In less than six months, the Mass Fintech Hub, a public-private partnership dedicated to making the Commonwealth a key player in Fintech, has more than doubled its membership and received “hundreds of requests to join its growing programming geared towards developing fintechs.”
As mentioned in the announcement, the expansion reflects the growing interest and investment in Massachusetts Fintech “as 350 fintech companies currently reside in the state with as much as $5.9 billion in capital raised.”
The new members “represent the financial services, academic and fintech communities (listed below),” the update noted.
CB Insights’ State of Venture Capital Q3 Report 2021 reveals that the Fintech industry has received “a record $91.5 billion in global funding – almost twice as much as what the sector collected in the entirety of 2020.”
As Fintech continues to boom, Mass Fintech Hub, which is under the Boston-based nonprofit FinTech Sandbox’s umbrella, has also “expanded to keep pace with demand for fintech innovation and contributed to the community through events and programming,” the announcement revealed.
During Boston FinTech Week, the organization hosted several different programs and over the summer, introduced a Fintech Bootcamp for Black and LatinX students from the Commonwealth.
It has also increased its membership dues by 35% from financial institutions, Fintechs and other stakeholders since June of this year.
The firm financial footing offers the organization with the opportunity to “build additional programming in 2022 and set the bar higher for fintech ecosystem collaboration, knowledge-sharing and community engagement.”
Housing and Economic Development Secretary Mike Kennealy, Co-Chair of the Massachusetts Fintech Working Group, remarked:
“Mass Fintech Hub is a strategic initiative that is helping bring together leaders from business, the public sector, and academia to encourage entrepreneurial growth and boost the fintech sector statewide. Not only are we developing the next generation of fintech leaders, but also bringing together new coalitions that will make Massachusetts the leader of fintech globally. We’re excited about the work to be done in 2022.”
Almost $19 billion was invested in Boston this year (through early August), exceeding 2020’s full-year record of $17.1 billion, according to the “Markets to watch: Boston” report from Bridge Bank and PitchBook Data (Boston Business Journal).
The solid momentum for Massachusetts startups, including fintechs, also “reveals the economic opportunities available eventually as the pandemic subsides.”
New segments, like decentralized finance, blockchain, AI, sustainable and inclusive finance and crypto “provide ample fuel to propel the burgeoning fintech economy in the state,” the update explained.
Mike Fanning, Head of MassMutual US and Co-Chair of the Massachusetts Fintech Working Group, added:
“We share a common vision for building a thriving fintech and financial community in Massachusetts where startups and talent come to make their dreams reality. By working together across industries and sectors, we can achieve our goal of making the Bay State #1 for fintech.”