FinTech Lab Recap: New York is Still the Place to be for International Entrepreneurs

Despite shuttered offices worldwide, the 2021 FinTech Innovation Lab opened its virtual doors to a broad range of entrepreneurs from both the U.S. and abroad. This year, we welcomed six international companies from four different countries to the Lab — a record high in a single class since the program’s inception in 2010. When asked, this year’s cohort cited access to the FinTech Lab’s executive mentors and 44 financial institution partners as their top reason for applying.

During the Lab, the ten companies participated in over 400 meetings with mentors and financial institution partners, logging over 300 hours and resulting in 28 pilots. This priority access to feedback and guidance is a testament to the concentration of expertise found in New York’s world-class financial services sector.

As companies worldwide continue to assess their plans to return to the office, here are five top reasons why international tech entrepreneurs should still consider establishing a presence in New York City.

1) Diverse Talent Pool — New York attracts top talent from across the globe. With a high concentration of leading universities and research institutions, local entrepreneurs can access talent with deep domain expertise.

2) Access to Capital — Investment capital fuels growth. New York City has developed a robust venture community to support companies as they grow — from seed funding to later-stage, private equity and public capital. Despite the pandemic, industries including fintech continued to thrive. In 2020, New York-based companies received $12 billion in venture capital investment.

3) Access to Expertise — New York is the global leader in financial services. Through the FinTech Innovation Lab, emerging companies can tap into the city’s network of business leaders with expertise and insight into what enterprise tech customers want.

4) Supportive Government — New York City and New York state have made major investments in training the next generation of tech talent and supporting emerging sectors with high growth potential.

5) Community — After over a year of virtual engagement, in-person networking is making a comeback. While the size of New York City is daunting, the tech community is tight-knit with a culture of paying it forward. With a few key contacts and a little bit of hustle, most tech companies can network their way to the major players in their sector.

New York City remains a major hub for international business, and for emerging tech companies focused on financial services, New York will remain an essential market.

So, if you’re an international fintech or insurtech company considering a move to the U.S., stay tuned in the fall for the next round of applications for the FinTech Innovation Lab New York.

Hear from leading venture capital executives Cary Davis, Managing Director of Warburg Pincus, and Matt Harris, Partner at Bain Capital Venture Partners, on why New York is still the place to be for fintech.