London is home to greatest number of fintech companies
London is home to the greatest number of fintech companies, with 1,866 – including 25 unicorns.
According to new research from Fluro – the embedded finance platform formerly known as Lending Works – London also has more fintech funding available than New York, with just under £140bn.
There are currently 3,441 fintech job opportunities in the UK capital, with an average annual salary of £54,312, making it one of the best places to pursue a fintech career.
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San Francisco was named the fintech capital of the world, with over £200bn of funding and 4,326 investors.
New York came in second place with 3,521 fintech investors, versus London’s 2,260. New York’s fintech funding total comes in at just over £122bn.
Singapore and Stockholm rounded out the top five global fintech, with 1,730 and 410 fintech investors, respectively.
“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,” said Nick Harding, chief executive of Fluro.
“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.
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“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 assessed a number of factors to determine the world’s top fintech hubs, including the number of fintech companies, the total funding amount, the number of fintech investors, the number of fintech events and the number of fintech unicorns.
San Francisco had the highest number of fintech investors with 4.326, while New York took second place with 3,521.
London was the top city for fintech events, with 52, versus San Francisco’s 41 and New York’s 49.
The global fintech market is set to be worth £310bn by the end of 2022.
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