Top 10: Fintech Hubs

As fintech companies continue to transform the global financial sector, we examine various hubs worldwide where fintech activity is most concentrated and highlight the leading locations propelling the industry forward.

Fintech hubs are expanding across continents, from Asia to North America and Europe. Below is our list of the Top 10 fintech hubs globally…

10. Singapore

• VC: US$34bn in fintech capital investment, 2019-2022
• BNPL Users: 1.1 million BNPL users in 2022
• Key companies: Grab, Wise, Airwallex, Aspire

Singapore has solidified its position as one of Asia's premier fintech hubs, ranking fourth globally in the 2023 Tech Cities Index. The city-state attracted US$34bn in fintech venture capital investments from 2019 to 2022, leading the APAC region. Singapore's fintech sector is diverse, with digital payments and cryptocurrencies showing significant growth. The number of Buy Now, Pay Later (BNPL) users in Singapore reached 1.1 million in 2022, while the cryptocurrency funding landscape saw US$627m invested in local startups.

9. Stockholm

• VC: 759% growth in fintech investment, 2015-2020
• BNPL Users: Klarna has over 200,000 native BNPL users
• Key companies: Klarna, norbloc, Bits Technology

Stockholm has cemented its position as a leading fintech hub in Europe, with local companies accounting for 85% of fintech investment deals in the Nordics. The city experienced a 759% growth in fintech investment averages from 2015 to 2020, ranking third in Europe for total investment. Home to Klarna, Europe's highest-valued private fintech company, Stockholm hosts over 400 fintech companies. The Swedish capital's ecosystem benefits from a strong talent pool, with 18% of its workforce employed in tech-related fields, surpassing both London and Berlin.

8. Bangalore

• VC: US$17bn funding from 2019-2021
• BNPL Users: 2024 - 22% of consumers in India bought goods using BNPL services
• Key companies: Razorpay, Paytm, Groww

Bangalore, often referred to as the Silicon Valley of India, serves as the epicenter for fintech startups in the country. In 2022, the city recorded 89 fintech startup deals, surpassing major Indian cities like Delhi and Mumbai in both deal count and funds raised. It is recognised as the most concentrated area for high-growth tech startups in India and ranks among the top in Southeast Asia. Notably, 14 companies from Bangalore appeared on the Financial Times’ list of High Growth Companies in the Asia-Pacific region. The city is also a magnet for foreign direct investment (FDI), securing US$17bn in funding for startups from October 2019 to December 2021 alone.

7. Berlin

• VC: Berlin attracted 41.6% of German startup funding, Q1 2023
• BNPL Users: BNPL use 14% higher in 2024 than 2023
• Key companies: N26, Raisin Bank, Solarisbank

Berlin has emerged as a powerhouse in Europe's fintech landscape, hosting over 300 fintech companies as of 2023. The city attracted 41.6% of Germany's startup funding in Q1 2023, with the fintech sector securing a significant portion. Berlin is home to six out of seven German fintech unicorns, and 38% of all German fintech startups are based in the capital. In the first half of 2021 alone, Berlin-based fintech companies received €1.6bn billion (US$1.8bn) in investments. The city's ecosystem benefits from a diverse talent pool, with 25-50% of startup employees having international backgrounds.

6. Paris

• VC: French fintechs raised US$1.05bn in 2023
• BNPL Users: BNPL transactions in France 15% higher than 2023
• Key companies: Qonto, Alan, Fly Wallet

A leading European hub, Paris is home to French fintechs raising €939m (US$1.05bn) in 2023, accounting for 18% of funds raised in the European Union. The city hosts over 1,000 fintech companies, benefiting from a diverse ecosystem that includes major financial institutions, regulators and top-tier universities. Paris's fintech landscape is further bolstered by the presence of global tech giants like JP Morgan and BlackRock, which have recently established technical centres focused on quantitative finance and AI. The annual Paris Fintech Forum attracts over 500 international participants from 40 countries, showcasing the city's growing influence in the sector.

5. São Paulo

• VC: US$9.43bn raised by São Paulo startups in 2021
• BNPL Users: Over 83 million Brazilians have made a BNPL purchase
• Key companies: Nubank, Ebanx, PagSeguro

São Paulo is poised to become a major hub for financial technology innovation. With Brazil hosting over 1,000 fintech companies, São Paulo has earned the moniker 'Silicon Bairro' of South America, reflecting its growing prominence in the tech sector. The city's fintech ecosystem is evolving, supported by the presence of the Brazilian Association of Fintechs. This growth is further bolstered by an increasing number of accelerators and startups, with programmes such as Cubo Itau and Darwin Startups gaining significant recognition.

4. Los Angeles

• VC: 2023 - LA fintechs raised US$1.2bn
• BNPL Users: 45.4% of LA BNPL users are between 25-34
• Key companies: Gusto, Synapse, Super

Los Angeles is carving out its niche in the fintech landscape, leveraging its diverse economy and creative talent pool. The city's fintech sector has seen a 23% growth in employment since 2018, outpacing the national average. In 2023, LA-based fintech companies raised US$1.2bn across 72 deals, with notable exits like Dave's US$4bn SPAC merger. The city hosts over 250 fintech startups, benefiting from accelerators such as the LA Cleantech Incubator's Fintech programme.

3. London

• VC: US$10.2bn fintech investment in 2022
• BNPL Users: 58.7% of Londoners use BNPL services
• Key companies: Revolut, Monzo, Starling Bank

London has cemented its position as a global fintech powerhouse, attracting £7.8 billion (US$10.2bn) in fintech investment in 2022, which surpasses both New York and San Francisco. London has become a leading fintech hub. The city is home to over 2,500 fintech companies, with 27 London-founded unicorns generating 168 new ventures in 2022 alone. London's fintech ecosystem is supported by more than 20 accelerators and incubators, including Barclays Accelerator and Accenture's FinTech Innovation Lab.

2. New York

• VC: 2023, New York fintechs raised US$3.2bn
• BNPL Users: 60% of ‘financially fragile’ consumers use BNPL
• Key companies: Chainalysis, Alloy, Betterment

New York City's fintech ecosystem has flourished, rivalling Silicon Valley in innovation and investment. In 2023, NYC-based fintech companies raised US$3.2bn across 159 deals, accounting for 15% of all US fintech funding. The city hosts over 1,500 fintech startups, with notable unicorns like Ramp and Chainalysis calling it home. New York's fintech sector benefits from a unique blend of financial expertise and tech talent, with 44% of the city's fintech workforce having prior experience in traditional finance. The New York FinTech Innovation Lab, now in its 14th year, has graduated 94 startups that have collectively raised over US$2.7bn.

1. San Francisco

• VC: US$3.8bn raised by fintechs in 2023
• BNPL Users: 43.8% of 25-34 year olds in SF use BNPL
• Key companies: Stripe, SoFi, Chime

San Francisco is the leading fintech hub. In 2023, the city's fintech companies raised US$3.8bn across 176 deals, maintaining its position as a top global hub. Home to over 600 fintech startups, San Francisco benefits from proximity to Silicon Valley's tech talent and venture capital. The city hosts major events like FinovateSpring, attracting 1,200+ influential attendees annually. San Francisco's fintech ecosystem is supported by accelerators such as Y Combinator and 500 Startups, which have nurtured unicorns like Stripe and Chime. The city's financial district, housing 30 of the top 100 US banks, provides a unique environment for fintech-traditional finance collaboration.

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