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Peer2Peer Finance News | August 22, 2017

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London scores poorly as start-up hub

London scores poorly as start-up hub
Marc Shoffman

LONDON may be home to many flourishing peer-to-peer lending platforms but it ranks pretty low down as a start-up hub compared with the rest of the world, research claims.

The analysis by furnished apartments platform Nestpick assessed the start-up environment, local salaries, benefits, cost of living and quality of life across 85 cities. It found London came in at number 43.

The analysis also considered local taxes, gender equality and safety.

Cities were ranked by salary levels across entry level and senior project management, technology and marketing levels, and given scores out of five for other factors such as income taxes and affordability.

Read more: London confirmed as fintech world leader

London ranked well for salaries and start-up support but scored poorly for cost of living, income tax, affordability and safety, which pushed it down to 43 overall.

Singapore may not have the highest salaries but came out on top as it offers a vibrant start-up scene, a safe environment with decent healthcare and a high quality of life.

Read more: Belfast poised to become post-Brexit fintech hub

“Certain cities may offer bigger paychecks, but after considering taxes and living expenses, the return may not be so high,” Ömer Kucukdere, managing director of Nestpick, said.

“Similarly, professionals should consider quality of life, will vacation days be adequate to visit home? Is healthcare as accessible as you would like it to be?

“We believe that time taken researching potential employers should not overshadow understanding the best cities in which to work.

“We hope that our study helps those looking to work in start-ups identify the cities which may best suit their needs.”

Read more: Awareness of P2P drops north of London