Most of the nation’s leading financial firms have established large operations in Florida to take advantage of the state’s global connectivity, experienced workforce and growing market. In fact, the Sunshine State is home to more than 120 commercial banks with nearly $195 billion in assets, in addition to 18 international banks with U.S. headquarters in Florida.
Most of the nation’s leading financial firms have established large operations in Florida to take advantage of the state’s global connectivity, experienced workforce and growing market. In fact, the Sunshine State is home to more than 120 commercial banks with nearly $195 billion in assets, in addition to 18 international banks with U.S. headquarters in Florida.
That foundation of financial industry leaders and a highly-skilled workforce are leading to the growth of fintech clusters around the state.
In Tampa, Citibank Center is home to more than 5,000 employees. The company’s anti-money laundering program is one of the best in the industry and its hub is in Tampa.
“We started a very unique program in cybersecurity that is truly interdisciplinary,” said Moez Limayem, Dean of the USF Muma College of Business. “Engineering is teaming up with business, teaming up with psychology, teaming up with criminology to make one of the best programs in cybersecurity.”
More Citi employees are located in Florida than in any other U.S. state outside of New York. Citi’s presence in the state includes more than 100 locations, including its branch network and approximately 10,000 employees.
Just 90 minutes east of Tampa in Central Florida, Finastra is building its presence in Lake Mary. With more than 60 offices worldwide, the company is a global leader in financial services software and cloud solutions. Ninety of the world’s top 100 banks use Finastra technology.
We started a very unique program in cybersecurity that is truly interdisciplinary.”
“About two years ago we did a global assessment of where we wanted to extend our presence and we methodically identified Lake Mary as a great place,” said Mike Dionne, General Manager of North American Community Markets. “We can attract talent at a reasonable cost and, especially in technology, putting something in Silicon Valley is a very different cost infrastructure than what you find here but the talent is every bit as good.”
The London-based company was formed in 2017 by the combination of Misys and D+H. The fintech leader has grown rapidly, thanks to its proximity to the University of Central Florida and other nearby schools. More than 200 professionals currently work in Finastra’s Lake Mary office.
In addition to companies in the Tampa and Central Florida regions, a fintech cluster is growing in NortheastFlorida, led by Fidelity National Information Services Inc. (FIS). Headquartered in Jacksonville, FIS has been ranked as the largest financial technology company in the world based on revenue for three years in a row by IDC Financial Insights. The company employs more than 1,400 in Jacksonville.
Florida Governor Ron DeSantis recently announced a statewide initiative to fast-track grant funds for the creation of fintech academies. The academies will be partnerships between fintech companies and universities, colleges and technical schools to provide accelerated instruction related to the industry.
“From day one, we’ve made it a priority to create a regulatory environment that provides opportunities for businesses in the financial technology and banking sectors to thrive without being impeded by high taxes and burdensome regulation,” Gov. DeSantis said. “The initiatives announced today demonstrate that we are committed to making Florida the top destination for fintech companies to grow and succeed.”
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