Mass Fintech Hub More Than Doubles Membership to Bolster Expanding Fintech Ecosystem in the Commonwealth
9th Dec 2021 • News
Membership Drive Continues to Attract Key Leadership from Government, Financial Institutions, Startups, Venture Capital and Academia Across Massachusetts
Boston, MA -- December 9, 2021 -- In less than six months, the Mass Fintech Hub, a public-private partnership dedicated to making the Commonwealth a global leader in fintech, has more than doubled its membership and received hundreds of requests to join its growing programming geared towards developing fintechs. 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).
According to CB Insights’ State of Venture Capital Q3 Report 2021, 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.
During Boston FinTech Week, the organization hosted several new programs and over the summer, launched a Fintech Bootcamp for primarily Black and LatinX students from the Commonwealth. It has also increased its membership dues by 35 percent from financial institutions, fintechs and other stakeholders since June. The firm financial footing provides 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.
“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,” said Housing and Economic Development Secretary Mike Kennealy, Co-Chair of the Massachusetts Fintech Working Group. “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.”
Nearly $19 billion was invested in Boston in 2021 (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 great momentum for Massachusetts startups, including fintechs, also reveals the economic opportunities available eventually as the pandemic subsides. New segments, such as decentralized finance, blockchain, AI, sustainable and inclusive finance and crypto provide ample fuel to propel the burgeoning fintech economy in the state.
“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,” said Mike Fanning, Head of MassMutual US and Co-Chair of the Massachusetts Fintech Working Group. “By working together across industries and sectors, we can achieve our goal of making the Bay State #1 for fintech.”
Members supporting the Mass Fintech Hub:
CashQ Money Transfer
Massachusetts Competitive Partnership
Massachusetts Institute of Technology (MIT)
Massachusetts Mutual Insurance Company
Massachusetts Technology Collaborative
New Silver Lending
Reading Cooperative Bank
Reliable Energy Analytics
University of Massachusetts Amherst
Western New England University
Worcester Polytechnic Institute (WPI)
For more information please visit: www.massfintechhub.com; stay up to date on recent developments and relevant content on Twitter at @MassFintechHub, and LinkedIn.
About the Mass Fintech Hub
The Mass Fintech Hub is a public-private partnership comprising a network of Fintech leaders, financial experts, academics, public sector leaders and venture capitalists who empower Fintech startups to achieve success around the world. The initiative supports the Fintech ecosystem through programs that attract investment, talent, collaboration and encourage regulatory innovation. The Mass Fintech Hub stimulates activity and connections, creates opportunities and aligns key stakeholders for a better entrepreneurial environment that supports Fintech startups in all development stages. Learn more here: www.massfintechhub.com/contact-us/. # # #