Benefits of the program include access to experienced Flagstar mentors, custom roadmap design for product acceleration and development, real product-testing opportunities, as well as access to workspace and a wide network of potential customers. Qualifying applicants may also receive seed-capital funding, access to investors, and a one-month residency at Silicon FinTech Bay to meet Silicon Valley institutions and venture-capital firms.
“We see this as a great way for Flagstar to better partner with fintechs—especially mortgage fintechs—and innovate not just by seeing what others are doing, but helping them do it,” said Jennifer Charters, chief information officer at Flagstar Bank. “Getting an early view of the newest technology and helping it take root in the industry is a win all around.”
Since the launch of the accelerator in September 2019, Home Captain, Brace, and boost.ai have completed the program.
“There’s a huge opportunity for financial services to work with startups to build up a center of excellence in Detroit, and Flagstar has been a tremendous force in shaping the city’s fintech ecosystem through our partnership and this accelerator program,” said Maissan Almaskati, chief executive officer of the FinTech Consortium in the United States.
The program is open to startups across the United States and takes place at the Detroit FinTech Bay innovation hub.