Division of Small Business

New report sheds light on Delaware’s growing fintech industry

Financial technology (fintech) is a huge part of Delaware’s economy and has the potential to grow even larger, a new report says.

The financial services sector employs more than 37,000 people in Delaware at companies ranging from JPMorgan Chase to PayPal, Fair Square Financial and Marlette Funding.

Fintech, which the U.S. Government Accounting Office defines as “the use of technology and innovation to provide financial products and services,” requires people with technical skills, including software developers and computer systems engineers.

Delaware is uniquely positioned to fill that need, says the report produced by the Delaware Prosperity Partnership, First State Fintech Lab and the Institute for Public Administration at the University of Delaware.

Delaware’s colleges and universities and specialized training programs such as Zip Code produce a steady supply of new workers, adding to a financial services workforce in the region that is already among the largest in the U.S.

Relative to population, Delaware has the highest percentage of any state of people employed in financial services – 9 percent of all jobs.

All that brain power makes Delaware a leader when it comes to fintech patents.

Delaware ranks No. 1 in the nation with 20.6 fintech patents per 100,000 residents from 2009 to 2018, a rate nearly five times that of South Dakota, which was second at 4.2.

Delaware fintech companies also attract a significant amount of investment — at least $50 million — the report notes.

Click here to read the report.

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