New York City has always been a welcoming home for the financial and business sectors of the economy. Some of the world’s leading financial outfits have based their headquarters in the Big Apple. But continual technological shifts, the coronavirus pandemic, and demographic transitions are giving New York City a new title. Now, more than ever, New York is emerging as the heart of fintech, the rapidly growing, entrepreneurial-driven industry bridging the divide between technology and financial operations.
This fintech opportunity is not entirely new for the city. Since the Fintech Innovation Lab New York was founded in 2010, 44 partners have signed-on, alumni companies have garnered over $1 billion, 1,100 jobs have been created, and close to 250 proof of concept businesses have been generated. 69 companies, including five acquisitions, were formed.
According to Forrester Research, New York’s fintech industry is one of the fastest growing sectors of the North American economy. It has the biggest market of tech talent across the U.S. and has more fintech industry workers (333,000) than San Francisco Bay Area (310,000). New York has the most computer-science graduates, more than 7,600 each year, and is home to close to 100 academic institutions. Tech:NYC reports that 10 percent of the nation’s developers are located in New York City.
Way back in 2011, then mayor Michael Bloomberg (also a fintech entrepreneur), acknowledged the burgeoning importance of technology in the city’s economic future. Cornell University and the Technion (Israel’s Institute of Technology) joined forces to build a $2 billion graduate school of applied sciences, making New York City the world’s premier technology capital. In 2019, New York was designated the “world’s global technology leader” by U.K.’s Savills Survey.