Warsaw among top-tier cities for fintech sector

Warsaw is among the top 10 European cities for the fintech sector. According to analyses by real estate advisory firm Savills, which prepared the ranking, the Covid-19 pandemic is accelerating the digitalization of the banking sector and Poland provides a favorable environment for fintechs to expand.

 “The Covid-19 pandemic has shown the world how quickly change can happen and it has turbo-charged the digitalization of the traditional banking and finance sector in key European countries. The GFC fostered entrepreneurship which, coupled with the rise of controversy around the big banks, saw the entry of challenger banks and a whole array of start-ups. I am confident that this sector will again emerge stronger in the aftermath of the Covid-19 crisis,” Matthew Fitzgerald, Director, Cross Border Tenant Advisory, commented.

Savills European Fintech Occupier Index has ranked the most attractive European cities for fintech occupiers to locate themselves. London, Berlin, Paris, Barcelona and Manchester top the index as these cities combine existing financial services infrastructure, solid demographic fundamentals, strong talent and innovation, relative affordability and attractive business environments. Warsaw came tenth in the ranking, ahead of Munich, Copenhagen, Milan, and Prague. 

“Poland can be seen as the top hotspot in Central Europe for fintech firms. In addition to labor costs, its key strengths also include strong high-skilled IT employment growth prospects over the next 10 years. Warsaw is a major university city not only in Poland, but also on the map of Europe. It has nearly 220,000 students, of whom more than 10 percent are foreign nationals. Business and administration are the most popular fields of study, followed by IT. Fintech companies can expand in Poland also thanks to the availability of high-quality office space and competitive rental rates compared to Western Europe,” Jarosław Pilch, Head of Tenant Representation, Office Agency, Savills Poland, said.

(WBJ)