Recent findings from KPMG’s Pulse of Fintech report highlight a significant increase in UK fintech investment, reaching $7.3bn in the first half of 2024, indicating a recovering interest in fintech, especially in AI applications.
KPMG UK has joined forces with FinTech Scotland to help foster innovation, boost growth and drive technology adoption in the financial technology sector.
Partnering with the cluster management organization for fintech in Scotland, KPMG UK will contribute with financial services innovation to the sector which is undergoing transformations with new technologies such as AI, Distributed Ledger Technologies or Open Finance.
Ann Devine, partner at KPMG UK, expressed her enthusiasm for deepening relationships with firms in the growing sector while adding: “Scotland is one of the key clusters for UK fintech activity and this collaboration demonstrates our ongoing commitment to local fintech businesses in the region.”
The partnership is expected to add extra expertise to Fintech Scotland’s cluster so it can continue its work towards financial inclusion. Fintech Scotland’s cluster encompasses more than 250 fintech small and medium enterprises (SMEs), 35 established financial and professional services institutions, global technology enterprises, world-class universities, regulators and a supportive public sector.
Nicola Anderson, CEO of FinTech Scotland, also commented: “This partnership with KPMG UK strengthens our shared commitment to fostering innovation, collaboration and growth in Scotland’s fintech cluster.
“Thanks to KPMG’s global expertise and the thriving Scottish fintech community, I’m confident we can accelerate innovation and support the scaling of innovative businesses that contribute to Scotland’s economic and societal progress.”
KPMG’s latest Pulse of Fintech report recently discovered that total UK fintech investment reached $7.3bn in the first half of 2024, up from $2.5bn in the same period in 2023.
Hannah Dobson, partner and UK head of fintech at KPMG UK, said regarding the findings: “With the new UK government in situ and the potential long-awaited drop in interest rates having finally arrived, there are hopes that fintech investment will start to show signs of recovery as we move into the latter part of the year and early 2025.
“We are expecting to see growing investment interest in AI and its use in the fintech and regtech space.”