Keeping with the theme of the Fourth of July - New York is putting up a good fight against London as the hub of Fintech innovation. Accenture and the Partnership Fund for NYC, an investment fund that supports New York-based entrepreneurs, released a study detailing how New York is emerging as a hotbed of investment in financial technology firms.
"Fintech investment in New York has grown at more than twice the rate of Silicon Valley," Maria Gotsch, the president and chief executive of the Partnership Fund. New York had a third as many fintech investment deals as Silicon Valley in 2011, two-thirds as many in 2013 and a near-equal number in the first quarter of 2014. Between 2008 and 2013, New York reaped $1.1 billion in fintech investment, including $430 million last year, making it the world's second largest fintech center.