PAMELA BRYER

Partner

Marks & Clerk

Scotland’s fintech sector continues to demonstrate significant momentum, supported by a combination of private investment, industry collaboration, and targeted public sector funding. Recent announcements involving Edinburgh-based fintech Aveni and the Financial Regulation Innovation Lab (FRIL) underline Scotland’s growing reputation as a centre for innovation in financial services, particularly in areas such as artificial intelligence (AI), regulatory technology, and responsible innovation.

Aveni’s recent £12 million funding round represents a notable vote of confidence in both the company and Scotland’s wider fintech ecosystem. Led by PXN Ventures, with participation from major financial institutions including Lloyds Banking Group, Nationwide, and Scottish Enterprise, the investment will enable Aveni to accelerate the development of its Unified Assurance Platform and bring new products focused on AI risk management to market. The funding highlights increasing demand for solutions that help financial institutions deploy AI safely and effectively while meeting regulatory and consumer protection requirements.

The company’s growth reflects a broader trend across the financial services sector, where organisations are seeking to harness AI to improve productivity, customer service, and operational efficiency. Through products such as Agent Assure, Aveni Detect, Aveni Assist and Agent Approve, the company helps firms monitor and manage the conduct risks of AI agents alongside human interactions. As financial institutions increase their use of AI technologies, ensuring appropriate governance and controls is becoming an increasingly important challenge.

This is particularly relevant given the rapidly evolving regulatory landscape surrounding AI. While many financial services firms are exploring AI adoption, relatively few have comprehensive frameworks in place to manage associated risks. Aveni’s focus on AI assurance directly addresses this gap by providing tools and safeguards that help organisations maintain transparency, accountability, and compliance in customer-facing interactions. Its close engagement with regulators, including involvement with the Financial Conduct Authority (FCA), further strengthens its position as a leader in the responsible adoption of AI within financial services.

Alongside private sector investment, Scotland continues to demonstrate a strong commitment to fostering innovation through public sector support. Scottish Enterprise’s £3.18 million investment in the Financial Regulation Innovation Lab (FRIL) over the next three years is a clear example of this strategic approach. Led by FinTech Scotland in partnership with the University of Strathclyde, FRIL aims to bring together industry, academia, and regulators to accelerate the development and commercialisation of innovative financial technologies.

The programme is focused on some of the most important opportunities and challenges facing the financial services sector today. These include supporting the responsible deployment of AI, strengthening approaches to financial crime prevention, and helping firms navigate emerging regulatory developments such as open data frameworks and digital assets. By creating a collaborative environment that enables experimentation, knowledge sharing, and regulatory engagement, FRIL is helping fintech businesses develop innovative solutions while maintaining trust and consumer protection.

Importantly, initiatives such as FRIL also play a key role in supporting the growth and scaling of fintech SMEs. Access to expertise, regulatory insight, and collaborative networks can be as important as direct funding in helping emerging companies commercialise new technologies and access new markets. By connecting businesses with regulators, academic partners, and established financial institutions, Scotland is creating an ecosystem that enables innovation to move more quickly from concept to commercial deployment.

Taken together, the investments in Aveni and FRIL demonstrate the strength and maturity of Scotland’s fintech ecosystem. They highlight a coordinated approach that combines private capital, public investment, regulatory engagement, and academic collaboration to support sustainable growth. As AI and digital technologies continue to reshape financial services, Scotland appears well positioned to capitalise on these opportunities, reinforcing its status as a leading fintech cluster within the UK and internationally. Continued investment in innovation, responsible technology adoption, and scaling support will be critical to maintaining this momentum and ensuring that Scottish fintech businesses remain competitive in a rapidly evolving global market.

Crucially, as Scotland’s fintech ecosystem continues to innovate and attract investment, intellectual property (IP) will play an increasingly important role in underpinning long-term growth and competitiveness. For businesses developing AI-driven technologies, proprietary algorithms, software, data processes, and platform innovations often represent their most valuable assets. A strong focus on identifying, protecting, and commercialising IP can help fintech firms secure investment, create sustainable competitive advantage, and support international expansion. Ensuring that innovation is supported by robust IP strategies will therefore be critical to maximising the value of Scotland’s fintech breakthroughs and maintaining the country’s position as a global leader in financial technology and responsible AI innovation.

The supermarket has permanently extended its rapid delivery hours at 35 stores nationwide following a successful trial during the FIFA World Cup.

Most of the participating branches will now deliver orders placed via Deliveroo, Uber Eats and Just Eat until midnight, while select high-demand locations will offer 24-hour delivery to customers.

Laura Burbedge, Waitrose’s director of online, said: “The World Cup proved that our food-loving customers value the flexibility of shopping at Waitrose whenever they need us.

“By extending our delivery windows, we’re making it even more convenient to access the delicious, high-quality food our customers love.”

(Image: Getty Images)

Waitrose first introduced the extended hours during the tournament to accommodate late-night and early-morning matches, with more than 50 stores in England and Scotland taking part from June 23.

During the trial, orders increased by 17 per cent around England’s game against Croatia and just before Scotland’s match against Morocco.

The supermarket said orders remained high during the extra hours, even after the matches ended.

The extended delivery service is limited to orders placed through the three partner delivery apps and does not affect in-store shopping hours.

Alcohol will not be delivered outside each store’s usual licensed trading times.

Customers can check which branches are included by searching for Waitrose on Deliveroo, Uber Eats or Just Eat.

The rapid delivery service offers thousands of products including fresh produce, ready meals, meat, dairy, toiletries and cleaning supplies.

Orders can arrive in as little as 20 minutes, though availability will depend on location and delivery platform.

Waitrose, which operates around 320 shops across the UK, continues to grow its presence on third-party delivery apps as demand for fast grocery services increases.

Customers wishing to shop in person at participating stores must still do so during regular opening hours.

Marketing Signals has urged students disappointed by their exam results to focus on practical experience and AI skills rather than grades, as UK employers place less weight on formal qualifications in recruitment.

Research cited by the digital marketing agency found that 65% of UK employers now see educational qualifications as less important when hiring, while only 14% of UK job postings mention academic qualifications as a requirement. At the same time, demand for AI skills in UK job listings has risen by 62% over the past year, and jobs requiring AI competency pay average wages 34% above the wider market rate.

The figures suggest a labour market in which technical fluency and evidence of applied work are gaining ground over exam performance. The government’s AI Labour Market Survey found that 97% of UK businesses report an AI skills gap, while only 13% of graduate schemes include any AI training.

Marketing Signals founder Gareth Hoyle said employers often judge candidates on evidence of initiative and practical output rather than school results alone.

“I’ve spent over two decades hiring people at every level. Hand on heart, A-level results have never been the reason I hired someone. What tells me everything is what a candidate has actually done, and in 2026, I’m increasingly looking at whether they’ve started to get to grips with AI,” Hoyle said.

His comments reflect a broader shift in hiring priorities across sectors under pressure to adopt AI tools while facing a shortage of people who know how to use them. Transferable skills such as communication, critical thinking, adaptability and the ability to learn quickly also continue to rank highly with employers, particularly once candidates have gained some work experience.

For many recruiters, school grades fade in importance as careers progress. By the time someone is five years into working life, A-level results rarely appear on a CV, the agency noted.

Shift in hiring

The growing emphasis on AI skills marks a notable change because graduate pathways are not yet keeping pace with employer demand. With only a small share of graduate schemes including AI training, school leavers and job seekers who pursue self-directed learning may be able to stand out earlier in the hiring process.

“We’re at the beginning of a shift that will reshape almost every industry. The people who will thrive aren’t necessarily those who got the best grades; they’re the ones who understand how to work with AI tools and genuinely harness them. That’s a skill you can start building for free this week, on your own terms. And unlike an A-level result, it’s one you can keep sharpening for the rest of your career,” Hoyle said.

Marketing Signals urged students to consider a range of next steps after receiving their results, including clearing, apprenticeships, work, volunteering and gap years. It also advised young people to study job listings in their chosen fields to identify commonly requested tools, certifications and skills.

The agency pointed to apprenticeship trends as one sign of changing entry routes into AI-related work. Apprenticeships accounted for 3% of AI hires in 2020 and 19% in 2025, suggesting employers are becoming more open to candidates who build practical knowledge in the workplace instead of following a traditional university path.

Portfolio focus

It also recommended that students build a portfolio of work, particularly if they want to enter digital, creative or technology roles. Examples could include self-initiated projects, writing samples, mock campaigns or websites created with the help of AI tools.

Visible work gives employers something concrete to assess. In areas such as marketing, software and media, candidates can now produce portfolio pieces without formal employment or large budgets by using readily available AI tools to research, draft, test and refine ideas.

This approach also aligns with the agency’s view that self-motivated learning is becoming more valuable in early-career hiring. Free and low-cost courses from major technology groups and learning platforms offer one route into AI fundamentals, while certifications in tools such as ChatGPT or Google Gemini may help candidates stand out in crowded applicant pools.

For employers, the issue is not simply familiarity with a particular tool but evidence that applicants can use new systems effectively, review outputs critically and apply them to practical tasks. In sectors adopting AI, recruiters are increasingly likely to test those habits through portfolios, projects and interview discussion rather than relying on academic history.

“Your results today are one data point. The skills you build from here will take you much further than any grade ever could, especially if you’re willing to get ahead of AI,” Hoyle said.