What’s clear from this infographic focused on global fintech investment, provided by Fintech Week, is that fintech growth shows no signs of slowing down globally. Fintech investment increased from $3 billion to over $12 billion between 2013 and 2014, and that number looks set to jump again this year.
This has led to the fear that the fintech industry is in a bubble that will inevitably burst, but many experts are claiming that the amount of digital renovation that still needs to occur within banks can more than comfortably support the boom that is currently taking place.
As well as this, fintech itself is encompasses so many aspects of business, from money transfers to ecommerce to mobile banking, that the market might actually be bigger than a lot of people assume. So onto the list of global fintech hubs:
Unsurprisingly, with its abundance of resources, tech-centric culture and highly trained engineers, American companies have attracted the most fintech investment from around the world between 2010 and 2015.
Notable American fintech companies include Stripe, the San Francisco-based payments company which is valued at over $5 billion and Credit Karma, also based in Silicon Valley, which is a credit and financial management company valued at over $3 billion.
The UK is in second place on the list with $5.4 billion in investment between 2010 and 2015, firmly cementing its status as one of the leading fintech hubs globally.
London has produced startups such as TransferWise, AstroPay, DueDil, Digital Shadows and GoCardless which are focused on revolutionizing money transfers, digital security, digital payments and much more.
The Asian fintech market is growing as well: as more and more of India’s population gain access to smartphones and mobile internet connections, the ecommerce industry has boomed, and new fintech platforms have been developed to help process the massive amount of online payments now being made.
China’s recent economic wobbles may hinder the rise of fintech in the far east somewhat a, but there’s no doubt that China still commands a large amount of fintech investment, and established giants in the field Alipay, are joined by newer fintech startups including online banking platform 91 Financial Information Service.