Where is the US Fintech talent?

Driven by prestigious universities like the University of Texas, Austin has access to tech-focussed professionals poised to capitalize on a city filled with fintech opportunities.

Austin routinely ranks highly for startups and is a magnet for venture capital. The Texas Department of Banking promotes industry innovation with initiatives like the Fintech Sandbox. 

The city’s commitment to fintech is underpinned by events and conferences devoted to fintech. Events like Fintech Meetup and South by Southwest (SXSW) have panels and workshops devoted to fintech professionals, which allows investors and industry experts to connect.

Situated centrally in the U.S., Austin has easy access to influential markets that continue to support fintech. Testament to the business-friendly environment, tech titans like Dell Technologies, Apple, and Oracle have a significant presence in the city. This represents Austin’s ability to be successful and an opportunity for fintech startups to collaborate with significant names. 

Boston is home to world-famous education facilities like the Massachusetts Institute of Technology and Harvard. These institutions produce top talent that Boston fintech companies can easily recruit. 

The city’s wealth of universities often collaborate with Boston fintech companies to research topics propelling the industry. For example, MIT Media Lab led research on AI and blockchain, which has significantly shaped the fintech space. 

Boston-based firms like Bain Capital Ventures and General Catalyst Partners frequently support fintech startups in all growth stages. Toast, which provides cloud-based payment options, has raised extensive venture capital funding and reached a multibillion-dollar valuation. 

Boston’s relationship with insurance and investment management companies has led to a surge in specialised fintech sectors, such as insurtech and wealthtech. This diversity has resulted in a myriad of fintech jobs throughout Boston. 

Historically, Chicago has been a centre for finance, with a strong connection to banking and trading. The city is famed for the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange (CME), making it one of the biggest global derivatives markets. 

Fintech in Chicago is buoyed by 1871 and mHub. These innovation hubs offer mentorship and workspace for fintech startups. Chime went through 1871 programmes and has grown to be a popular mobile banking solution. 

Chicago has excellent educational institutions, including Northwestern University and the University of Chicago, which have a sharp focus on business, finance and technology. Credence to the city’s influence in these fields, two-fifths of the top business universities in the US hail in Chicago, while over 6% of its workforce is involved in finance. 

Fintech startups have enjoyed significant investment from venture capital funding firms like Chicago Ventures, Pritzker Group and M25. Avant is an example of a fintech company that has been able to expand its services following funding. 

Lending to the city’s diversity, many fintech companies in Los Angeles excel in different areas. For example, Dave and Aspiration are leading the way in personal banking, Acorns and InvestCloud are revolutionizing wealth management, and Spring Labs is using blockchain to secure data exchange in financial services.

LA’s vibrant entertainment industry has paved the way for new fintech opportunities focused on digital media transactions. Stem Disintermedia enables creators and media companies to manage payments across multiple platforms. 

Universities like UCLA, USC, and Caltech create a steady stream of tech-savvy graduates primed to be poached by fintech companies in Los Angeles. Or, UCLA graduates like Jason Wilk might co-found globally recognised businesses like Dave. 

Venture capital firms are investing heavily in fintech. With the environment very much a consideration among today’s consumers, Aspiration received funding for its approach to banking, which allows spending to align with sustainability goals.

Miami’s geographical position means it can connect with Latin American and Caribbean markets. NovoPayment illustrated this and expanded its services throughout Latin America. Likewise, Bitso, founded in Mexico, established a presence in Miami to serve Latin American customers in the city. 

The city leads Bitcoin and cryptocurrency innovation. One of the largest crypto events, the Bitcoin Miami Conference, attracts thousands of enthusiasts and investors to Miami. Blockchain.com moved to Miami because of its business-friendly environment and forward-thinking ideas for crypto.

Due to Miami’s business-friendly environment, many VCs and entrepreneurs migrated to capitalize on the desirable business climate. SoftBank started a $100 million fund dedicated to tech startups in Miami. 

Francis Suarez, the Mayor of Miami, regularly vocalizes his support for driving tech innovation and often champions cryptocurrencies. 

NYC is famed for Wall Street and is home to many of the largest financial businesses. Banks like JPMorgan Chase, Goldman Sachs, and Citibank provide fintech firms with partnerships and industry insights. 

The city has several firms using AI to evolve financial services. For example, AlphaSense, utilizes the tech to give insight to financial analysts and investors, while Kasisto provides customer service chatbots with AI technology. 

Fintech companies in New York benefit from being close to the Federal Reserve and the New York Department of Financial Services (NYDFS), which allows them to overcome intricate regulatory issues. It’s also given rise to compliance tech. Chainalysis offers blockchain analysis to assist with compliance and prevent fraud. 

Fintech startups in New York can receive generous funding from VCs. Just two years ago, NYC-based firms raised billions with investors like Goldman Sachs and Sequoia. Robinhood, Chime, and Better.com have all since received unicorn status. 

Several prominent fintech companies in San Francisco have emerged from Silicon Valley due to leveraging innovative technologies that it’s renowned for. Stripe, Plaid and Affirm all hail from this prestigious part of San Francisco. Even in the face of increasing regulations, 80% of Silicon Valley-based companies are improving EBITDA margins annually. 

Fintech companies in San Francisco attract a diverse workforce. This is demonstrated by the fact that 28% of the fintech workforce is represented by women, a figure significantly higher than in other cities. The city’s Pacific Rim location facilitates connections with Asian markets, which are major fintech regions.

San Francisco has an abundance of VC firms that are supporting fintech. Accel Partners has invested in multiple fintech companies in San Francisco. Their total capital of $17.06 billion has accelerated innovation in mobile payments, while Benchmark Capital’s $1.25 billion has supported a range of financial services.

The region benefits from famous and world-leading universities such as UC Berkeley and Stanford. Also, the San Francisco State University offers the Lam-Larsen Finance and Technology initiative, which delivers Fintech-specific courses.