Australian fintech to set up Glasgow base and create 60 jobs after UK-wide search

An Australian-owned financial technology firm is setting up a Glasgow base with the promise of more than 60 jobs.

Halo Invest, a wholly owned subsidiary of Sydney-headquartered fintech venture Halo Technologies, plans to set up a new operations and development centre in Scotland’s largest city. The project is expected to cost in the region of £8 million and is being supported by £800,000 of grant funding from Scottish Enterprise.

Douglas Boyce, formerly of Interactive Investor and FNZ, has been appointed chief executive of Halo Invest, which aims to become a major provider of financial services and related technology in the UK. Scotland is already home to more than 220 fintech companies, making it the largest hub outside of London. It is expected that Halo’s move will create more than 60 jobs over the next two years.

Halo Invest, a wholly owned subsidiary of Sydney-headquartered fintech venture Halo Technologies, is pressing the button on a new Glasgow base.

Boyce said: “We had the opportunity to locate anywhere in the UK, but Glasgow demonstrated itself as the ideal city for us to base ourselves with its well-established mix of financial services and fintech talent. Halo Invest will be Glasgow’s first purpose-built investment platform and we know that just being here will significantly increase our chances of success.”

Halo Technologies, founded in 2017, is listed on the Australian stock market. Its chief executive, George Paxton, said the new Halo Invest platform would help its parent company extend its reach into untapped markets.

“The launch of Halo Invest in the UK represented a key strategic milestone in our continued growth,” he said. “With a solid platform of ongoing success in the Australian market on which to build, we are looking forward to taking our unique product offerings to the UK. We know that Glasgow, a world class city with a highly skilled workforce, will make the perfect base for our UK operations.”

The firm is the latest foreign-owned company to establish a base in Scotland. It follows news that the country was again named as the number one UK location for foreign direct investment projects outside of London, according to EY’s recent “attractiveness” survey.

Jane Martin, managing director of innovation and investment at Scottish Enterprise, said: “It’s fantastic to see Halo Invest choosing Scotland and investing around £8m in establishing a presence here, demonstrating our globally recognised reputation for financial services and fintech excellence. Glasgow has a rich pool of talent and the city is well on its way to becoming a world leading tech hub, making it an attractive destination for innovative fintechs looking to disrupt the market.

“We’re committed to growing Scotland’s fintech community alongside partners such as FinTech Scotland. Revenues in the fintech industry are predicted to grow almost three times faster than those in the traditional banking sector over the next three years. We see this as being an important breeding ground for new scaling businesses that will help drive Scotland’s future economic growth.”

Employment and investment minister Tom Arthur added: “Halo Invest is a growing international company and the selection of Glasgow for its latest base is a vote of confidence in the city and will create high quality jobs. This announcement further underlines Scotland’s reputation as a centre for innovative fintech businesses.”