Scottish FinTech firm welcomes fresh investment in year of soaring growth

Renovite Technologies, the Fife-based fintech firm which has seen the number of specialist staff it employs in Scotland more than triple since January, has received a £250,000 RSA grant to help grow its Dunfermline location.

Twenty-eight new high tech roles will be created to help meet demand for better payments software from banks and money management businesses worldwide.

The payments technology firm marked the a flagship moment as it welcomed Scotland’s Minister for Trade, Investment and Innovation Ivan McKee to its office in Fife yesterday.

During the visit Mr McKee, who was appointed as Minister for Trade, Investment and Innovation earlier this year, was met by a number of Renovite Technologies staff including its chief operating officer Jim Tomaney.

Mr Tomaney, whose company Q-ATM was bought by Renovite Technologies last year, outlined why the business, which also has offices in the US and India, sees Scotland and Fife as a model environment for ambitious Fintechs.

He 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 paymentssoftware from banks and money management businesses worldwide.

“I’d like to thank Ivan McKee for visiting us today and for his support for the sector, alongside Fife Council and Scottish Enterprise who have been helpful in the support they offer to businesses like our own.”

Minister for Trade, Investment and Innovation, Ivan 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.

“The Scottish Government is supporting businesses to maximise the opportunities that come from established strengths in innovation and technology. Scotland has huge economic potential so we are determined to work with businesses to unlock more high skilled jobs like these.”

Stephen Ingledew, chief executive of FinTech Scotland added: “Renovite Technologies is leading the way on innovative FinTech technologies globally and has a terrific team based in Fife who are playing a key role to develop the skills and talent required for the future collaborating with key regional partners. This reinforces the fact that Fife will continue to play a significant FinTech role in the future building on the excellent heritage of the region being at the forefront of financial services technology innovation.”