Global Tech Roundup: Bay Area, London Booming; Visa Eyes 2,000 Tech Pros (Sept. 14, 2015)
The San Francisco Bay Area is the best place in the U.S. to raise capital as a startup, according to new data from the Financial Solutions Lab (FinLab), a startup support program run by the Center for Financial Services Innovation (CFSI) and JPMorgan Chase. Using data from its Cash Flow Management Competition, which attracted 298 startup entrants earlier this year, FinLab found that those based in the San Francisco area raked in an average of 71 percent more in funding—despite having around the same number of employees and customers as startups based in other parts of the country. The Bay Area and greater New York City comprised a combined 38 percent of competition entrants, FinLab said.
In other startup news, London currently is hosting 10 of Australia’s most promising fintech startups in a government-sponsored visit intended to help the city attract more young tech talent to bolster the its expanding fintech industry. While in London, the Australian companies will present at London Fintech Week and visit a startup incubator to explore opportunities for collaboration and expansion.
Finally, Visa Inc. is making a major push to add new technology professionals to boost its digital financial services business areas. The payments network already has hired 1,000 of the 2,000 new employees it intends to add by 2017, according to a report by the Wall Street Journal. Visa is particularly focused on hiring software developers and security experts, who will help supercharge the company’s efforts in areas, including mobile apps, wearables and blockchain-based technologies, the report said.