It worked so well the first time, organizers are bringing it back again.
The Detroit Fintech Challenge is returning for a second year after what officials deemed a “successful” inaugural event in 2018.
The challenge offers an opportunity for participants to “tap into the fintech ecosystem,” organizers said. Participants come largely from professionals, stakeholders, market leaders and “influencers in the finance, banking and insurance services” markets.
Kyyba Innovations, FinTech Consortium and Detroit FinTech Bay have partnered with Techtown Detroit and Detroit Fintech Association for this annual event series to identify game-changing innovations in the financial services industry.
DFC is also being supported by William Davidson Foundation, GM Financial, First Independence Bank, Varnum Law Firm, and Corp! Magazine is media sponsor.
According to officials at Kyyba, the Fintech Challenge is a “mix of a hackathon and pitch competition combined.” The challenge is announced four months prior to the competition day, and host meetups and pitch workshops leading up to the event.
“We are so delighted to host the Fintech Challenge in collaboration with FinTech Consortium,” said Tel K. Ganesan, Kyyba’s managing director. “We truly see this as a catalyst to drive a community in Detroit around fintech that will help in re-energizing the city and state with a diversified economy leading to economic prosperity for years to come.”
The challenge offers anyone with a financial technology solution or idea the opportunity to build out their idea by connecting them with mentors, talent, and other team members. They form teams and work together for 3-4 months leading up to the challenge day. The team must have an idea that relates or solves one of the noted challenge statements on the website.
The grand prize winner will be offered an equity investment from Kyyba Innovations, up to $50,000, and the top three winners will receive a combined total of $15,000 in cash prizes. FinTech Consortium is also offering the top three winners the opportunity to attend a one-week residency at Silicon FinTech Bay, the newest North American FinTech Consortium hub location.
Six finalists will receive $5,000 in legal services from Varnum Law Firm.
“Globally, fintech innovation and investment is taking place at an unprecedented pace,” said Maissan Almaskati, FinTech Consortium – USA’s CEO. “We’re pleased to be supporting entrepreneurs and innovators in Detroit and to bridge this ecosystem to key centers of fintech excellence around the world.”
Detroit Fintech Challenge is happening on August 3, 2019, at Techtown in Detroit. Startups can submit the applications until June 30, 2019.To register for DFC, visit www.detroitfintechchallenge.com.
