Kent Mackenzie, Deloitte’s head of FinTech in Scotland, said: “Today marks the UK FinTech sector’s ‘Big Bang’ moment, setting out a strategy that will accelerate growth over the next three years and be an enabler for post-pandemic recovery.

“The number of UK FinTechs has doubled since 2014, to c.2,500, with an annualised growth rate of 16% over the past decade. Deloitte’s analysis suggests that the UK FinTech sector could employ a further 50,000 people over the next three years, with potential economic uplift of up to £3bn over the same period.

“The report specifically highlights the Scottish FinTech cluster as a driver of innovation and jobs since it was established in 2018. The double-digit growth across the number of FinTech companies making Scotland their home, and the associated skills growth and jobs boom this creates, signals a very bright future for the sector.”

“FinTech is providing opportunities for investment right across the UK and today’s review reveals that the whole of the country is bursting with FinTech activity. With a third of all FinTechs now sitting outside of London, and a significant amount of that north of the border, providing the right support to enable regional clusters to thrive is vital. This is best achieved through collaboration, access to information, investment, skills and talent, and policy and regulation expertise. It is important to recognise that this isn’t about regional hubs competing with London. Instead, it is a global opportunity that, if nurtured, will ensure growth across the UK and future FinTech competitiveness on an international stage.”