Fintech Renovite celebrates £250,000 grant to create 28 Fife jobs

Payment technology firm Renovite Technologies welcomed Ivan McKee, Scotland's minister for trade, investment and innovation, and Cllr Altany Craik of Fife Council, to its Dunfermline office on Thursday to celebrate a £250,000 investment.

Left to right: Ivan McKee, minister for trade, investment and innovation; Jim Tomaney, COO at Renovite Technologies; and Cllr. Altany Craik, Fife Council. Picture: Contributed

The funding is a regional selectvive assistance (RSA) grant from Scottish Enterprise which the fintech will use to grow its Fife site and hire 28 new staff in the technology sector.

Jim Tomaney, COO at Renovite, said: “Increasingly, today’s consumers demand new and innovative products in financial services and Scottish Fintechs have been able to satisfy that demand thanks to a highly skilled and experienced workforce - combined with a supportive business environment.

“We have grown our team in Scotland by more than three times this year and anticipate tripling this figure again over the next 12-months thanks to rising demand for better payments software from banks and money management businesses worldwide.”

Electric bicycle manufacturer Cyclotricity, relocating to Glenrothes from the south-east of England, also received an RSA grant. It will create 12 manufacturing jobs at its new Scottish headquarters thanks to £120,000 in funding.

McKee said: “We want Scotland to be the best place to live, work and invest so we are committed to growing the economy in a sustainable and inclusive way. These awards will bring new high tech jobs to Fife, helping to grow the local economy, thanks to £370,000 of investment support.”