When someone refers to “the Mecca of Finance”, Texas isn’t exactly the first place that typically comes to mind.
With Silicon Valley and Wall Street giants cornering the market on technology and finance, fintech is becoming an increasingly competitive industry that is as difficult to break into as it is to survive in. This is largely due to the strong expansion of the tech sector, as well as the rising demand for innovation in the US financial market over the last decade.
While New York and California maintain their ranks, Austin, the burgeoning start-up capital of Texas, is beginning to turn heads with its overwhelming contribution to the tech scene. Boasting a GDP of $119.9 billion, the city is currently home to over 4,000 tech companies, with less than 150 businesses, alone, raising $966 million in new capital!
If that’s not reason enough to convince you of Austin’s tremendous potential in fintech, consider the fact that the tech sector is responsible for generating 13.6% of the city’s employment, with the number of jobs predicted to exceed 120,000 by the year 2020.
Why Are 157 People Moving to Austin Every Day?
Thanks to a dynamic job market that welcomes, encourages and values tech industry talent, Austin has carved a solid reputation for providing resources—including cutting-edge financial technologies—to budding entrepreneurs, small business start-ups, and major tech titans.
With low taxes, relatively affordable housing, and a talented pool of technocrats with qualifications from one of the best universities in the nation, Austin is an undisputed magnet for innovative thinkers and tech experts alike. Besides creating a significant number of jobs in eCommerce, the city is now comparable with New York’s STEM occupations in terms of the concentration of tech horsepower—stealing the top spot in the list of cities creating the most tech jobs in all of USA.
Given these incredible and rapid developments over the last few years, it’s no surprise that 34% of the city’s office space is utilized by the tech sector and why CNBC Metro placed it over Silicon Valley as the top start-up Mecca in America.
Is the FinTech Industry Here to Stay?
One of the most exciting aspects of this development is the availability of a platform where retail merchants and tech developers can meet, discuss ideas, and work together to make financial services easier and more secure.
South by Southwest is a major catalyst in this case, an event held every March in Austin that offers a multitude of opportunities for discovery, network and learning, giving local businesses a chance to shine and acquire substantial funding.
With the overwhelming success of countless Austin-based fintech start-ups like Continuum Analytics, Cycorp, Self Lender, TeleStax and SourceDay, 25 small fintech businesses raised $139.7 million in the first three months of 2017 alone!
The future looks bright for the fintech industry, and Austin’s more than happy to accept fresh talent.
If you think your talent and skills can be best applied in a fintech company, don’t wait for opportunity to come knocking on your door.
International Search Consultants is an international executive search firm, offering financial executive recruitment and consultation services since 1999. To discover job opportunities in Austin, get in touch with our professional financial headhunters and make a confident career decision that helps you grow personally as well as professionally.