Edinburgh digital outfit Exception going for fintech growth

An Edinburgh-headquartered technology business is to tap into the financial services sector for further growth after a surge in revenues.

Exception says it intends to support the UKs growing fintech and financial sectors. Picture: Contributed

Exception said it intends to support the UK’s growing fintech and financial sectors through a range of “cloud architecture, consulting and migration services” over the next year.

The company, which was founded in 2002, already works with several major financial institutions, including Royal Bank of Scotland, Lloyds and Royal London. It comes amid an explosion in remotely hosted, centralised computing services – so-called cloud computing.

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Exception has seen its revenues grow by more than 40 per cent to £30 million in the past five years,

Scott McGlinchey is the Edinburgh firm's chief executive. Picture: Neil Hanna

Chief executive Scott McGlinchey said his firm’s ambitions reflected the trend for financial businesses to adopt fintech – financial technology – services.

Recent research suggests that financial firms are investing up to 9.4 per cent of their operating income on technology, with a huge 73 per cent wasted on maintaining legacy systems.

McGlinchey said: “We will work with financial firms to integrate their outdated legacy systems, which is becoming a problem for some firms.

“It is vital for the UK fintech and financial sector to transform digitally. Many are well on their way. Otherwise, it is harder for them to innovate effectively in the modern, digital-driven global world.

“This new world creates significant pressures for companies,” he added.