FARMINGTON HILLS—Entrepreneurs with fintech ideas will have a chance at up to $50,000 in funding in the second annual Detroit Fintech Challenge, established by Kyyba Innovations, the Farmington Hills-based startup accelerator and investment firm that grew out of the IT services firm Kyyba Inc.
The DFC is an opportunity for participants to tap into the fintech ecosystem of professionals, stakeholders, market leaders, and influencers in the finance, banking, and insurance services markets. Early-stage startups and entrepreneurs compete to earn a variety of prizes while they network and work collaboratively to solve corporations’, governments’, and consumers’ most pressing financial technology-related problems and interests, and then present them in a competitive style pitch competition.
Kyyba Innovations, the global organization FinTech Consortium and Detroit FinTech Bay co-working incubator have partnered with Techtown Detroit and the Detroit Fintech Association for this event to identify innovations in the financial services industry. DFC is also being supported by the William Davidson Foundation, GM Financial, First Independence Bank, Varnum Law Firm, and Corp! Magazine.
“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,” said Tel K. Ganesan, managing director of Kyyba Innovations.
Added Maissan Almaskati, CEO of FinTech Consortium USA: “Globally, fintech innovation and investment is taking place at an unprecedented pace. 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.”
Winning teams will receive a variety of prizes. The grand prize winner will be offered an equity investment from Kyyba Innovations of 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. There they will work with a team to develop and refine their concept, and then present to a group of venture capitalists. Six finalists will also receive $5,000 in legal services from Varnum Law Firm.
The DFC will take place Saturday, Aug. 3 at Techtown in Detroit. Startups can submit the applications until Sunday, June 30. For more information or to register, visit www.detroitfintechchallenge.com. Questions can be directed to Sarah Myrand at sarahm@kyyba.com.