I love to see the statistics on Fintech investments and the country league tables. It always gives a sense of Eurovision contest.

But a few comments on this:

1- Cities over countries

it makes sense to look at cities and not countries when you look not just at startup ecosystems but addressable markets. Especially in consumer fintech where you need large network effects (at least in payments).

That's the concentration of talent, investments, supporting services (including regulators) and consumers that creates 'hotbed' for innovation.

Good to see cities like Madrid and Amsterdam on that list.

They have a few lessons to share for startups and incumbents as well on how to react and embrace changes.

And for Amsterdam, this has always been a centre of excellence for payment innovation (adyen anyone?)

2- Having travelled across Europe, Russia, Middle East and Africa over the past years, it is clear that the Fintech scene is happening everywhere. It is just not 'evenly distributed'.

You can see local and national champions popping up in every country and in each Fintech compartment (from P2P to SMB lending, from Wealth Management to credit scoring and so on)

That's the first stage. Most of them are already working on geographical expansion.

Will there be a consolidation in the next few years? More businesses started in Europe going to conquer the US? lets see over the next 24 months

3- Entrepreneurs have regional if not global ambitions.

I was struck how many entrepreneurs have clearly learnt their lessons: 'we don't want to be #1 in our market, we want to go to the US and be #1 across all Europe".

Platforms for fintech can be european from the get-go, localisation and customer adaptation can scale and become a competitive advantage.

And regulation gives us an edge: one licence that you can passport across the EU. You don't get that in the US...

So expect to see more and more cities on that list (I would put Istanbul firmly there, Stockholm, and soon Paris, Milan)