London emerges as a worldwide leader in payment startup development according to recent data.
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In the realm of cross-border payments, London has emerged as the leading city hosting startups, according to a recent deep-dive report by our platform. This strong position reflects London's robust fintech ecosystem and regulatory environment that supports financial innovation.
Since the start of 2022, London has been identified as the leading city in this space, with 15% of the market share for cross-border payments startups. The city's dominance is not surprising, given its established presence in the payments industry.
Beyond London, other key cities worldwide are contributing significantly to the growth of cross-border payments startups.
In the United States, San Francisco stands out as a significant location for cross-border payment technology development. Ripple Labs, a major fintech startup specializing in blockchain-based, fast, low-cost cross-border payments for financial institutions using the XRP cryptocurrency, is based here.
New York is another important city in the fintech world. While it may not be exclusively focused on cross-border payments, it is home to startups like Mintlify, which is part of the growing fintech and developer-tool ecosystem.
Elsewhere, cities such as Prague in the Czech Republic are also emerging as fintech hubs. Qerko, a contactless payment platform, is based here and is expanding internationally, highlighting the growing influence of fintech hubs outside traditional Western centers.
International initiatives like the BRICS Cross-Border Payments Initiative involve multiple emerging economies focusing on faster and more cost-effective cross-border payments. However, the leadership city regarding startups in those regions is less clear from available data.
In summary, London stands out as the top city hosting cross-border payment startups since 2022, followed by key fintech centers such as San Francisco and New York. Notable emerging players can be found in other global cities as well.
[1] Ripple Labs: A Major Player in Cross-Border Payments [2] Mintlify: Fintech Adjacent in New York [3] BRICS Cross-Border Payments Initiative
Lucy Ingham, Editor-in-Chief and Head of Content at the platform, finds it not surprising that London leads in payments startups due to its established presence in the payments space.
- In the United States, San Francisco, with Ripple Labs as a major player, showcases significant contributions to the advancements in cross-border payment technology.
- The confluence of finance, business, and technology in New York city extends beyond cross-border payments, as fintech startups like Mintlify contribute to the burgeoning fintech and developer-tool ecosystem.
