How Ohio is winning in FinTech—and what the future holds

From venture-funded startups to well-established banks and financial institutions, Ohio is a hub for financial activities.

Ohio’s reputation got another boost recently as Worldpay, one of the largest payment processors in the world, announced plans to reestablish its global headquarters in Cincinnati.

The investment comes as JobsOhio makes a concerted effort to position the state for success in FinTech, which amounts to a significant economic engine and major source of employment.

Here’s why Ohio is a growing FinTech Hub:

• Ohio has the 7th largest financial services workforce in the U.S. with 255,000 workers

• Tied for No. 3 for the number of top 50 bank headquarters

• Tied for No. 5 for the number of Fortune 500 and 1000 headquarters in the U.S.

• Tied for No. 4 for largest financial services sector in the U.S.

  *data from JobsOhio

FinTech + Ohio

State officials, business leaders, and economic development officials tout a number of reasons for the state’s success in FinTech. 

Nearly 75% of the services industry in the U.S. and Canada is accessible within a 2-hour flight. Office rents are as little as a quarter of the cost of New York and San Francisco, talent is about half the cost, and there is no state income tax. Newcomers can collaborate with world-leading insurance and financial institutions like Nationwide, Progressive, KeyBank, Huntington, and Fifth Third Bank, as well as industry-disrupting FinTech companies such as Klarna, Bread Financial, and Upstart.

Here are just a few of the Ohio’s recent FinTech successes:

• WorldPay announced plans to bring its global HQ to Ohio 

• Wells Fargo chooses Ohio for new financial services technology center

• Adelphi Bank became Ohio's only Minority Depository Institution and the first in the U.S. since 2000