Amscot Financial
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1 June 1989 in Tampa, Florida, United States |
| Founder | Ian MacKechnie |
| Headquarters | Tampa , United States |
Area served | Florida |
Key people | Ian MacKechnie (Chairman and CEO), Ian Andrew MacKechnie (Executive Vice Chairman, Corporate Secretary and Treasurer), Fraser MacKechnie (Chief Operating Officer and President) |
| Products | Check cashing, bill payment services, prepaid cards, payday lending, money orders, ATM access, wire transfer services, notary and fax services, postage sales |
Number of employees | 2000+ |
| Website | www |
Amscot Financial is a privately held American firm specializing in financial services, with its main office located in Tampa, Florida. Established in 1989 by businessman Ian MacKechnie, Amscot runs close to 240 branches exclusively within Florida, focusing on prominent regions like Tampa Bay, Orlando, and Miami. The company offers a range of non-bank consumer financial products, including check cashing, bill payment services, prepaid cards, payday lending, complimentary money orders, ATM access, wire transfer services, notary and fax offerings, as well as postage sales.
With a workforce exceeding 2,000 employees, Amscot retains full ownership of all its locations and does not operate through franchising. The organization has earned recognition for its corporate culture, having been honored as a Top Employer in Tampa by the Tampa Bay Business Journal in 2008 and securing the 36th position on the journal’s Tampa Bay Business 100 list in 2014.
The company actively participates in both national and state trade associations such as INFiN (previously FISCA) and the Florida Consumer Financial Services of America (FCFSA). Additionally, Amscot contributes to community programs across Florida including the Children Rescue Network, Kids First traffic safety initiative, and the Consortium of Florida Education Foundations (CFEF), thereby strengthening its presence through targeted philanthropic efforts.
History
Founded in 1989 in Tampa, Florida, Amscot Financial was the brainchild of entrepreneur Ian MacKechnie, who moved from Scotland to the United States in 1986. MacKechnie initially operated a bakery that supplied doughnuts and pastries throughout west central Florida. Noticing that many workers preferred cashing their paychecks at convenience stores rather than banks, he identified a business opportunity. Selling his bakery business, he then launched Amscot—its name reflecting both his Scottish heritage and American residence. The first branch opened on East Broadway in Tampa during June 1989, soon followed by a second site on Fletcher Avenue.
During the early 2000s, Amscot broadened its range of services and products. By March 2005, the company managed 84 branches serving about 200,000 customers weekly while handling nearly $3 billion in yearly transactions. By 2006, revenues had grown to $85 million. The company expanded its bill payment options to include major utility providers across Florida such as TECO Energy, Orlando Utilities Commission, Lakeland Electric, Duke Energy, and Florida Power and Light. That same year, founder Ian MacKechnie was honored with the "Entrepreneur of the Year" award by Gulf Coast Business Review.
After entering the Miami market by late 2012, Amscot further increased its footprint throughout Florida with branch sizes typically ranging from 1,600 to 2,400 square feet. By 2013, operations extended into 20 counties within Florida and included three training centers that onboarded over 50 new employees each week.
On December 25, 2015, Ian MacKechnie was listed among the "top 5 searched people" by the Tampa Bay Business Journal—a reflection of public interest spanning from his financial ventures to philanthropic activities.
By 2018, Amscot reported annual revenues surpassing $220 million while serving more than three million customers annually. Ian MacKechnie continues to serve as chairman and CEO. His sons hold key leadership roles: Ian Andrew MacKechnie acts as executive vice chairman, corporate secretary, and treasurer; Fraser MacKechnie fulfills duties as chief operating officer and president.
Associations
Amscot holds membership in prominent industry groups such as the national INFiN Financial Services Alliance and the Florida Consumer Financial Services of America (FCFSA), strengthening its professional network and expanding its presence within the financial sector.
Community involvement
Throughout Florida, Amscot actively engages in community programs, collaborating with entities like the Children Rescue Network to offer complimentary safety ID cards for children. Since 2004, the company has partnered with law enforcement agencies in Tampa Bay to promote traffic safety, distributing more than 12,000 free bicycle helmets through its "Kids First" initiative. Additionally, Amscot supports educational efforts by working with the Consortium of Florida Education Foundations (CFEF) and participating in its yearly "Just a Dollar" campaign, which generates funding for local education foundations.