New research has revealed that London is the global leader for fintech headquarters, with over 1,000, just after New York with 939 and San Francisco with 593.

The research, conducted by Savills and its flexible office specialist Workthere, found that these three cities “are the clear epicentres of the fintech world,” taking up 38% of global fintech venture capital investment.

London has made itself the most popular hub for fintech due to several companies like WorldPay, Monzo and TransferWire choosing the city as their base.

The report also emphasized the need for these fintech companies to have access to more flexible, serviced and coworking offices.

“When comparing flexible office take up with fintech venture capital investment, we are beginning to see a clear relationship between the two emerge for the London market, although this is currently less obvious for New York and San Francisco,” said Cal Lee, global head of Workthere.

Although the tech industry has been driving conventional office take-up for years now, fintech is still a relatively new sub-sector consisting of startups, so it accounts for a big portion of flexible offices.

“As these early-stage companies grow headcount and become more established over the coming years, we expect to see them making the move from flexible to conventional offices and then major occupiers in their own right, as we have seen in London,” said Matthew Fitzgerald, Savills’ director of cross-border tenant advisory.