Fintech funds move to collaborators as NY$ overtakes Silicon Valley

“New York topped Silicon Valley for fintech venture funding for the first time in Q1 2016, raking in $690 million in investment flows compared to $511 million from the San Francisco Bay area.

The data, compiled by Accenture (ACN) and the Partnership Fund for New York City, highlights the city’s rapid rise as a fintech hub and a shift in emphasis away from startups that compete against financial institutions to those that partner with them.

Last year, fintech investment in New York tripled to $2.3 billion, accounting for nearly 10% of all cash splashed in the sector globally, leading Accenture capital markets managing director Robert Gach to declare: ‘We are now in a golden age of fintech.’ “

Full Article at Fintextra