San Francisco leads the way in the global fintech industry with the highest amount of available funding at nearly £204bn, as well as 4,326 investors and 46 fintech unicorns, beating every other city analysed by embedded-lending platform Fluro.
The research findings on the top cities across the world comes as the global fintech market is set to reach a worth of $310bn by the end of 2022,
To reveal which city is the fintech hub of the world, Fluro analysed a series of metrics including the number of fintech companies per city, total funding amount available and the number of investors to determine the top location.
The study also examined these locations to find out where is best to launch a career in fintech, looking at the number of jobs, average salary and the cost of living.
The top 10 fintech hubs are:
New York ranks in second place and actually beats San Francisco when it comes to the number of fintech companies, with 1,515 registered. However, its total funding amount of £122 billion, 3,521 investors and 35 unicorns fall just short of the top spot.
London takes third, boasting the greatest number of fintech companies at 1,866 (with 25 of them being unicorns). The capital also has more funding available than New York at just shy of £140 billion, making it second only to San Francisco. Plus, London is home to 52 fintech events - more than either New York (49) or San Francisco (41).
While Singapore came fourth on our list of fintech hubs, it has been crowned the best city for those looking to launch a career in this industry. There are 3,211 fintech job opportunities at an annual salary of £54,312 on average. The cost of living (before rent) is an estimated £840 per month.
The top 5 cities for careers in fintech:
The top 5 cities for careers in fintech:
Berlin places second, with a slightly higher average salary of £55,462, as well as a lower cost of living (£776) and better quality of life score (169.95 vs 158.34 in Singapore). There is plenty of talent to fill the 1,148 fintech job opportunities available in Berlin, with Germany having the highest percentage of STEM graduates (71%).
London also ranks as the third best city to start a career in this sector. It has the most fintech career opportunities at 3,441 jobs, which is not surprising given the high number of fintech companies based here.
With the number of fintech companies and investors multiplying rapidly, we look forward to finding out what the next decade has in store for the fintech world.
Nick Harding, CEO of Fluro, said: "The growth of the fintech market has accelerated over the past 10 years, largely due to technological breakthroughs, and it's great to see hubs of expertise emerge across the globe for both businesses and individuals looking to work in this industry.
Fintech companies have filled the gap left by traditional institutions which struggled to keep up with changing consumer behaviour. Efficient, timely and personalised services are more important than ever in the financial services space to secure a positive customer experience.
As the industry continues to grow across the globe, now might be the time for businesses, consumers and future talent to get on board with digital finance."
Fluro analysed a seedlist of the top 50 financial cities, looking at the number of fintech companies, total funding amount, number of investors, as well as the number of fintech events sourced from Crunchbase.
The number of unicorns was collected from CB Insights. The cost of living and quality of life scores were collected from Numbeo. Job opportunities and average salaries were collected from Indeed. The percentage of STEM graduates by country was taken from the World Bank. Data was collected, and currency conversions were made, between 20/09/2022 and 21/09/2022.
