Chicago to become a FinTech hub?
According to Crunchbase, FinTech investment in 2016 reached US$21.2 billion, of which approximately US$9.8 billion went to the US alone. Chicago has historically been a global center for commodities trading and is an established financial industry powerhouse. Not surprisingly it is also emerging as one of the hubs for FinTech activity with visible success of companies like Avant, Braintree (acquired by PayPal), Enova, Argon Credit etc.
The City of Chicago has taken notice and through ChicagoNext has set up an initiative to put together a plan to foster development of the FinTech sector. Reportedly, local Financial industry leaders including CME Group, Morningstar, and DRW Trading have been in discussions with the City about a public private partnership to establish an incubator. Based on conversations with folks involved in these negotiations it seems there is talk about a physical space to host FinTech startups with a structured program. Earlier, the city has found good success with investing in Matter, an incubator for the Healthcare sector.
The city has spent time to collect input from a broad range of players involved locally in Financial Technology (including Strategic Systems International) and we are certainly excited aboutsuch an initiative. Fingers crossed!
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