Estimated reading time: 2 minutes, 29 seconds

Chicago Roadmap Lays Out Path to Fintech Leadership

The city of Chicago is taking a major step toward solidifying itself as a globally competitive fintech hub as its economic development agency released a new, comprehensive blueprint for the ever-growing industry.

chicago gfc6e0569e 640According to World Business Chicago, the agency developed a new Chicago Business Bulletin, called “Fintech in Chicago,” aimed at leveraging the city’s existing talent, geography and financial strength. The bulletin represents the fifth such “industry of focus” for the city.

“Tech in Chicago is transforming business overall, and certainly accelerating growth in key industries such as healthcare, life sciences, food and agriculture, manufacturing, transportation and logistics,” said Michael Fassnacht, president and CEO of World Business Chicago. In addition to his role in the economic development agency, Fassnacht is also the first chief marketing officer of the city, notes the announcement. 

 From Twitter

Tony Coglianese @teecogs Mar 16

"Big week of #Fintech news! Congrats to our client Gemini on their #Chicago office expansion. Making the experience of coming to the office better than the experience of #WFH is a focal point for growth buisnesses looking to build culture & innovate."

 According to the announcement, fintech has already become a major part of the city’s economic ecosystem, as more than 800 companies collectively raised approximately $4.58 billion last year. Compared to 2020, that figure represents a massive 112% spike in growth.

Overall, Chicago is one of the top ten urban financial centers in the world with respect to its gross domestic product (GDP), according to World Business Chicago. Per data from consumer and market research firm Statista, Chicago’s GDP in 2020 was nearly $594 billion. “Tech is also transforming and propelling Chicago’s financial industry into its next generation as an industry. Let our focus on fintech as delineated in our research center’s report, makes clear the value of our city’s financial and fintech ecosystem. We have tremendous opportunity to see Chicago become a hub to the world through growth and expansion,” Fassnacht said.

From Twitter

Suriya Subramanian @SuriyaSubraman Mar 19

"Unlocking inclusion for women of color in web3 | TechCrunch: Sharlene Guiriba is an MBA and MPP candidate at the University of Chicago and VC Fellow at Harlem Capital primarily focused on web3 and fintech. http://dlvr.it/SM0wPS #finpeform #fintech"

The report identifies several reasons why the fintech space in Chicago is ripe for growth. Among those reasons is that the city, generally, outperforms the nation with respect to access to fiscal talent. The report also notes that Chicago’s strong track record with respect to equality and diversity will help improve the overall fintech ecosystem achieve a more diverse talent pool.

“The long-term theme of e-commerce, digital payments, cryptocurrencies and online banking is strong and growing,” said Samir Mayekar, deputy mayor of Chicago. “Today, Chicago’s finance and insurance industry generates over fifty billion annually and employs over two hundred thousand people. In focusing on this sector, the opportunity to grow this is exponential.”

The full report can be visited here: Fintech in Chicago Bulletin.

Read 1338 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.