Mass Fintech Hub doubles membership
In less than six months, the Mass Fintech Hub, a public-private partnership dedicated to making the Commonwealth a global fintech leader, has more than doubled its membership and received hundreds of requests to join its growing programming focused on the development of fintechs.
The expansion reflects growing interest and investment in Massachusetts fintech, as 350 fintech companies currently reside in the state with up to $ 5.9 billion in capital raised. The new members represent the financial services, academic and fintech communities (listed below).
According to CB Insights’ State of Venture Capital Q3 2021 report, the fintech industry received record global funding of $ 91.5 billion, almost double what the industry raised in all of 2020. As fintech continues to thrive, Mass Fintech Hub, which is under the umbrella of FinTech Sandbox, a Boston-based nonprofit, has also grown to keep pace with demand for fintech innovation and has contributed to the community through events and programs.
During Boston FinTech Week, the organization hosted several new programs and over the summer launched a Fintech Bootcamp aimed primarily at Black and LatinX students in the Commonwealth of Nations. It has also increased its contributions by 35% to financial institutions, fintechs and other stakeholders since June. The strong financial base provides the organization with the opportunity to create additional programs in 2022 and raise the bar for collaboration in the fintech ecosystem, knowledge sharing and community engagement.
âMass Fintech Hub is a strategic initiative that helps bring together business, government and academia leaders to encourage entrepreneurial growth and boost the FinTech industry statewide,â said Mike Kennealy, Secretary at Housing and Economic Development, Massachusetts co-chair. Fintech working group. âNot only are we developing the next generation of fintech leaders, but we are also bringing together new coalitions that will make Massachusetts the world leader in fintech. We are excited about the work to be done in 2022. â
Nearly $ 19 billion was invested in Boston in 2021 (through early August), surpassing the record of $ 17.1 billion for the year 2020, according to Bridge Bank’s “Markets to watch: Boston” report and PitchBook Data (Boston Business Journal). The big boost for Massachusetts startups, including fintechs, also reveals the economic opportunities available eventually as the pandemic abates. New segments, such as decentralized finance, blockchain, AI, sustainable and inclusive finance, and crypto, provide ample fuel to propel the booming fintech economy in the state.
âWe share a common vision for building a thriving fintech and finance community in Massachusetts, where startups and talent come to make their dreams come true,â said Mike Fanning, Head of MassMutual US and Co-Chair of the Massachusetts Fintech Working Group . âBy working together across all industries and across all industries, we can achieve our goal of making Bay State the # 1 in fintech. “
Members supporting the Mass Fintech Hub:
CashQ money transfer
Massachusetts Competitive Partnership
Massachusetts Institute of Technology (MIT)
Massachusetts Mutual Insurance Company
Massachusetts Technology Collaboration
New money loan
Cooperative reading bank
Reliable energy analysis
University of Massachusetts Amherst
Western New England University
Worcester Polytechnic Institute (WPI)