Finance & Insurance Ecosystem

Minnesota's robust economy is supported by strong and diversified finance and insurance industries. From credit unions, banking services, and health insurance, Minnesota companies offer the whole spectrum of financial and insurance services.

Overview

Financial and insurance industries had 151,900 jobs in 2024 in Minnesota commercial banking, credit unions, real estate credit, investment advice and insurance, among other activities. These industries are 16 percent more concentrated in the state than in the U.S., according to the state's location quotient (1.16). There are 11,200 finances and insurance locations here.

Source: Lightcast

Below are some of the largest financial and insurance companies headquartered or operating in Minnesota.

Ameriprise Financial (Investment Advice): The company serves more than 3.5 million individual, institutional and small business clients, managing $1.5 trillion in assets.
Wells Fargo Home Mortgage (Real Estate Credit): The consolidation of its offices in recent years has been viewed positively for downtown Minneapolis, as it brings more employees into the city's core business district. Wells Fargo is already a major downtown employer.
Blue Cross & Blue Shield of Minnesota (Insurance Agencies And Brokerages): In its 2024 annual report, the parent corporation —Aware Integrated, Inc. (AII)— indicated it administered a total of $15.2 billion in medical claim payments. Blue Cross was recently named among 600 companies nationwide to be recognized for the best customer service in America by USA TODAY.
Travelers (Insurance Agencies And Brokerages): The company has 30,000 employees nationwide with more than 2,200 in Minnesota.
U.S. Bank (Commercial Banking): The company is one of the largest employers in the state with 13,000 workers. It is the 5th largest bank in the country. In 2024, the bank reported $27.5 billion in net revenue.
Allianz Life Insurance-North America (Insurance Agencies And Brokerages): Allianz Life Insurance Company of North America is headquartered in Minneapolis. The company is a wholly owned subsidiary of Allianz SE, a global financial services group based in Munich, Germany, with a net income of $8.6 billion euros in 2024.
Royal Bank of Canada (RBC) (Investment Advice): The company is one of Canada's biggest banks, and among the largest in the world based on market capitalization. RBC (Royal Bank of Canada) operates with a presence in Minneapolis, Minnesota, primarily through its RBC Wealth Management division.
Securian Financial Group (Investment Advice): Headquartered in Minnesota, the company serves more than 23 customers in North America and has more than 5,500 employees.
UnitedHealth Group (Insurance Agencies And Brokerages): The company is headquartered in Minnesota and is the largest health insurer in the country with revenues of $400.3 billion in 2024.
Federated Insurance (Insurance Agencies And Brokerages): The company is headquartered in Owatonna, Minnesota. As of 2024, the company had record-setting total assets of $13.5 billion and total invested assets of $11.9 billion.
Thrivent Financial for Lutherans (Insurance Agencies And Brokerages): Headquartered in Minnesota, the company has $194 billion in assets under management and has paid $1.9 billion in life and health insurance benefits (as of December 2024).

Source: Companies’ websites, annual reports.

Insured Banking Institutions

According to the Federal Deposit Insurance Corporation (FDIC), there are 240 commercial insured banks in the state with assets of $128 billion. In addition, 218 bank holding companies and their FDIC-insured subsidiaries operating in Minnesota have total assets of $787.7 billion.

The chart below shows some of the most prominent commercial banks and bank holding companies operating or headquartered in the state.

Source: FDIC, accessed May 2025.

mn-headquarters

Employment Concentration

Among large metropolitan areas, Minneapolis-St. Paul has one of the highest concentrations of people employed in finance and insurance industries, as measured by location quotients.

employment-concentrations

Source: Lightcast, accessed May 2025.

Fortune Companies

Our Fortune 500 companies in 2025 show the strength of our financial system.

UnitedHealth Group (Rank 5th): The company has revenues of $400.3 billion. It is the largest health insurance company in the country.
U.S. Bancorp (Rank 105th): Is the seventh largest banking institution in the country and the largest in the Midwest with revenues of $42.7 billion.
Ameriprise Financial (Rank 230th): The company has revenues of nearly $18 billion. For six consecutive years, J.D. Power has recognized the company for providing “an outstanding customer service experience” for phone support for advisors.
Thrivent Financial for Lutherans (Rank 388th): Offers financial products and services including life insurance, mutual funds, money management, brokerage services, retirement planning and more. The company has $10.9 billion in revenues and is among the top life and health insurance companies in the country.
Securian Financial Group (Rank 464th): The company provides insurance, investment and retirement solutions. The company has $8.2 billion in revenues.

Source: Fortune 500, companies' websites.

FinTech

The financial technology sector, or FinTech, is transforming how banks and other financial institutions do business. While there is no universal definition of FinTech companies, they are businesses that use technology to develop financial products and services that are more user-friendly, secure, efficient and automated than in the past.

Examples of Fintech companies headquartered or operating in Minnesota:

Apruve: Offers a B2B credit automation platform that manages and finances credit programs for suppliers and their business customers. Headquartered in Minnesota.
Branch: Manages an app-based platform for earned wages loans. Headquartered in Minnesota.
ClickSWITCH: Provides technology for financial institutions that simplifies the process of bringing on new account holders and efficiently switching their recurring payments. Headquartered in Minnesota.
Daily Pay: Offers an on-demand pay platform. Headquarters are located in New York.
Dayforce (formerly Ceridian): Offers global human capital management technology serving more than 50 countries. Headquartered in Minnesota and Toronto, Canada.
Deluxe Corporation: Manufactures high security checks and provides web services and fraud protection. Headquartered in Minnesota.
FICO: Provides predictive analytics to help businesses automate, improve and connect decisions across organizational silos and customer lifecycles. The company is headquartered in Montana.
GenEQTY: Developer of a data intelligence platform designed to transform intricate small and midsize business financial data into actionable insights. Headquartered in Minnesota.
MoneyGram: Provides interstate and international peer-to-peer payments services.
New Era Technology (Formerly Comm-Works): Provides customizable IT integration services to multi-site organizations. Headquarters are located in New York.
Sezzle: Offers payment option that enables shopping online and installments over time. Headquartered in Minnesota.
Solutran: Offers multi-benefit, dual network, single card solutions for health plans, retail partners, employers and plan partners. The company is located in Plymouth, Minnesota.
Surest Health Plan: Provides on-demand health insurance platform for individuals and employers. Headquartered in Minnesota.
Thomson Reuters: Provides innovative technology to deliver critical information to decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets.
Total Expert: Manages automation platforms for financial institutions. Headquartered in Minnesota.
Upsie: Offers affordable, reliable warranties for electronic devices. Headquartered in Minnesota.

Source: Companies' websites.

Industry Support

Minnesota Bankers Association (MBA): A leader for Minnesota bankers, representing 95% of Minnesota chartered banks and savings and loans. MBA provides webinars, training, and leadership development, among other services.

Minnesota Association for Financial Professionals: Provides education opportunities, continuing education credits, network and collaboration with colleagues and regular monthly meetings.

Risk Management Association, Minnesota Chapter: A professional banking association that helps institutions identify and manage the impacts of credit risk, operational risk, and market risk on their businesses and customers. They provide education, research, networking, and leadership opportunities.

Minnesota Technology Association: Supports high-tech companies in the state, including FinTech.

Big I Minnesota: The organization has a membership of over 725 insurance agencies, including branches, and 6,500 insurance professionals in Minnesota.

Minnesota FinTech Collective: Represents local offices of several corporations in finance, insurance, and regulation in partnership with local startups, accelerators, and members of the local entrepreneurial community.

University of Minnesota FinTech Boot Camp: Provides training in finance, fundamental programming, data analysis, and modern tools in cryptocurrency and blockchain.

OnRamp Insurance: It is a fintech accelerator program based in Minneapolis, Minnesota, dedicated to fostering innovation within the insurance industry. It connects early-stage insurtech and fintech startups with leading corporations, investors, and industry experts.

Launch Minnesota: Launch Minnesota is a statewide collaborative effort to accelerate the growth of startups and amplify Minnesota as a national leader in innovation. The resources focus on innovative scalable startups.