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California's Fintech Startups Are Invading New York

Brex has moved its CFO to Manhattan, and Stripe is on a New York hiring spree. But the city’s fintech sector still lags California’s.

Tour Of 3 World Trade Center Ahead Of Official Opening
Photographer: Jeenah Moon/Bloomberg

When two Irish brothers started Stripe Inc. together in 2010, there was little question about where they should put their headquarters. It had to be California.

Now, though, Stripe is leaving the tech mecca of San Francisco, awash in tech talent and investor cash, and is in the process of moving its main office about 10 miles to neighboring South San Francisco. What’s more, the company—whose $35 billion valuation makes it one of the world’s most valuable startups—is currently building up its staff in another state altogether: New York.