Detroit FinTech Bay today announced it will open its doors in TechTown Detroit on the campus of Wayne State University. The first cohort will be the Flagstar Mortgage Tech Accelerator, which will launch in September.
The partnership comes a year after the global firm FinTech Consortium announced the presence of a Bay in Detroit.
“We are pleased to be setting down physical roots in Detroit,” says Maissan Almaskati, CEO of the FinTech Consortium in the United States. “Detroit FinTech Bay and TechTown share a passion for ecosystem building and nurturing. Together, we will bring connectivity to global fintech, as well as incubation and acceleration services for financial institutions, corporations, and fintech startups, with a particular focus on Detroit’s strengths in automotive, mortgage, and blockchain verticals of fintech.
“Our launch on the ground comes at an especially exciting time with the first cohort of Flagstar Mortgage Tech Accelerator launching shortly,” adds Almaskati. “Together with our founding partner Flagstar, we are thrilled to see what progress is made by the startups in this accelerator. It is the first and only accelerator program in the United States exclusively focused on mortgage technology.”
Since announcing its entry to the local market, Detroit FinTech Bay has supported fintech ecosystem growth in the region through various digital tools and event sponsorships, including the most recent Detroit Fintech Challenge and the Detroit Blockchain and Fintech Pitchfest. Additionally, FinTech Consortium, launched its second North American Bay, Silicon FinTech Bay, in Redwood City, Calif., which opened earlier this summer. The group also operates locations in Singapore and Bahrain.
Detroit FinTech Bay will occupy an expansive space on the third floor of TechTown Detroit, located in the New Center neighborhood. It is expected to house startups, corporate innovation labs, and custom accelerators like the Flagstar Mortgage Tech Accelerator.
“We are thrilled to be welcoming Detroit FinTech Bay to our space and our community,” says Paul Riser, director of Detroit Urban Solutions at TechTown Detroit. “Their global network to markets at the forefront of fintech innovation will be a significant accelerant to the fintech ecosystem regionally. Under the Detroit Urban Solutions umbrella, we continue to remain focused on the multi-sector, urban-tech ecosystem growth in Detroit and beyond, and FinTech Consortium choosing to have a presence here is a sign of the maturing fintech scene in our city.”
Co-working space for fintech startups is available within Detroit FinTech Bay. More information can be found here.