The latest round of funding from FinTech Scotland has seen five innovative financial technology firms each secure £50,000. The funding aims to enhance financial inclusion, boost resilience, and improve consumer engagement across the financial sector.
Major Backing for Innovation
FinTech Scotland, in collaboration with the University of Strathclyde and the University of Glasgow, spearheaded the initiative under the Financial Regulation Innovation Lab (FRIL). The project is funded by Innovate UK and is supported by 14 major financial institutions.
Industry heavyweights—including PwC, NatWest, Lloyds Banking Group, Equifax, Barclays, Tesco Bank, and TSB—played a key role in evaluating and mentoring fintech firms throughout the selection process.
The programme created a platform where 20 global fintech businesses collaborated with financial leaders to craft data-driven solutions aimed at better consumer outcomes in financial services. A pitching event held in January at PwC’s Glasgow offices determined the final five recipients of the funding.
The Five Winning Fintechs
Each of the five selected fintech firms brings a unique approach to tackling financial challenges. Their solutions focus on financial accessibility, fraud prevention, compliance, and consumer empowerment. The chosen startups include:
- Docstribute – Aims to simplify complex documents for consumers, improving engagement and understanding.
- Ask Silver – Provides an accessible tool to detect and report scams, particularly helping vulnerable consumers.
- NestEgg AI – Facilitates access to responsible lenders, making credit more affordable and inclusive.
- MyArk – Uses advanced data insights to flag early signs of financial distress, enabling proactive interventions.
- Profylr – Deploys AI-driven risk and compliance insights to assist financial institutions in decision-making and outcome tracking.
Strengthening the Ecosystem
These fintech firms will now continue working alongside financial institutions in the FRIL programme, refining their solutions with expert guidance. The collaboration is expected to foster innovations that will have a tangible impact on consumers while supporting the broader evolution of financial services.
This year’s Innovation Call also expanded through a partnership with SuperTech West Midlands. The collaboration brought together credit unions, building societies, and Community Development Financial Institutions (CDFIs) such as Moneyline, broadening the reach of financial innovation to underserved communities.
The Future of Financial Inclusion
Nicola Anderson, CEO of FinTech Scotland, emphasized the significance of industry-wide cooperation in shaping a more inclusive financial landscape.
“This latest customer-focused Innovation Call highlights the power of collaboration in driving better outcomes for individuals,” Anderson stated. “By bringing together ambitious fintech firms and leading financial institutions, it accelerates the development of inclusive digital financial services and supports the future digital economy.”
The fintech industry continues to drive meaningful changes by leveraging emerging technologies and advanced data insights. As these firms advance their solutions, the goal remains clear—creating a more transparent, inclusive, and consumer-focused financial environment.
