DirectID announced as first Scottish Fintech Champion
Edinburgh-based DirectID has been announced as the Department for International Trade’s (DIT) new Scottish Fintech Champion.
Confirmed at a Board of Trade meeting in Wales yesterday (Monday 28), DirectID was named alongside Welsh Fintech champion Yoello.
Among the UK’s earliest open banking pioneers, DirectID provides advanced open banking data for credit and risk decision makers in 46 countries.
In January this year, the Edinburgh-based company secured $3 million in funding from Hong Kong-based venture capital firm QBN Capital.
The investment has enabled DirectID to accelerate international expansion and pursue ambitious growth plans.
Commenting on the announcement, DirectID CEO and founder James Varga said: “I was incredibly humbled and excited when I was invited to help exports in the Fintech sector.
“DirectID is now driving some of the world’s largest brands in North America, Europe and Asia to scale, drive efficiency, manage risk and create fairer outcomes for their customers.
“Whether it’s working with other industry figures to promote the UK as a place to do business, or sharing knowledge of our experience in exporting to multinational organisations, I’m proud to support the growth of the UK’s £11bn fintech economy. “
Fintech champions
DIT established the Fintech Champions scheme to support the UK’s burgeoning fintech industry.
Each champion is tasked with working alongside other industry leaders to elevate the UK’s status as a global fintech hub.
Fintech champions are also asked to help promote expansion around the world and support businesses to scale up and upgrade skills by providing one-to-one sector-specific advice.
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Commenting on the announcement, Export Secretary Andrew Bowie said: “Fintech is already worth billions to the UK economy and we are keen to see the industry continue to grow over the coming years.
“With these two companies joining the fintech Champions programme, we now have the expertise to support businesses across all four nations looking to scale up their business.
“Both are industry leaders and will do a fantastic job of promoting the UK’s place as a global fintech hub.”
The UK is already a world leader in fintech, owning more than 10% of the global market share and expected to grow dramatically to £380 billion by 2030.
In addition, the UK secures 11% of all global investment in the sector and attracts almost half of all investment in Europe.
Innovate Finance estimates that total investment in UK fintechs increased by more than 217% to $11.6 billion in 2021.
With an increasing number of fintech firms exporting globally from the UK, DIT is helping the sector benefit from our global trade links, ultimately creating more jobs and driving further investment to every corner of the country.
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