Detroit seeks fintech hub status

Source: Detroit Fintech Association

The Detroit Fintech Association ( today announced plans to cement Detroit as a hub for FinTech innovation and to grow the existing culture of technology-driven financial services through a campaign raising awareness of the incredible financial technology hub that is forming in the city.

Created by a group within Benzinga, a leading financial media company headquartered in Detroit, the Detroit Fintech Association serves as a way to find, connect and promote FinTech companies in the region.

"For a long time Benzinga has connected FinTech companies around the globe, country and especially here in Detroit," said Jason Raznick, founder and CEO of Benzinga. "We saw other cities solidifying similar ecosystems - Boston, New York, Chicago, St Louis - and want to shine a spotlight on the incredible FinTech scene forming right here in Detroit."

The Detroit Fintech Association aims to:

Educate members on emerging trends and technologies in FinTech
Serve as a research and information hub for members
Establish outreach programs to provide educational programming for youth in underserved communities
Connect FinTech entrepreneurs and innovators with investors
Create a talent hub, pairing the best technology talent with the best FinTech firms in the region
Partner with the State of Michigan to recruit the best FinTech firms to Michigan and city of Detroit

Companies opening in Detroit join an impressive line-up containing the most influential FinTech leaders in the country including Quicken Loans and its fully digital Rocket Mortgage, Rocket Loans, In-House Realty and many others.

"As Detroit continues to grow as the center of our country's FinTech revolution, the work that the Detroit Fintech Association is doing is critical. Not only for Detroit and the region, but also for the multiplying FinTech companies that leverage the specialized FinTech environment that can only be found in Detroit," said Dan Gilbert, Chairman and Founder of Detroit-based Quicken Loans, the nation's 2nd largest residential lender. "There are no greater opportunities for FinTech startups and other financial technology companies than in Detroit. The talent is here. The experience is here. The venture capital is here. The energy is here. And the best FinTech ecosystem, which is anchored by the largest online lender in the world and its 17,000+ FinTech employees, is right here in the middle of all of it."

"On top of that, there is a cooperative spirit among all of us in Detroit's FinTech sector that has everyone pulling for, and working with, each other. This, of course, benefits all of us. It's a unique culture you won't find anywhere but at the intersection of 'muscles and brains' which happens to be right here in downtown Detroit," Gilbert added.

The Detroit Fintech Association is partnering with the Michigan Economic Development Corporation (MEDC) to achieve its goals and create an entrepreneurial environment in Detroit and throughout Michigan for FinTech companies.

"We are pleased to partner with the Detroit Fintech Association around our shared mission to bring incredible talent to the state and to support this exciting and emerging sector," shared Fred Molnar, Vice President of Entrepreneurship and Innovation for the MEDC.

Additionally, the Detroit Fintech Association is aligning with the Michigan Department of Insurance and Financial Services. This partnership will enable FinTech entrepreneurs to receive in-person, one-on-one counseling related to laws and regulations that may affect their business.

The Detroit Fintech Association will serve as a conduit to the Department of Insurance and Financial Services office and assist vendors in arranging presentations in front of national commissioners.

"It's great to have the support and enthusiasm of leaders like Dan Gilbert onboard as he and Quicken Loans have built one of the largest and fastest growing FinTech companies. In addition, the partnerships with local FinTech companies and state organizations will help propel growth in the FinTech sector right here in Michigan," Raznick added.

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