Fintech is spreading like wildfire around the world, with innovative startups challenging the status quo globally. Interestingly, each hub has its own unique driving forces that fuels innovation, often resulting in certain hubs
When we think about leading
While these two regions are still the front runners when it comes to investment into financial technology and innovation, there are some cities around the world emerging as “
London is still the undisputed leader when it comes to
However, because of Brexit, there is some uncertainty looming over London’s dominance. Investors are unsure what UK’s deal to leave the European Union might look like (i.e. will it remain in the single market?). Saying
Fintech aims to bring innovation to the financial services sector and startups often flourish in a matured financial services market. As one of the oldest financial services capitals in the world (it
It is renowned for its innovation in the payments market. Global payments processing platform, Ayden, processed payments to the tune of $90 billion in 2016 and had revenue of $727 million. It’s also known to be a cryptocurrency centre (Ethereum and Bitcoin) and the main headquarters of Bitpay is located in Amsterdam.
Experts also believe
Similar to London, New York has a thriving financial services sector in desperate need for innovation. Fintech
The city’s speciality is investment and lending. Betterment is an online investment company with over $3 billion invested through the platform in 2016.
Technically a country, Singapore is a major contender for the top
It holds bragging rights to some of the globe’s award-winning startups and technology, including Dragon Wealth (one stop marketing solution for financial advisors to attract new clients) and CashShield (a fraud detection service that makes use of innovative technologies like predictive analysis, machine learning and big data).
Tel Aviv might be a surprising
It’s home to The Floor, a forward thinking initiative that provides a bespoke platform to
Fintech entrepreneurs in Tel Aviv have to look outside of Israel to provide technological solutions to global markets, often focussing on Europe and North America.
One such example is Lemonade, a disruptive startup that uses machine learning and bots to provide insurance and administer claims. At the 2017 Geek Awards, it won Best New Startup of the Year.
Another example is Payoneer, a cross-border payment solution that can process payments in over 200 currencies. No wonder it counts Amazon and Airbnb as some of its clients.
Toronto is one of the most stable and biggest financial centres in the world. Additionally, almost 80% of Canada’s
It’s proved to be quite revolutionary in the accounting sector as well. FreshBooks and Wave provide cloud-based accounting software to small business owners, allowing them to stay on top of things from anywhere around the world.
Another success story from Toronto is Shopify, an
Germany is one of Europe’s
Friendsurance provides online peer-to-peer insurance solutions, where individuals can connect to create insurance networks, thereby reducing premiums and increasing transparency.