Three firms selected for fintech initiative
Three Edinburgh companies have been selected to join a major fintech growth initiative.
Zumo,directidandwhisperclaims are among 30 financial technology businesses accepted into Tech Nation’s fintech programme. Fintech 4.0 is the fourth iteration of a sector-specificgrowthprogrammeforfintech entrepreneurs to enable their start-ups to scale, both at home and abroad.
Companies accepted into the latest cohort are working to transform all areas of the finance sector, from insurance and investment, to blockchain and digital assets. About 40 per cent of the new cohort companies are based outside of London. The high-growth companies join the programme as fintech expands significantly across the UK. Tech Nation noted that the sector had already received more than double the amountofventurecapitalfunding in 2021 so far compared to 2020 as a whole. Around half the investment made into UK fintech firms in 2021 to date has come from US investors.
Stephen Ingledew, executive chair of Fintech Scotland and Fintech 4.0 judge, said: "Fintech innovation is making a significant contribution to the development of the digital economyacrosstheukandthe Technationfintechgrowthprogramme is a valuable initiative supporting innovative enterprise, including ground breakingfirmsfromscotlandsuchas Directid, Zumo and Whisperclaims.”
Economic secretary to the Treasury, John Glen, added: “It's great to see 30 new companies joining Tech Nation’s fintech programme. Our backing forthisschemeisonepartofour commitment to making the UK a great place for fintech companies to set-up, and scale-up.”