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Tampa Bay-Lakeland
Business Observer Tuesday, Jan. 24, 2012 6 years ago

Amscot expanding to Miami

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The Tampa-based financial firm has more than 2,000 employees.

TAMPA -- Amscot Financial Inc. is preparing to expand into South Florida this year.

CEO Ian MacKechnie says the Tampa-based financial services firm will open its first location in Miami this March, and will eventually add 20 new locations in the region by the end of the year.

MacKechnie's firm brought in $173 million in revenues in 2011, up roughly 3% from its 2010 total of $167.9 million. Amscot has 1,251 full-time workers, and also employs roughly 1,000 seasonal tax preparers.

Amscot Financial has been in business since 1989, three years after MacKechnie came to the U.S. from Scotland. (Indeed, Amscot is short for “American Scottish.") Today, services provided by Amscot include check cashing, bill paying, small-scale lending, tax preparation, and pre-paid debit card loading.

The bulk of Amscot's growth took place between 2003 and 2006, when the company went from posting $26.7 million in revenues to $85 million just three years later.

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