A subsidiary of Australian fintech HALO Technologies, HALO Invest, has announced its intention to set up a new operations and development centre in Glasgow.
The move will create more than 60 jobs over the next two years, the company said.
Douglas Boyce, formerly of Interactive Investor and FNZ, has been appointed CEO of HALO Invest, which aims to become a leading provider of financial services and technology solutions in the UK.
The project is expected to cost in the region of £8 million and is being supported by £800,000 of grant funding as a contribution from Scottish Enterprise.
“We had the opportunity to locate anywhere in the UK, but Glasgow demonstrated itself as the ideal city for us to base ourselves with its well-established mix of financial services and fintech talent,” Boyce said.
“HALO Invest will be Glasgow’s first purpose-built Investment Platform and we know that just being here will significantly increase our chances of success.”
HALO Technologies, founded in 2017, is listed on the Australian Securities Exchange. Its chief executive, George Paxton, believes that HALO Invest can help its parent company extend its reach into untapped markets by leveraging its expertise and brand reputation.
“The launch of HALO Invest in the United Kingdom in January of this year represented a key strategic milestone in our continued growth,” Paxton said.
“With a solid platform of ongoing success in the Australian market on which to build, we are looking forward to taking our unique product offerings to the UK. We know that Glasgow, a world class city with a highly skilled workforce, will make the perfect base for our UK operations.”
HALO Invest is the latest foreign-owned company to establish a base in Scotland. It follows news that the country was again named as the number one UK location for Foreign Direct Investment projects outside of London, according to the independent EY UK Attractiveness Survey – Scotland 2024.
“HALO Invest is a growing international company and the selection of Glasgow for its latest base is a vote of confidence in the city and will create high quality jobs,” employment and investment minister Tom Arthur said.
“This announcement further underlines Scotland’s reputation as a centre for innovative fintech businesses and its position as the UK’s most attractive location for inward investment outside London.
“The Scottish Government is focussed on driving innovation, securing investment, and increasing entrepreneurial activity. With our partners at Scottish Enterprise, we will continue to ensure Scotland is recognised as offering the innovation, skills and expertise that global fintech firms need when setting up a new base.”
Scottish Enterprise‘s support for HALO Invest is part of the economic development agency’s new missions-based approach. One of its aims is to double the number of scale-up businesses operating in Scotland over the next ten years by focusing on industries where Scotland has global strengths, of which fintech is one.
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Jane Martin, managing director of innovation and investment at Scottish Enterprise said: “It’s fantastic to see HALO Invest choosing Scotland and investing around £8 million in establishing a presence here, demonstrating our globally recognised reputation for financial services and fintech excellence.
“Glasgow has a rich pool of talent and the city is well on its way to becoming a world leading tech hub, making it an attractive destination for innovative fintechs looking to disrupt the market.
“We’re committed to growing Scotland’s fintech community alongside partners such as FinTech Scotland. Revenues in the fintech industry are predicted to grow almost three times faster than those in the traditional banking sector over the next three years. We see this as being an important breeding ground for new scaling businesses that will help drive Scotland’s future economic growth.”
Scotland is home to more than 220 fintech companies, making it the largest hub outside of London, and has an industry-led Fintech Research & Innovation Roadmap, a pioneering framework developed to accelerate fintech innovation.