[12] Amscot Financial was founded in 1989 in Tampa, Florida, by Ian MacKechnie,[13] an entrepreneur and businessman who moved with his family from Scotland to the United States in 1986.

[14] Coming from a background of building and expanding businesses,[13][15] MacKechnie bought a bakery in Tampa[13] and began supplying doughnuts and pastry goods throughout west central Florida.

[15] While continuing to run his bakery business,[13] MacKechnie noticed that his employees were cashing their paychecks in convenience stores[14] to avoid the hassle of going to a bank.

[13] By late 2012, following an expansion into the Miami market,[23] Amscot increased its storefronts in Florida[24] averaging 1,600 to 2,400 square feet per branch.

[6] On December 25, 2015, the Tampa Bay Business Journal reported that Ian Mackechnie was one of the "top 5 searched people in 2015" on their newspaper website.

According to the publication, their list narrowed down a "pattern of curiosity that crosses personal finance, real estate, philanthropy and retail.

Amscot is involved with various community programs and partners with service organizations throughout the state of Florida, including the Children Rescue Network, supporting their Safety ID Card program in Florida which provides free safety ID cards of children to parents in case a child goes missing.