Fife payment business to showcase wares at forthcoming trade mission

A Dunfermline business is to fly the payments flag during a fintech trade mission next week whose goals include attracting investment into Scotland.

Renovite Technologies' COO Jim Tomaney flags the events potential opportunities. Picture: contributed.

Payment specialist Renovite Technologies has been selected by the UK Department for International Trade (DIT) and Scottish Development International (SDI) to showcase its technology to Swiss and Austrian financial organisations. The event takes place in Vienna and Zürich on 23 and 24 January. Previous fintech trade missions to Switzerland led by the DIT have since generated €45 million (£40m) in business deals.

The mission aims to stimulate business between the UK delegation and financial institutions across the region. Renovite and a “select” group of other fintechs will meet banks, venture capitalists, and other organisations with an interest in fintech and innovation.

Jim Tomaney, chief operating officer at Renovite Technologies, said: “Austria and Switzerland offer business opportunities any fintech would doubtless have a keen interest in given the high number of banks and other financial institutions based there. We are thrilled to have been selected as a delegate for the mission and look forward to showcasing how our work is enabling positive change using state-of-the-art cloud technology.”

Patrick Kunz, senior trade specialist at SDI, said: “We hope that this mission stimulates new business relationships amongst participants, resulting in job and wealth creation in Austria, Switzerland and Liechtenstein, and in the United Kingdom.”

Stephen Ingledew, chief executive of Fintech Scotland, who will be speaking in Zurich, said: “Sharing examples of fintech innovation is an important part of building our global collaboration, attracting investment into Scotland and supporting Scottish fintech firms in finding new routes to market in Europe.”

Renovite Technologies, which also has offices in California and New Delhi, established its European base in Dunfermline in 2016. The UK team has grown from four to 20 during that time and plans to add another ten employees – including six trainees – by the end of 2019.