London has the most fintech headquarters of any city in the world, according to new research.

The London global fintech hub currently boasts over 1,000 fintech headquarters with companies including WorldPay, Finastra, Monzo and TransferWise basing themselves there.

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New York and San Francisco come in at second and third with 939 and 593 fintech headquarters respectively, according to a report by flexible workspace provider specialist Workthere.

London, New York and San Francisco are the clear epicentres of the fintech world, accounting for a combined 38 per cent of global fintech VC investment between them so far this year.

London topped the table for the number of fintech VC deals in the first nine months of 2019 with 194, followed by New York at 164 and San Francisco at 123.

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However, in terms of deal size, San Francisco clearly outstrips its rivals: venture capital poured £3.1 bn into fintech based in San Francisco so far in 2019, compared with £2.1bn for London and £1.7bn for New York.

The average fintech deal size for San Francisco in the first nine months of 2019 is £25m, compared with £11m for London and £10m for New York.

Global VC investment into fintech hit £17.9bn in the first nine months of this year, accounting for 12 per cent of all VC investment, compared with just 2 per cent in 2010.

However, fintech has accounted for 30 per cent all VC investment in London over the past five years, compared with 14 per cent for both San Francisco and New York.

VC fintech investment in London increased by 137 per cent year-on-year in the first nine months of 2019, boosted by some particularly large deals such as OakNorth (£339m), Checkout.com (£177m) and Iwoca (£150m).

And London as a global fintech hub is relatively good value in terms of average monthly cost for an office desk within a flexible workspace compared to other cities. London ranked sixth in terms of monthly cost (£700) compared with first-placed San Francisco (£815), followed by Stockholm (£775), Boston (£750), New York (£750) and Toronto (£745).

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