Analysis reveals San Francisco is the fintech capital of the world, with over £200 billion in funding

Fluro has conducted an analysis to reveal which cities are leading the way in the fintech industry, as well as the top cities for a career in this sector

 With the global fintech market set to reach a worth of $310 billion by the end of 2022, both businesses and consumers around the world are tapping into this booming industry. But where exactly is leading the way?

To reveal which city is the fintech hub of the world, Fluro has 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 examines 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.

San Francisco is the fintech capital of the world, with over £200 billion in funding

San Francisco leads the way with the highest amount of available funding at nearly £204 billion, as well as 4,326 investors and 46 fintech unicorns, beating every other city analysed.

The top 10 fintech hubs include:

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).

Singapore named the best city to start a career in fintech, with over 3,000 fintech jobs available

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:

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, commented on the findings:

“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.”

Find the full research here: https://www.fluro.co.uk/blog/the-fintech-capitals-of-the-world