobile phone

As Covid-19 created challenges across all areas of society, Scotland's innovative fintech companies worked quickly to find effective solutions that would support businesses and individuals in the new normal.

Support for new challenges

Over the last couple of months, there have been numerous examples of fintech firms accelerating the application of their innovative propositions with technology to provide immediate support to citizens and businesses, while helping build a more digitally-engaged society post-Covid-19 crisis.

Here Stephen Ingledew, Executive Chair of FinTech Scotland shares some of the ways Scottish fintechs are supporting the Covid-19 response with novel solutions.

Stephen Ingledew, CEO Of Fintech Scotland

Stephen Ingledew, Executive Chair, FinTech Scotland

Existing solutions becoming more relevant

The innovative propositions from Scotland's fintech firms have come more to the fore as organisations look to embrace more rapidly the impact of a digital world on financial matters.

For example, DirectID opens in a new window and Amiqus opens in a new window are offering organisations the opportunity to automate verifying the identity of customers to improve experience and engagement.

While Castlight opens in a new window is working with banks to help those with low or no credit score access financial products they need. This is thanks to an alternative to traditional credit rating based on behaviour instead of past credit scoring.

Cashflow management is critical to running any business and Scottish fintechs have developed innovative solutions to help businesses. For example, Float opens in a new window has extended its free trial period to allow financially constrained businesses to benefit from its product.

Another fintech supporting small firms is bePayd opens in a new window with its innovative solution to enable businesses to access instant payments.

Sustainably opens in a new window  is focused on helping people donate to the causes they care about very easily, using Open Banking to automate giving. This provides an effective way to give to charities that are supporting those on the frontline and most in need of support from charities.

New solutions born out of new necessities

A new example of fintech innovation has come from a group of entrepreneurs who had decided to help local businesses on the high street through its new enterprise called Striver opens in a new window .

Through its innovative platform, citizens who want to help their local shops can purchase vouchers now to spend when those shops can re-open. Striver is providing those very important businesses with cashflow now, helping them during these tough trading times

Inbest opens in a new window has adapted its proposition in helping people with financial decisions to develop a new solution allowing people to understand all the social benefits they are entitled to.

Xpand Access opens in a new window has used its technology to help companies get funding and public services. As an information hub platform, it enables businesses to understand the various funds and schemes put in place by government.

Keeping business informed was certainly high on Modulr opens in a new window ’s agenda. It decided to launch the Modulr Club: Digital opens in a new window , a series of events bringing insight and expertise to people’s screens when they can’t meet face to face.

Preparing for a post-crisis world

APPII opens in a new window has developed a blockchain-based solution for background checks on prospective employees. This is now being extended to a ‘digital’ health passport that will help employers get employees back to work when they re-open.

Smaller financial institutions such as credit unions play a valuable role with so many communities. Innovative fintech firm, Soar opens in a new window is supporting them by providing state-of-the-art digital capabilities experience.

Fintech is a vibrant and dynamic sector, helping to reinvent the ways citizens and businesses engage with money and financial matters for the better.

The Covid-19 crisis has helped exemplify this and Scottish fintechs firms are leading the way in helping the economy and society recover as we move to a new normal for everyone.

Fintech opportunities

The smartest location for fintech companies to locate and grow

Discover the many developments taking place and opportunities open to fintech companies in Scotland.

Stephen Ingledew, Executive Chair of FinTech Scotland and Chris Brooks, Chief Financial Officer, Modulr share their insights on Scotland's fast-growing fintech hub.

Watch our webinar opens in a new window  

Kate Forbes, Minister for the Scottish Parliament and Cabinet Secretary for Finance and the Economy

Fintechs in Scotland

Scotland is home to some of the best fintech companies in the world. Search FinTech Scotland's directory to discover more about them and what makes Scottish fintech firms different.

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