DETROIT FINTECH BAY TO OPEN IN TECHTOWN DETROIT AND LAUNCH
FLAGSTAR MORTGAGE TECH ACCELERATOR FIRST COHORT
Partnership to house fintech startups and accelerate growth in automotive, mortgage and blockchain
DETROIT, Aug. 14, 2019 – Detroit FinTech Bay announced today that it will open its doors in TechTown
Detroit. The partnership comes a year after global firm FinTech Consortium first announced the
presence of a Bay in Detroit. Additionally, Detroit FinTech Bay announced today that the first cohort of
its Flagstar Mortgage Tech Accelerator will launch in the space in September 2019.
“We are pleased to be setting down physical roots in Detroit,” said Maissan Almaskati, chief executive
officer of the FinTech Consortium in the United States. “Detroit FinTech Bay and TechTown share a
passion for ecosystem building and nurturing. Together, we will bring connectivity to global fintech, as
well as incubation and acceleration services for financial institutions, corporations, and fintech startups,
with a particular focus on Detroit’s strengths in automotive, mortgage and blockchain verticals of
fintech.”
“Our launch on the ground comes at an especially exciting time with the first cohort of Flagstar
Mortgage Tech Accelerator launching shortly,” added Almaskati. “Together with our founding partner
Flagstar, we are thrilled to see what progress is made by the startups in this accelerator. It is the first
and only accelerator program in the United States exclusively focused on mortgage technology.”
Since initially announcing its entry to the Detroit market, Detroit FinTech Bay has supported fintech
ecosystem growth in the region through various digital tools and event sponsorships, including the most
recent Detroit Fintech Challenge and the Detroit Blockchain & Fintech Pitchfest. Additionally, the group
behind the Bays, FinTech Consortium, launched its second North American Bay, Silicon FinTech Bay, in
Redwood City, Calif., which opened earlier this summer. The group also operates locations in Singapore
and Bahrain.
Detroit FinTech Bay will occupy an expansive space on the third floor of TechTown Detroit, located in
the New Center neighborhood. They are expected to house startups, corporate innovation labs, and
custom accelerators like the Flagstar Mortgage Tech Accelerator.
“We are thrilled to be welcoming Detroit FinTech Bay to our space and our community,” said Paul Riser, director of Detroit Urban Solutions at TechTown Detroit. “Their global network to markets at the forefront of fintech innovation will be a significant accelerant to the fintech ecosystem regionally. Under the Detroit Urban Solutions umbrella, we continue to remain focused on the multi-sector, urban-tech ecosystem growth in Detroit and beyond, and FinTech Consortium choosing to have a presence here is a sign of the maturing fintech scene in our city.”
Co-working space for fintech startups is available within Detroit FinTech Bay. More information can be
found at https://www.detroitfintechbay.com/.
MEDIA CONTACT
Adela Piper
Siren PR for FinTech Consortium
586.212.4792, adela@siren-pr.com
ADDITIONAL CONTACT
Kimberly Palter
TechTown Detroit + WSU Office of Economic Development
(313) 483-1326, kimberlypalter@wayne.edu