Ecosystems With Populations Under 3 Million Ranking: Top 20

Key Findings

• The top five Fintech ecosystems with populations under 3 million are Zurich, Stockholm, Luxembourg, Austin, and Estonia.
• Europe makes up most of the top 20 Fintech ecosystems with populations under 3 million, with 12 entries (60%). North America produced seven (35%) of the top 20, and MENA one (5%).
• Austin is North America’s top performing ecosystem with a population under 3 million. Its high score in Talent is driven by the number of Fintech papers published in leading academic journals. Austin also performs well in the Funding factor thanks to high levels of early-stage funding and the Experience factor thanks to the number of Series A deals created in the ecosystem over 10 years.
• At #13, Abu Dhabi is MENA’s only entry into the top 20 ecosystems with a population under 3 million, due to its performance in Focus and Legacy. Fintech companies comprise 7.8% of the ecosystem’s startups, versus MENA’s average of 4.5% in ecosystems with Fintech startups.

Notable Top 20 Ecosystems

Zurich’s count of high-quality universities such as ETH Zurich, one of the world’s leading institutions in science and technology, and number of Fintech-related academic publications contribute to its high performance in the Talent factor and help it secure the top spot in the ranking.

Stockholm is the global leader in terms of Funding, Experience, and Knowledge in Fintech, and the second highest in the Legacy factor. The city has a well-established Fintech ecosystem and its large number of financial institutions provides partnerships and support for startups. Buy now, pay later startup Klarna, open banking platform Tink, and point-of-sale provider iZettle are just some of the Fintech success stories to come out of Stockholm in recent years.

Luxembourg is also an established financial center and its place in the top five is in large part due to its high score in the Focus factor — Fintechs make up 7% of the ecosystem’s startups, versus a global average of 3% for ecosystems with Fintech startups.

Estonia’s place in the top five is also mainly due to its performance in Focus. Fintechs account for 5.5% of the ecosystem’s startups.

Helsinki’s place at #15 is in part due to its high score in Knowledge. The Finnish city is ranked #27 globally in the number of Fintech-related patents.