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Wylie & Bisset urges fintech SMEs to explore funding opportunities

The number of Scottish fintech SMEs has grown by over 50% during the pandemic, and the accountancy firm are advising them to explore a number of opportunities and seek professional advice

Chartered accountants Wylie and Bisset is urging early-stage Scottish fintech SMEs to “explore the range of funding and commercialisation opportunities at their disposal”.

The number of Scottish fintech SMEs has grown by more than 50% during the 18 months of the pandemic. 

As more businesses adopt hybrid working arrangements, driven largely by Covid-imposed restrictions, digital technologies become more widespread.

Andrew Cowling, partner at Wylie and Bisset, said: “To realise their full potential, we would advise emerging fintechs to explore the support available from the Scottish Government, Scottish Enterprise or HIE and local councils and universities.”

“This can range from practical support, including collaborating with partners, to grant and loan funding, up to venture capital, depending on their specific requirements.”

Cowling also highlighted that the Smart Scotland research and development grant that supports high risk, highly ambitious projects and which covers feasibility studies.

He added: “SME research and development tax relief allows companies to deduct an extra 130% of their qualifying costs from their yearly profit, as well as the normal 100% deduction, to make a total 230% deduction and claim a tax credit if the company is loss making, worth up to 14.5% of the surrenderable loss. 

“I would urge emerging fintechs to seek professional advice on the range of support available to give them the best possible financial structure at the outset in order to facilitate rapid expansion and help realise their full potential.”

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