Cincinnati’s FinTech Frontier, an initiative that aims to highlight the Queen City as a growing hub for financial technology-focused startups and entrepreneurs, has picked up a key state partner as it enters its sophomore year.
JobsOhio, a statewide private, nonprofit economic development corporation, will join Cincinnati-headquartered Western & Southern Financial Group and Fifth Third Bank as a founding partner of the FinTech Frontier effort.
Cintrifuse, an Over-the-Rhine based startup catalyst group, which is powering FinTech Frontier, made the announcement Wednesday. The commitment, officials said, will help accelerate fintech innovation and build on the rapid sector growth occurring in Ohio.
Fifth Third Bank and Western & Southern have also both increased their support as FinTech Frontier enters its second year. The additional resources will increase this year’s FinTech Frontier pitch competition to $75,000 in cash prizes.
The pitch competition, set for Oct. 28, is FinTech Frontier’s culminating and marquee event. Last year, nine startups, from New Orleans, Columbus, New York City, Pittsburgh, Raleigh and Cincinnati, competed for a $60,000 prize pool.
"The momentum FinTech Frontier has created, as well as partnering with JobsOhio headed into year two, is a huge step,” Melissa Stevens, executive VP and chief digital officer for Fifth Third Bank. “It is our hope other companies in the region join FinTech Frontier's charge both financially and in expertise."
FinTech Frontier was launched in 2020 as a future-focused partnership between Cincinnati-based financial services corporations and fintech and insurtech entrepreneurs.
In addition to the pitch competition, FinTech Frontier featured a virtual speaker series. Fintech Frontier’s speaker series returns Aug. 26, with headliners Tim Spence, president of Fifth Third, and Nasir Qadree, Zeal Capital Partners managing partner.
FinTech Frontier also launched a new intern program this summer, which paid for full-time internships at local fintech companies, including Pay Theory, Coterie Insurance and Akru (formerly Tokenism). Nearly 3,000 total hours were provided in areas such as software development, data analytics, design, marketing and strategy.
The overall idea is to drive innovation, attract entrepreneurs and bring new talent to the region.
Cincinnati is one of only a few U.S. cities to house the headquarters or major operations of several large banks, insurance companies and payments processors — and leaders want to seize that opportunity.
“Fintech is taking off in a massive way across the globe,” Pete Blackshaw, CEO of Cintrifuse, said in a release. “The funding numbers are staggering. Adding JobsOhio helps position Cincinnati as a destination for fintech entrepreneurs; for supporting those already growing here, and welcoming those looking for the best place to launch their startup.”
