Detroit FinTech Bay, a local technology hub for the financial industry, today signed Flagstar Bank as its first founding partner for the North American FinTech hub.
Maissan Almaskati, managing partner of the FinTech consortium, says the hub will be a physical place to incubate insightful, scalable, and impactful FinTech initiatives and innovations and generate a foothold into the North American FinTech industry, a resurgent and fast-changing part of the United States.
“Flagstar’s commitment to FinTech, and especially their commitment to Detroit and Michigan, make them a great fit for Detroit FinTech Bay,” Almaskati says “Their investment in Detroit’s FinTech ecosystem comes at an important time in their history, as great strides are being made in Flagstar’s FinTech offerings.”
Flagstar is the nation’s fifth-largest mortgage originator and has a legacy in the FinTech mortgage industry. Flagstar says it is on a path to broaden its presence, both geographically and technologically.
Almaskati says a key mission of Detroit FinTech Bay will be to drive collaboration between the minds creating innovative FinTech solutions, and the institutions needing those solutions.
“Partnering with Detroit FinTech Bay is a strategic partnership for Flagstar Bank,” says Jennifer Charters, chief information officer for Flagstar Bank. “We’re excited to work alongside innovative startups, corporations and investors as we explore opportunities to collaborate on our ever-expanding lineup of technology-enabled solutions — all while partnering to support this FinTech ecosystem in our backyard.”
Detroit FinTech Bay will host leadership courses and activities, monthly classes, hackathons, demo days, pitch practice, and foster mentorship relationships, among residents, investors, and institutions. Talent development, education, and access to investment capital are additional hallmarks of the FinTech hub model.
The model of bringing together banks, corporations, and startups has a proven track record of accelerating creativity and growth for everyone involved, based on findings from the original FinTech Bays in Singapore and Bahrain, where more than 600 startups completed the program.
Businesses and financial institutions interested in more information can visit: detroitfintech.com.