Tour of the world fintech hubs

When launching a startup, an entrepreneur cannot be mistaken with the choice of location. Financing and opportunities for development, along with other factors, largely depend on the specifics of a particular region of the world.

In the previous articles of the cycle of articles devoted to the start-up and development of FINTECH startups, PayOnline processing company experts listed 10 industry trends that it would be useful to know for the funchner of any FINTECh project, and also dismantled 5 principles that every founder of a technology startup needs to be aware of.

In the process of preparing this material, PayOnline experts examined the infrastructure of a number of world FINTECH hubs based on the analyst of the LTP publication in order to briefly describe the ecosystems formed within them.

Release 1. 10 trends in the world of fintech, which is useful for startups to know
Release 2. 5 principles about which it is important to know to every founder of a technology startup.
Issue 3. Excursion to the world finteh hubs
Release 4. The global range of fintech accelerators
Issue 5. Russian and foreign platforms for attracting collective funding
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USA

It's no secret that one of the world's largest fintech hubs is located in the California Silicon Valley. Many FINTECH unicorns come from there. Projects such as Affirm , Stripe , Lending Club , Prosper , SoFi , Square and many others formed the unicorn club of Silicon Valley. This is a unique place where any innovative projects are tested. Customers are spoiled by technology because they have the opportunity to try any technological solution first. Nevertheless, despite the fact that the top 10 US startup accelerators are located in California, there is one catch - it’s not a fact that a project that has become successful in Silicon Valley will become successful beyond its borders.

Another center of innovation is New York. It was here that comprehensive guidelines were issued regarding the circulation of digital currency Bitcoin and the acceptance of this cryptocurrency to pay parking bills. New York has become a promising region for well-known investors and companies hunting for innovative FINTECH start-ups. Potential investors include Bain Capital Ventures, JPMorgan Chase, FinTech Innovation Lab, New York Digital Health Accelerator and NYC Seed.

Europe

Despite controversial assessments regarding Brexit, London is still considered one of the world's finest centers. Unicorns such as Klarna, iZettle, Adyen, Funding Circle, TransferWise, POWA Technologies came from Europe as evidence of the significant role of the European market in the global fintech arena. In the 2nd quarter of 2014, European startups attracted more than 2.8 billion US dollars from venture capital investors.

Asia

Not to mention the Asian region, as a rapidly emerging center of innovation. Projects like One97 and Lufax are unicorns formed in Asia. India, Singapore and Hong Kong are fueling Asian fintech, making it globally competitive. The leading financial group DBS, which includes about 280 branches operating in 18 world markets, announced at the end of last year its intention to invest $ 7.1 million in initiatives that could support the startup ecosystem in Singapore. Japanese Internet giant Rakuten has launched a $ 100 million FINTECH fund. The fund will focus on fintech projects that are either at an early or at an intermediate stage of their development.

Russia

In Russia, Fintech industry is still quite young. This is confirmed by, for example, the trends described by theRunet . Thus, within the framework of the western FINTECH industry, a whole variety of FINTECH projects have already been formed, which make daily financial tasks easier for users and provide solutions such as: money management services, investment applications, business optimization solutions, credit platforms, payment solutions, robots advisors and so on. In Russia, the FINTECH segment is still at an early stage of development. This is due, among other things, to the fact that not all representatives of the banking, insurance, telecommunications and other sectors of the economy are ready to restructure and develop at the expense of fintech solutions.

Nevertheless, a number of major representatives of the Russian financial and banking sector, including Sberbank, Alfa-Bank, QIWI, Otkritie, have already paid attention to the fintech industry. The interest of the above companies is expressed in the creation of acceleration programs for FINTECH startups, such as a joint project to support and develop projects of Sberbank and IIDF , founded by QIWI QIWI Universe , created by Alfa-Bank AlfaCamp , and organized with the support of Sberbank magistracy of the RANEPA , students which will receive a specialized education in the specialty "financial technology".

In more detail about the Russian FINTECH-accelerators we will tell in the following material. In the meantime, for a more visual presentation of the global fintech environment based on the LTP and RUSBASE materials , we are publishing a map of the representation of fintech projects in different regions of the world.

Silicon Valley Fintech Ecosystem in the USA:



Projects developed in the fintech ecosystem of New York:



Map of representation of fintech companies in Eastern and Central Europe:



Fintech projects of Western Europe:



In Scandinavia, too, has its own fintech industry:



Let's go to Asia. This is what Singapore’s FINTECH ecosystem looks like:



In India, financial technology also does not stand still:



And finally, the Russian FINTECH-reality map:



Each of the above regions of the world has developed its own ecosystem. For funders who want to develop their fintech startup on a global scale, it’s impossible to ignore the competitive environment. In the next article in a series of articles devoted to the launch of FINTECH start-ups, we will dwell on the global ecosystem of FINTECH-accelerators, and also consider the trends and development of the FINTECH industry in Russia.