Three Edinburgh firms selected for high-growth UK fintech programme

Three Edinburgh companies have been selected to join a major fintech growth initiative.

Zumo, DirectID and WhisperClaims are among 30 financial technology businesses accepted into Tech Nation’s fintech programme.

Fintech 4.0 is the fourth iteration of a sector-specific growth programme for fintech 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.

Financial technology, or fintech, has become a key growth area for the digital economy. Picture: AP Photo/Marcio Jose Sanchez

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 amount of venture capital funding 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 economy across the UK and the Tech Nation fintech growth programme is a valuable initiative supporting innovative enterprise, including ground breaking firms from Scotland such as 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 for this scheme is one part of our commitment to making the UK a great place for fintech companies to set-up, and scale-up.”

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