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FinTech Keeps Growing in Minnesota

11/28/2018 10:04:38 AM

The Financial technology sector – FinTech – continues to make strides and grow in Minnesota.

Recently, Gener8tor, Allianz Life Ventures and Securian Financial announced a partnership to establish the OnRamp Insurance Accelerator in the Twin Cities. Sezzle, a Minnesota-based FinTech startup, just raised $100 million for its short- term installments-based retail system, designed to help younger adults build credit. Finally, Total Expert raised $20 million in venture capital in October towards their continued growth.

Adding to all the great opportunities already in Minnesota, because of the new OnRamp Insurance Accelerator, Gener8tor will also be relocating their OnRamp Insurance Conference to Minneapolis this April.

FinTech businesses are any finance-related technology solutions. Do you use an app to check your bank account? That’s FinTech. Have your insurance on your smartphone? That’s FinTech. Learn more about Minnesota’s FinTech sector.

FinTech complements Minnesota’s strength in key areas of the economy. In Minnesota there are 19 Fortune 500 companies and several businesses in technology and finance that could use FinTech products. CNBC rated the state fifth in innovation, and the financial sector employed 146,380 people in Minnesota in 2017. For more, read our FinTech fact sheet.

For the past several years Minnesota has added programs to help entrepreneurs, including efforts targeted at FinTech. DEED worked with local startups and businesses to bolster Minnesota’s FinTech sector in multiple ways like sponsoring Minnesota Venture conference and sponsoring a FinTech track at this year’s Twin Cities Startup Week.

A number of public and private resources help startups, including the Minnesota High Tech Association, the MN Cup, and other accelerators and incubators to help businesses get off the ground.

For more on FinTech’s growth in Minnesota, read Banking on FinTechs.

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