Having spent the last couple of years helping to run the Startupbootcamp FinTech London accelerator, before moving out at the start of this year to lead Startupbootcamp FinTech New York, the question I am most often asked recently is: “how different is it?”
The answer? Surprisingly similar. Both communities have a strong tech scene supporting a solid number of FinTech startups, both have a leaning towards B2B/enterprise startups, both a maturity in financial institutions and their subsequent ability to work with external innovation, and both have a range of players contributing to and supporting the ecosystem.
When it comes to talent New York and London are cities that draw people to them, creating diversity and a sense of transience. FinTech entrepreneurs are more often not the stereotypical 20-something tech geek, but in fact are mid career professionals with industry experience and some personal capital behind them. This has no doubt contributed to the wealth of B2B startups answering specific and immediate needs in the industry. Less positive, both seem to have a pool of founders struggling to find a CTO and have an ongoing lack of women represented.
Where there are differences, I’ve found these in:
The UK’s FCA has done a fantastic PR job globally in promoting its openness to new innovation and desire to work with FinTech startups and traditional firms alike, proactively learning about the risks and best practices. Combined with the ability to passport services across the EU, startups flocked to London to capitalize on this. Certainly, aside from talent, the…