Scotland fintech raises EUR 24.6 funding boost

Monday 29 June 2020 11:50 CET | News

Scotland fintech raised EUR 24.6 million in funding round to establish a Global Open Finance Centre of Excellence (GOFCoE) in the Edinburgh and Central Belt region.

The new research and development (R&D) centre will help to develop solutions aimed at delivering social and economic benefits through open banking and financial data. The Government research funding agency, UK Research and Innovation, confirmed the centre as one of seven proposals being funded by the Strength in Places Fund, which supports innovation and economic growth across Scotland.

The initiative will enable research into public earning, spending, and saving to help create citizen-focused financial services, as well as helping policymakers to understand the economic and social impact of policies and regulations.

Over the past two years, the groundwork on the initiative has been led by the University of Edinburgh, fintech Scotland, the Financial Data and Technology Association (FDATA) and Scottish Enterprise with the support of a range of organisations.

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Keywords: fintech, Scotland, Global Open Finance Centre of Excellence, GOFCoE, Edinburgh, Central Belt, R&D, Open Banking, banking, data, UK Research and Innovation, Strength in Places Fund, University of Edinburgh, Financial Data and Technology Association, FDATA, Scottish Enterprise
Categories: Banking & Fintech
Countries: United Kingdom
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Banking & Fintech

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