Early stage startups and entrepreneurs will once again network and compete for prizes in the second Detroit Fintech Challenge, which is returning to Techtown Detroit on Aug. 3.
Hosted by Farmington Hills’ Kyyba Innovations, FinTech Consortium, and Detroit FinTech Bay the Detroit Fintech Challenge allows participants to work collaboratively to solve the most pressing financial technology-related problems of corporations, governments, and consumers in a competitive style pitch competition.
“We truly see this as a catalyst to drive a community in Detroit around fintech that will help in re-energizing the city and state with a diversified economy leading to economic prosperity for years to come,” says Tel K. Ganesan, managing director of Kyyba Innovations.
Participants also are able to tap into the fintech ecosystem comprised of professionals, stakeholders, market leaders, and influencers in the finance, banking, and insurance services markets.
“Globally, fintech innovation and investment is taking place at an unprecedented pace,” says Maissan Almaskati, CEO of FinTech Consortium – USA. “We’re pleased to be supporting entrepreneurs and innovators in Detroit and to bridge this ecosystem to key centers of fintech excellence around the world.”
The grand prize-winning team will be offered an equity investment from Kyyba Innovations, up to $50,000, and the top three will receive a combined total of $15,000 in cash prizes. FinTech Consortium also is offering the top three winners the opportunity to attend a one-week residency at Silicon FinTech Bay, the newest North American FinTech Consortium hub location. There they will work with a team to develop and refine their concept, and then present to a group of venture capitalists. Six finalists will receive $5,000 in legal services from Varnum Law Firm.
To register for DFC, please visit www.detroitfintechchallenge.com. Applications will be accepted until June 30.