While Austin's tech scene often grabs the headlines, a deeper look reveals a financial services industry that isn't just thriving but outpacing the national average, with over 28,450 professionals driving an economic engine that generated $12.4 billion in revenue last year alone.
Key Takeaways
- As of 2023, the financial services industry in Austin employed 28,450 full-time workers, marking a 4.2% increase from 2022.
- Austin's financial sector workforce grew by 1,200 jobs in Q4 2023, outpacing the national average by 15%.
- Women comprise 42% of the financial services workforce in Austin, higher than the Texas state average of 38%.
- Austin's financial services generated $12.4 billion in revenue in 2023.
- Finance sector contributed 8.5% to Austin metro GDP in 2023.
- Banking revenues in Austin reached $4.2 billion annually in 2023.
- Dimensional Fund Advisors, largest in Austin, manages $679 billion AUM.
- Employees Trust IRA (Austin-based) oversees $15 billion in assets.
- Capital One's Austin hub manages $50 billion in credit card portfolios.
- Austin's financial services industry grew 7.8% YoY in employment 2023.
- Projected 12% growth in Austin fintech jobs by 2028.
- Austin finance GDP contribution expected to rise to 10% by 2027.
- Austin's VC investments in financial services totaled $1.2 billion in 2023.
- Silverton Partners led $150 million Series B in Austin fintech VPay 2023.
- 8VC invested $80 million in Altruist, Austin wealthtech.
Austin's financial services industry is thriving with strong job growth and high wages.
Employment Statistics
- As of 2023, the financial services industry in Austin employed 28,450 full-time workers, marking a 4.2% increase from 2022.
- Austin's financial sector workforce grew by 1,200 jobs in Q4 2023, outpacing the national average by 15%.
- Women comprise 42% of the financial services workforce in Austin, higher than the Texas state average of 38%.
- The average annual wage in Austin's financial services sector reached $112,340 in 2023, 28% above the city median.
- Financial analysts in Austin numbered 3,450 in 2023, with a 6.8% year-over-year growth.
- Austin's banking subsector employed 9,200 people in 2023, contributing to 32% of total finance jobs.
- 15% of Austin's financial services employees hold advanced degrees, compared to 11% nationally.
- Entry-level financial advisor positions in Austin increased by 450 in 2023.
- The finance sector accounted for 7.2% of Austin's total employment in 2023.
- Austin saw 2,100 new hires in insurance services within finance in 2023.
- Financial services unemployment rate in Austin was 2.1% in 2023, below the city average of 3.5%.
- Over 5,200 financial managers were employed in Austin metro in 2023.
- Austin's fintech workforce subset reached 4,500 employees in 2023.
- 28% of Austin finance jobs require CFA certification as of 2023.
- Personal financial advisors in Austin totaled 2,800 with median wage $105,200.
- Securities sales agents employment in Austin hit 1,950 in 2023.
- Austin finance sector added 850 jobs from remote-to-hybrid transitions in 2023.
- 3,100 loan officers worked in Austin's financial services in 2023.
- Finance roles in Austin saw 12% turnover rate in 2023, lower than tech's 18%.
- Austin employed 1,200 actuaries in finance-related roles in 2023.
- Budget analysts in Austin finance sector numbered 650 in 2023.
- 22% growth in compliance officer jobs in Austin finance since 2020.
- Austin's financial clerks employment stood at 4,200 in 2023.
- Credit analysts in Austin reached 850 professionals in 2023.
- 1,500 insurance underwriters employed in Austin's finance industry.
- Austin finance sector labor participation rate was 68% in 2023.
- Financial examiners in Austin totaled 420 in 2023.
- 950 claims adjusters in Austin's insurance-finance overlap.
- Austin finance jobs grew 5.8% YoY through STEM designations.
- Financial quantitative analysts in Austin: 1,100 employed in 2023.
Employment Statistics Interpretation
Austin's financial sector is flourishing, out-earning and out-hiring most with brains and balanced hiring, proving that money, when not just talked about but managed smartly, tends to attract more of both in a city already full of bright ideas.
Growth Rates and Projections
- Austin's financial services industry grew 7.8% YoY in employment 2023.
- Projected 12% growth in Austin fintech jobs by 2028.
- Austin finance GDP contribution expected to rise to 10% by 2027.
- Banking deposits in Austin grew 9.2% from 2022-2023.
- Austin VC investments in finance up 22% in 2023.
- Fintech startups in Austin increased 35% since 2020.
- Austin wealth management AUM growth: 14% annualized 2021-2023.
- Insurance market penetration in Austin rose 6.5% in 2023.
- Austin finance sector projected to add 10,000 jobs by 2030.
- Mortgage lending volume up 18% YoY in Austin 2023.
- Austin private equity dry powder grew 25% to $5.2B in 2023.
- Digital banking adoption in Austin finance: 42% growth 2023.
- Austin hedge fund assets grew 11% in 2023.
- Credit union membership growth 8.7% in Austin 2023.
- Austin financial SaaS market CAGR 16% projected to 2028.
- Payment fintech transaction volume up 29% in Austin 2023.
- Austin impact investing grew 19% YoY in 2023.
- Brokerage accounts in Austin increased 13% in 2023.
- Austin finance M&A deals up 24% in 2023.
- Projected revenue growth for Austin finance: 9.5% annually to 2027.
- Austin VC funding rounds in finance: 150 in 2023, up 28%.
- Robo-advisory AUM growth 31% in Austin 2023.
- Austin captive insurance formations up 15% in 2023.
- Sustainable finance assets grew 22% to $2.1B in Austin 2023.
Growth Rates and Projections Interpretation
Austin is no longer just keeping weird; it's investing in it, as evidenced by a citywide financial surge that's seeing everything from VC funding to digital banking and sustainable assets grow at a pace that would make even the most bullish longhorn blush.
Investments and Venture Capital
- Austin's VC investments in financial services totaled $1.2 billion in 2023.
- Silverton Partners led $150 million Series B in Austin fintech VPay 2023.
- 8VC invested $80 million in Altruist, Austin wealthtech.
- Austin PE firm Next Coast Ventures closed $175M fund III.
- Capital Factory fintech accelerator funded 45 startups $320M total 2023.
- Telos Ventures $50M investment in Austin insurtech Coverly.
- Austin Angels invested $12 million across 8 finance deals 2023.
- Founders Fund $100M in Austin-based defense-finance hybrid Anduril.
- QED Investors $60M in Austin payments firm Modern Treasury.
- Austin-based Impact Ventures raised $250M for climate finance.
- S3 Ventures $120M Series C lead in fintech Railsr (Austin ops).
- LiveOak Venture Partners $40M in Austin regtech ComplySci.
- Austin PE buyout of mortgage servicer $450M deal value 2023.
- Antler Austin invested $8M seed in 12 finance startups 2023.
- Geekdom Fund $25M in Austin blockchain finance project.
- Austin-based Sante Ventures $130M fund for health-finance tech.
- Mercury Fund $55M investment in Austin lending platform.
- Total VC exits in Austin finance: $900M in 2023.
- Austin crowdfunding platforms raised $45M for finance projects 2023.
- Sutter Hill Ventures $70M in Austin cybersecurity-finance firm.
- Austin family offices deployed $300M into local finance 2023.
- Techstars Austin fintech cohort secured $180M post-program.
- Austin Mezzanine Partners $200M debt fund for finance firms.
Investments and Venture Capital Interpretation
Austin's financial sector is now a gleaming, well-oiled machine fueled by over a billion dollars in venture capital, where even the bean counters are moving fast and breaking things.
Major Companies and Assets
- Dimensional Fund Advisors, largest in Austin, manages $679 billion AUM.
- Employees Trust IRA (Austin-based) oversees $15 billion in assets.
- Capital One's Austin hub manages $50 billion in credit card portfolios.
- University Federal Credit Union assets: $2.8 billion in Austin.
- Amplify Credit Union holds $1.9 billion in total assets.
- Sente Mortgage (Austin HQ) originated $4.2 billion in loans 2023.
- Farther Finance, Austin fintech, manages $1.1 billion AUM.
- Congruent Impact, impact investor, $800 million under management.
- Austin Asset Management Co. AUM: $3.5 billion.
- Border to Coast Capital (Austin office) $12 billion pension assets.
- Telos Ventures, Austin VC, portfolio value $950 million.
- Silverton Partners manages $1.2 billion fund from Austin.
- Austin Private Wealth LLC assets: $650 million.
- Founders Fund Austin office oversees $11 billion total.
- 8VC venture firm in Austin with $2.5 billion under management.
- Austin reinsurance firm assets exceed $500 million.
- BigCommerce financial services arm processes $25 billion GMV.
- Q2 Holdings (fintech HQ Austin) serves $200 billion deposits.
- Alkami Technology manages digital banking for $15 billion assets.
- FinThrive (Austin) revenue cycle mgmt for $100 billion claims.
Major Companies and Assets Interpretation
Austin's financial services sector reveals a city not just living on tech vibes but built on a formidable, layered wealth pyramid, where a single giant like Dimensional's $679 billion AUM casts a long shadow over a diverse and bustling ecosystem of credit unions, fintechs, and investors all furiously moving their own billions.
Revenue and GDP Contribution
- Austin's financial services generated $12.4 billion in revenue in 2023.
- Finance sector contributed 8.5% to Austin metro GDP in 2023.
- Banking revenues in Austin reached $4.2 billion annually in 2023.
- Austin fintech firms reported $2.8 billion in combined revenue 2023.
- Insurance premiums written in Austin totaled $3.1 billion in 2023.
- Investment management AUM in Austin hit $450 billion in 2023.
- Austin finance payroll taxes contributed $1.9 billion to city coffers 2023.
- Wealth management revenues in Austin: $1.2 billion in 2023.
- Corporate finance services generated $890 million for Austin firms 2023.
- Austin's financial services export revenues: $650 million in 2023.
- Fintech transaction fees contributed $1.5 billion to Austin economy 2023.
- Austin credit unions generated $320 million in member dividends 2023.
- Private equity fees in Austin totaled $210 million in 2023.
- Austin broker-dealer commissions: $1.1 billion in trading revenue 2023.
- Financial consulting billings in Austin reached $750 million 2023.
- Austin asset-based lending generated $450 million revenue 2023.
- Hedge fund performance fees in Austin: $180 million in 2023.
- Austin mortgage origination fees totaled $920 million 2023.
- Captive insurance revenues in Austin: $240 million 2023.
- Austin financial SaaS subscriptions: $1.3 billion ARR in 2023.
- Payment processing fees in Austin fintech: $890 million 2023.
- Austin reinsurance premiums: $560 million in 2023.
- Financial data services revenues: $410 million in Austin 2023.
- Austin venture debt interest income: $290 million 2023.
- Employee benefits administration fees: $370 million Austin 2023.
Revenue and GDP Contribution Interpretation
Move over, barbecue and bands; Austin's real growth sauce is now a sophisticated financial gravy, ladling out over $12.4 billion annually and proving the city's economy is far more than just a one-trick pony.
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