Although many of his moves can be explained with that attitude, this was not the case. Coinbase and other firms didn’t just decide to hire more people in Charlotte, so this means that the city has something unique to offer fintech companies, which appreciate the value of a good environment given how challenging it is to launch a fintech product and serve customers properly.
In fact, the reputation of the city has been growing so strongly that it easily competes with major hubs like New York. In this article, we take a thorough approach to analyze the trends in the fintech industry and map the role of Charlotte as a new migration destination for companies.
The Role of Decentralization
Fintech companies are increasingly embracing decentralization (setting up operations in multiple locations or allowing remote teams) in order to tap wider talent pools and reduce costs. Proxy server infrastructure plays a quiet but crucial role in this shift.
For example, a company based in Charlotte can use proxies to access region-specific financial data or test user experiences as if they were in New York or London, effectively bypassing geographic restrictions to access information that may be limited in certain regions. This helps firms simulate local markets and understand regional customer needs or regulatory environments, all from a lower-cost hub.
Another benefit is security and manageability for distributed operations. In remote work setups, companies often pair proxies with VPNs to encrypt data and secure connections for employees logging in from various locations. By routing remote staff through centralized proxy servers, fintechs can filter out malicious traffic and enforce access controls, ensuring employees have access to authorized websites.
Charlotte vs. New York
New York City has been the top financial center in the U.S. for a long time. It has many banks, investment companies, and fintech startups, along with lots of skilled workers. But being based there is very expensive. In comparison, Charlotte is a smaller city that has grown quickly as a financial hub over the past few decades. Big banks like Bank of America, Truist, and Wells Fargo have major offices there, helping build a strong finance industry. As of 2023, over 100,000 people in Charlotte worked in finance — the highest ever for the city — making it the third-biggest finance talent hub among the 50 largest U.S. metro areas. While New York has more finance jobs overall, Charlotte’s financial sector is impressively large for a city of its size.
Fintech infrastructure and growth also tell an interesting story. New York hosts countless fintech startups and has seen fintech investment flourish over the last decade, benefiting from proximity to industry incumbents and investors. Charlotte, meanwhile, has been building its fintech ecosystem on the back of its banking sector. The financial services sector in Charlotte grew by about 32% from 2016 to 2022, reflecting new jobs and companies. The region now counts an estimated 23,000 workers in fintech-specific roles, and has produced multiple “unicorn” startups (AvidXchange, for example, hit a valuation around $4.6 billion at IPO).
Charlotte’s Growing Appeal to Fintech Companies
All these factors have begun to coalesce into a clear trend: fintech companies are increasingly eyeing Charlotte as a viable expansion locale. Coinbase’s recent decision to hire over 100 employees in Charlotte is a prime example. The crypto exchange giant, known for being remote-first after its San Francisco days, announced it is tapping into Charlotte’s fintech talent pool by adding more than 130 jobs and establishing a physical office. Company leaders framed the move as “meeting talent where they are” – Charlotte offers a rich seam of finance and tech professionals who can fuel Coinbase’s growth at lower cost than hiring in New York or Silicon Valley.
Coinbase isn’t alone. Several high-profile tech and fintech firms have made moves into Charlotte in recent years. Credit Karma, for instance, chose Charlotte for its East Coast headquarters, bringing hundreds of jobs to the area. Traditional finance players have also expanded tech operations: investment giant Vanguard opened a major office, and robo-advisor firm Betterment reportedly grew a Charlotte presence (alongside homegrown fintech successes like LendingTree). Another win came when Truist Financial decided to base its headquarters in Charlotte in 2019, following a bank merger, adding to the city’s financial gravity.
