The Lens To The Future — still Silicon Valley
by: Daniel Tyoschitz
There are certainly many hotspots for FINTECH companies around the world right now and many major financial services provider get more and more buzzword compliant.
If you want to identify the most prospering global FINTECH Hub though, looking at startups in not enough. Obviously Silicon Valley brought most of the first mover in FINTECH like Lending Club, Square, Stripe, Ripple, Wealthfront, Yodlee or Robinhood. Obviously Silicon Valley is setting the standards for the global innovation ecosystem for decades and has delivered as many disruptors as no other place.
However, why are now 30+ non-tech financial services provider opening offices in Silicon Valley? Why are BBVA, BNY Mellon, BNP Paribas, J.P. Morgan, Standard Chartered, RBS, American Express, AXA, Deutsche Bank, Capital One and many more now in Silicon Valley doing startup stuff — and not in NY, London, Frankfurt or Singapore? Why is Jamie Dimon, CEO of J.P. Morgan, warning Wall Street that Silicon Valley is coming for their lunch? Why is he NOT warning that some Silicon BLANK is coming?
Because SV has big champions like Apple, Google, Facebook, Twitter and Co. who are getting into FINTECH, it has many successful VCs who rather tent to invest in local FINTECH startups and furthermore it has already this amazingly vibrant ecosystem which attracts the brightest people from all over the world. If you have the best people, you probably be able to build the best companies.
The tree layer cake of leading global platforms that get into the space, hundreds of hungry startups that have to be fed and finally many global traditional incumbents that come to partner, invest and observe makes Silicon Valley to a unique place that cannot be found or replicated elsewhere.
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.