New York City is one of the most important fintech centers in the world – Fintech Switzerland Digital Finance News

The cosmopolitan city of New York City has long been considered one of the top destinations for fintech companies. In total, there are more than 1,000 fintech startups based in New York City, of which at least 20 have achieved unicorn status.

Among the fastest growing companies are cryptocurrency and blockchain companies, and that number has increased by 106% since 2016.

But with San Francisco and London, competition is just as strong on the world stage, often fighting for the same investors. New York City is therefore following a clear strategy to establish itself as a fintech center.

Leading the next generation of financial innovation

Established financial institutions are not only the legacy of Wall Street, but are also an active part of the ecosystem and support new players through special initiatives such as the FinTech Innovation Lab. Co-founded by the Partnership Fund for New York City and Accenture, the accelerator program has supported 270 early-stage fintech companies, raising a total of $2.7 billion in new capital to date this.

Rise, founded by Barclays, is another fintech venture backed by a traditional bank. As a hub for start-ups and scale companies looking to network with each other and with Barclays, Rise offers chic co-working spaces and special initiatives to support fintech founders.
In addition, the Federal Reserve Bank of New York launched the New York Innovation Center in late 2021 to support product innovation for the central banking community. All these are ideal conditions to be able to master the first important level with a newly established fintech startup.

Easy access to all types of financial services

With the world’s largest stock exchange right next door to the latest Web3 startup, New York’s financial sector is as diverse as the city itself and as the pandemic unfolds and makes more worst of the gaps in financial inclusion, players across the ecosystem responded quickly. In recent years, dozens of New York startups have been founded to improve access to financial services.

There is an example of this Guavaneobank platform and community for entrepreneurs and small businesses with an African-American background. Pre-seed funding reached $2.4 million. In addition, MoCaFi has raised over $7 million to provide financial products to underserved and unbanked communities.

Alternative credit card company Petal has raised more than $700 million in venture capital since it was founded in 2018 to rapidly scale its machine learning tools and provide a critical lifeline to people with low credit or without credit All this drives the starting point even further.

Crypto as another growth driver for New York City

New York City is home to the best-funded crypto startups in the world: the city attracted a total of $6.5 billion in venture capital investments in 2021, representing 46% of crypto startup funding in the US. Some of the biggest DeFi companies are based in the city, including ConsenSys, Fireblocks, Gemini, NYDIG and Paxos.

Early stage fintech companies are increasingly integrating blockchain infrastructure into their product offerings. New York-based company Uniswap Labs is the largest decentralized exchange running on the Ethereum blockchain. Another company, Nivelo, uses blockchain to provide lean, secure and digital payment services.

A global public space for the fintech scene

Both early-stage fintech startups and established companies recognize the importance of New York’s position in the global financial ecosystem, making the city a prime business destination for fintech executives from around the world. The Fintech Week NY is a major annual forum that brings together more than 17,000 fintech founders, investors and financial service providers.

There you can find out about the latest trends or make connections in the industry. If you need a break between and just to switch off, just go for a walk in nearby Central Park, watch a Broadway show or play a game. Online casino in Switzerland. After all, New York is known for its many opportunities, whether in fintech or entertainment.

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