Rep. Emmer Sees Minnesota Emerging as FinTech Leader
In a recent opinion column published on MinnPost, U.S. Representative Tom Emmer argued that Minnesota is poised to become a national hub for development of financial technologies, or fintech. Emmer represents Minnesota’s 6th Congressional District, which includes St. Cloud and most of the northern suburbs of Minneapolis-St. Paul.
“Financial technologies are enabling convenient access to financial tools and improving the ability for us to plan and invest for our future,” Emmer writes in the op-ed. “In 2015, using your phone to pay at a store amounted to only a little more than $8 billion in annual transactions. This year, we are on pace to reach $210 billion.”
“New technologies are enabling financial empowerment, additional access to credit, and new areas for capital formation,” he continued. “After thousands of years of banking, the industry is facing a revolution that could dramatically advance individual empowerment.”
As evidence for his claims that Minnesota is an incubator for fintech, Emmer cites 17 Fortune 500 Companies, as well as startups and venture capital investments totaling almost $500 million—part of the reason that the greater metro area he represents has been ranked the third best city for startups in the nation. Finally, the finance and insurance industries in the state employ roughly 150,000 residents, which is higher than the national average.
Emmer was recently named Ranking Member of the House Financial Services Committee’s Task Force on Financial Technology, which is chaired by Rep. David Scott from Georgia. In this capacity, Emmer says that Minnesota has “a seat at the table as we consider ways to promote innovation and investment in American fintechs.”