The fintech industry in Minnesota is a burgeoning hub for financial technology innovation, home to companies that blend finance and technology seamlessly. This sector encompasses a wide range of services from payment processing to digital banking and investment solutions. Many firms prioritize customer experience and sustainability, aiming to empower individuals and businesses financially. The state’s supportive regulatory environment and a strong network of financial institutions enhance the industry’s growth. Furthermore, the shift towards digital banking and AI-driven solutions positions Minnesota's fintech scene for significant future advancements, with more startups emerging to capitalize on changing market dynamics.

The companies listed here illustrate the vibrant fintech ecosystem in Minnesota. Ranging in size from small startups to established entities, they are headquartered primarily in metropolitan hubs like Minneapolis and Saint Paul. Most were established in the last two decades, with specializations that include payment solutions, community banking, and financial management. With innovative offerings tailored to meet varying customer needs, these firms are a critical part of Minnesota's economic fabric, indicating a proactive approach to emerging trends in financial technology.

Continue reading to learn more about the top fintech companies in Minnesota.

Top 21 Fintech Companies in Minnesota

1. JustiFi

• Website: justifi.ai
• Ownership type: Private
• Headquarters: Saint Paul, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2021
• Headcount: 11-50
• LinkedIn: justifi-payments

JustiFi is a private fintech infrastructure provider based in Saint Paul, Minnesota, founded in 2021. The company specializes in embedded finance solutions tailored for various platform ecosystems, including SaaS platforms, marketplaces, and banks. JustiFi's product suite includes embedded payments, lending, insurance, and Buy Now, Pay Later options, all designed to help clients enhance their offerings and drive revenue. Operating on a SaaS model, JustiFi provides a comprehensive set of tools for financial transactions and integrations, allowing businesses to monetize their platforms effectively. With a focus on white-label solutions, JustiFi enables its clients to maintain brand identity while leveraging advanced fintech capabilities. The company aims to accelerate the fintech potential of its partners, positioning itself as a valuable player in the financial technology sector.

2. Sunrise Banks

• Website: sunrisebanks.com
• Ownership type: Private
• Headquarters: Saint Paul, Minnesota, United States (USA)
• Employee distribution: United States (USA) 99%
• Founded year: 1962
• Headcount: 201-500
• LinkedIn: sunrise-banks

Sunrise Banks, based in Saint Paul, Minnesota, is a community bank that has been operational since 1962. It provides a variety of banking services, including personal and business accounts, loans, and digital banking solutions. The bank is dedicated to financial empowerment and community development, serving both individual consumers and businesses. As a certified B corporation, Sunrise Banks prioritizes social responsibility and sustainability in its operations. They have developed innovative products like Community Impact Deposits and Net Zero Financing, which aim to support local communities and promote environmental sustainability. Their digital banking offerings enhance customer experience, allowing for seamless management of accounts and transactions. The bank's commitment to ethical banking and community involvement positions it as a significant player in the fintech industry, particularly in the realm of socially responsible finance.

3. Solifi

• Website: solifi.com
• Ownership type: Corporate
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: India 55%, United States (USA) 24%, United Kingdom (UK) 10%, Other 11%
• Latest funding: October 2024
• Founded year: 2021
• Headcount: 501-1000
• LinkedIn: solifi-global

Solifi, founded in 2021 and based in Minneapolis, Minnesota, is a finance technology company that specializes in providing a unified open finance platform. The company focuses on various financial services, including originations, portfolio management, and asset-based lending. Solifi's solutions are designed to assist banks and finance organizations in optimizing their operations and improving customer experiences through advanced technology. With a workforce of approximately 740 employees, the company has a significant presence in the industry, with a notable distribution of its workforce across India, the USA, the UK, Canada, and Australia. Solifi emerged from the merger of IDS, White Clarke Group, and William Stucky and Associates, which enhances its capabilities in equipment finance, working capital, automotive finance, and floorplan finance solutions. This strategic positioning allows Solifi to serve a wide range of clients, including automotive and consumer finance sectors, while also addressing the growing demand for efficient financial technology solutions.

4. Mozrt

• Website: mozrt.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2019
• Headcount: 11-50
• LinkedIn: w2w-group

Mozrt is a financial technology firm based in Minneapolis, Minnesota, founded in 2019. The company specializes in payment technology solutions tailored for banks, credit unions, and fintechs. With a focus on enhancing payment processing and customer satisfaction, Mozrt offers products such as OnCore and FedNow. Their API-first approach empowers clients to modernize their banking services, enabling them to compete effectively in a rapidly evolving financial landscape. Mozrt operates with a compliance-first mindset, ensuring that their solutions meet regulatory standards while providing secure and customizable banking services. The company aims to facilitate seamless transformations in payment and foreign exchange processes, ultimately unlocking new revenue opportunities for their clients. Mozrt's mission is to harmonize traditional banking with contemporary technology, making them a significant player in the fintech sector.

5. Syncada LLC

• Website: usbpayment.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 74%, India 13%, Belgium 13%
• Founded year: 2009
• Headcount: 501-1000
• LinkedIn: syncada-llc

Syncada LLC, based in Minneapolis, Minnesota, is a private company that specializes in payment solutions and financial services. Founded in 2009, it operates as a subsidiary of U.S. Bank, providing a range of services that facilitate electronic payments and financial transactions for businesses. Syncada focuses on streamlining payment processes, enhancing cash flow management, and offering solutions that cater to the needs of corporate clients. The company employs a workforce of approximately 501-1000 individuals, with a significant portion of its employees located in the United States, alongside teams in India and Belgium. Syncada's integration with U.S. Bank allows it to leverage the bank's extensive resources and infrastructure, positioning it as a player in the financial technology sector, particularly in the area of payment processing and management.

6. United Bankers' Bank

• Website: ubb.com
• Ownership type: Private
• Headquarters: Bloomington, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1975
• Headcount: 51-200
• LinkedIn: united-bankers%27%e2%80%8b-bank_2

United Bankers' Bank, founded in 1975 and based in Bloomington, Minnesota, is a private banking services company dedicated to serving community banks across the United States. With a workforce of approximately 129 employees, UBB specializes in a range of financial solutions tailored to the unique needs of its clients. Their offerings include consulting services such as bank stock valuations and compliance solutions, operational services like online banking and instant payments, as well as lending and investment management. UBB prides itself on empowering community banks to navigate complex regulations and improve their operational efficiency. They have established a reputation for not competing with their clients, instead focusing on fostering strong partnerships that enhance the success of the banks they serve. UBB has served over 1,000 community banks, demonstrating their commitment to the sector and their role in supporting the financial ecosystem.

7. Urban FT

• Website: urbanft.com
• Ownership type: Private
• Headquarters: Minnetonka, Minnesota, United States (USA)
• Employee distribution: United States (USA) 60%, India 40%
• Latest funding: $12.5M, April 2016
• Founded year: 2012
• Headcount: 11-50
• LinkedIn: urban-ft

Urban FT, founded in 2012 and based in Minnetonka, Minnesota, is a private financial technology firm specializing in AI-driven mobile imaging and process automation solutions for financial institutions. The company provides a range of services designed to enhance operational efficiency and reduce fraud, including mobile image capture, identity verification, and digital banking experiences. Urban FT has served over 500 clients and processed transactions amounting to $24 billion annually. They have also prevented over $835 million in fraud, showcasing their impact on the industry. With a workforce of around 43 employees, Urban FT has a significant presence in both the United States and India. The company has received $12.5 million in funding, which supports its growth and innovation efforts in the fintech space.

8. CFC Technology Corporation

• Website: cfctechnology.com
• Ownership type: Corporate
• Headquarters: Brooklyn Park, Minnesota, United States (USA)
• Latest funding: July 2019
• Founded year: 1998
• Headcount: 11-50
• LinkedIn: cfc-technology

CFC Technology Corporation, known as Urban FT, is a financial technology company based in Brooklyn Park, Minnesota. Founded in 1998, the company has carved out a niche in providing AI-powered mobile imaging and process automation solutions specifically designed for financial institutions. Urban FT offers a suite of services that includes identity verification, mobile image capture, and fraud mitigation, all aimed at improving operational efficiency and customer engagement. With a client base primarily consisting of banks and credit unions, Urban FT has processed billions in annual transactions and has been recognized for its rapid growth, appearing on the Inc. 5000 list for three consecutive years. The company prides itself on delivering solutions that require minimal human intervention, thereby streamlining processes for its clients. Urban FT's commitment to innovation and problem-solving in the financial sector underscores its significance in the fintech industry.

9. Basis Theory

• Website: basistheory.com
• Ownership type: Venture Capital
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 73%, Ireland 27%
• Latest funding: Series A, $17.0M, April 2022
• Founded year: 2020
• Headcount: 11-50
• LinkedIn: basis-theory

Basis Theory, founded in 2020 and based in Minneapolis, Minnesota, is a technology company that specializes in payment processing and data security solutions. The firm provides a platform that allows businesses to securely collect, manage, and share sensitive payment data while ensuring compliance with industry regulations. Their offerings are particularly valuable to fintechs and subscription platforms that require robust payment solutions. With a workforce of around 30 employees, Basis Theory has established itself as a player in the fintech space, focusing on creating customizable payment flows and reducing the compliance burden for its clients. The company secured $17 million in Series A funding in April 2022, reflecting strong investor interest and confidence in their innovative approach to payment data management. Their commitment to security is underscored by their compliance with PCI Level 1, SOC 2 Type II, and HIPAA standards, making them a trusted partner for businesses handling sensitive data.

10. IDS (Now Solifi)

• Website: idsgrp.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: India 56%, United States (USA) 24%, Australia 7%, Other 13%
• Founded year: 1974
• Headcount: 201-500
• LinkedIn: international-decision-systems

IDS, now known as Solifi, is a financial technology firm based in Minneapolis, Minnesota. Founded in 1974, the company has evolved to provide a unified open finance platform that supports various financial services, including originations, portfolio management, and asset-based lending. Solifi's solutions are primarily utilized by banks and finance organizations, helping them to improve operational efficiency and enhance customer experiences. The company has expanded its offerings through strategic acquisitions, including the White Clarke Group and William Stucky and Associates, which have broadened its capabilities in equipment finance, working capital, and automotive finance. With a workforce distributed across several countries, including a significant presence in India, Solifi is positioned to serve a global clientele effectively.

11. Luminate Bank

• Website: luminate.bank
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1937
• Headcount: 501-1000
• LinkedIn: luminate-bank

Luminate Bank, based in Minneapolis, Minnesota, has been serving customers since 1937. This privately owned institution provides a variety of financial services tailored to both individual consumers and businesses. Their offerings include checking and savings accounts, mortgages, and business banking solutions. Luminate Bank emphasizes personalized service, aiming to help customers achieve their financial goals through a dedicated approach. They have also integrated technology into their services, offering features like mobile banking and digital wallets to enhance customer experience. Despite its traditional banking roots, Luminate Bank is adapting to modern demands by updating its product offerings and focusing on customer relationships. The bank operates primarily in Minnesota but also extends its services nationwide, reflecting a commitment to both local and broader markets.

12. Heritage Bank NA

• Website: heritagebankna.com
• Ownership type: Family Owned
• Headquarters: Willmar, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1969
• Headcount: 51-200
• LinkedIn: heritage-bank-n-a-

Heritage Bank NA, established in 1969, is a family-owned banking institution based in Willmar, Minnesota. The bank provides a wide array of financial services, including personal, business, and agricultural banking. Heritage Bank NA focuses on offering loans, deposit accounts, and digital banking solutions tailored to meet the needs of individuals and businesses across Minnesota, Iowa, and South Dakota. The bank prides itself on its mission to help customers achieve financial success, emphasizing a blend of digital convenience and personalized service. Their employee ownership model fosters a dedicated workforce committed to customer satisfaction. Heritage Bank NA has adapted to changing market conditions, particularly during the COVID-19 pandemic, by enhancing its digital capabilities while maintaining strong community ties. The bank's commitment to ethical practices and community support further solidifies its role in the financial services industry.

13. MidCountry Bank

• Website: midcountry.bank
• Ownership type: Corporate
• Headquarters: Bloomington, Minnesota, United States (USA)
• Employee distribution: United States (USA) 98%, United Kingdom (UK) 2%
• Latest funding: June 2018
• Founded year: 1933
• Headcount: 201-500
• LinkedIn: midcountrybank

MidCountry Bank, headquartered in Bloomington, Minnesota, has been serving its community since 1933. With a workforce of approximately 247 employees, the bank operates 14 branches across Minnesota, providing a wide array of financial services. These include personal and business banking, lending, insurance, and investment solutions. MidCountry Bank is committed to meeting the financial needs of its customers through tailored services and community engagement. The bank has invested in technology to enhance customer experience, offering online and mobile banking options that allow clients to manage their finances conveniently. Their product offerings include various checking and savings accounts, credit cards, and specialized lending programs, such as home loans for first-time buyers. Additionally, they provide cash management services for businesses and have subsidiaries focused on equipment finance and insurance, further broadening their service scope.

14. Zelle LLP

• Website: zelle.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Founded year: 1988
• Headcount: 51-200
• LinkedIn: zelle-hofmann

Zelle LLP, founded in 1988 and based in Minneapolis, Minnesota, is a digital payment service that allows users to send and receive money swiftly through their bank accounts. The service is designed for consumers who seek a fast and convenient method for transferring funds, enabling transactions directly between banks. Zelle is integrated into the mobile banking applications of numerous financial institutions, allowing users to send money to friends and family, even if they bank with different institutions. The platform is free to use, with transactions typically occurring within minutes. Zelle's focus on safety and education is evident in its resources aimed at helping users avoid scams and use the service securely. As a private company with a workforce of around 146 employees, Zelle continues to play a significant role in the digital payments sector, although it has not reported any recent funding activities.

15. Highland Bank

• Website: highland.bank
• Ownership type: Family Owned
• Headquarters: Saint Paul, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: Other (Debt), $10.0M, October 2020
• Founded year: 1943
• Headcount: 51-200
• LinkedIn: highland-bank

Highland Bank, established in 1943, is a family-owned banking institution based in Saint Paul, Minnesota. With a workforce of approximately 130 employees, the bank provides a variety of financial services tailored to both individual consumers and businesses. Its offerings include personal and business banking, loans, investment planning, and a robust digital banking suite that features mobile banking, online bill pay, and fraud protection services. Highland Bank has built a reputation for its commitment to customer service and community involvement, actively participating in local initiatives and charitable giving. The bank has also made strides in commercial banking, particularly in real estate lending and SBA-backed loan solutions. As of October 2020, Highland Bank secured $10 million in funding, indicating its ongoing growth and investment in technology to enhance customer experience.

16. ReliaFund Inc.

• Website: reliafund.com
• Ownership type: Private
• Headquarters: Edina, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2000
• Headcount: 1-10
• LinkedIn: reliafund-inc._2

ReliaFund Inc., based in Edina, Minnesota, has been active in the payment processing industry since its founding in 2000. The company offers a comprehensive suite of electronic payment services, including ACH processing, credit card processing, and online payment solutions. With a strong emphasis on security and customer service, ReliaFund tailors its offerings to meet the specific needs of its clients, helping businesses improve cash flow and streamline their transaction processes. The company prides itself on its responsive customer support and the ability to provide customized solutions that cater to various business models. ReliaFund's commitment to compliance and industry standards further solidifies its role as a reliable partner in the fintech space.

17. BankVista

• Website: bankvista.com
• Ownership type: Private
• Headquarters: Sartell, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2000
• Headcount: 51-200
• LinkedIn: bankvista

BankVista, founded in 2000 and based in Sartell, Minnesota, is a private banking institution that provides a variety of financial services. The bank caters to both personal and business clients, offering checking and savings accounts, loans, and credit cards. Their product offerings include unique features such as Kasasa accounts, which reward customers with high interest rates and cash back for meeting certain criteria. BankVista emphasizes local banking and community involvement, positioning itself as a trusted partner for financial needs. The bank has been recognized as the Minnesota SBA Lender of the Year for nine consecutive years, highlighting its strong support for small businesses. With a workforce of around 62 employees, BankVista maintains a focus on personalized service and innovative banking solutions, ensuring that it meets the evolving needs of its customers.

18. First Financial Merchant Services

• Website: ffusa.com
• Ownership type: Private
• Headquarters: Medina, Minnesota, United States (USA)
• Employee distribution: United States (USA) 93%, Saudi Arabia 7%
• Founded year: 1995
• Headcount: 11-50
• LinkedIn: first-financial-merchant-services

First Financial Merchant Services, founded in 1995 and based in Medina, Minnesota, is a private payment processing company that specializes in providing customized financial solutions for businesses. With a workforce of around 61 employees, the company focuses on credit card processing, point of sale systems, and business financing. They cater to a variety of industries, helping merchants streamline their transaction processes and improve customer engagement. Their services include mobile payment solutions, integrated marketing, and automation, which are designed to meet the unique needs of their clients. Additionally, First Financial operates a program called 'Giveback,' allowing non-profits to benefit from card processing without additional costs. This approach not only enhances their service offerings but also demonstrates their commitment to community support. As an Independent Sales Organization of Wells Fargo Bank, First Financial Merchant Services maintains a strong partnership with established financial institutions, further solidifying their position in the payment processing industry.

19. Persolvent

• Website: persolvent.com
• Ownership type: Private
• Headquarters: Saint Paul Park, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1993
• Headcount: 11-50
• LinkedIn: persolvent

Persolvent, founded in 1993 and based in Saint Paul Park, Minnesota, is a private payment technology company with a workforce of approximately 35 employees. The company specializes in innovative payment processing solutions tailored for various sectors, including ecommerce, education, and government. Their product offerings include Project 2 Payment, Eleyo, and MyGovPay, which are designed to enhance customer engagement and streamline payment transactions. Persolvent positions itself as a technology partner for organizations seeking to improve their payment systems, focusing on making payments fast, secure, and user-friendly. They are recognized as a Registered ISO/MSP of Fifth Third Bank and a Registered Payment Facilitator of Worldpay from FIS, further solidifying their role in the payment processing industry. With over two decades of experience, Persolvent has established itself as a reliable provider of payment solutions, catering to the evolving needs of businesses and public sector entities.

20. Pioneer Bank

• Website: bankwithpioneer.com
• Ownership type: Private
• Headquarters: Mankato, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1904
• Headcount: 51-200
• LinkedIn: pioneer-bank

Pioneer Bank, established in 1904, is a community-focused banking institution based in Mankato, Minnesota. With a workforce of approximately 169 employees, the bank provides a wide array of financial services tailored to personal, business, and agribusiness needs. Their offerings include savings and checking accounts, loans, wealth management, and specialized services for the agricultural sector. Pioneer Bank emphasizes digital banking solutions, such as mobile banking and online account management, reflecting a commitment to modern banking practices. The bank is actively involved in its community, supporting local initiatives and financial literacy programs. Recognized for its customer service and community engagement, Pioneer Bank has received accolades, including being named a Top Workplace in Minnesota and recognized as one of the top extraordinary banks in the nation. This recognition highlights their dedication to fostering strong relationships with customers and enhancing the financial well-being of the communities they serve.

21. First State Bank Southwest

• Website: firststatebanksw.com
• Ownership type: Private
• Headquarters: Worthington, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1903
• Headcount: 51-200
• LinkedIn: first-state-bank-southwest

First State Bank Southwest, established in 1903, is a private financial institution located in Worthington, Minnesota. With a workforce of around 36 employees, the bank provides a comprehensive suite of banking services tailored to individuals, businesses, and the agricultural sector. Their offerings include checking and savings accounts, various loan products, and insurance services. The bank emphasizes customer service and community involvement, aiming to assist clients in managing their finances effectively. They have adopted several digital banking solutions, such as online banking and mobile deposit, to enhance customer convenience. However, they have not reported any recent funding, which may limit their growth potential compared to more aggressive fintech players.

Fintech Insights: Key Companies in Minnesota

Company	Headquarter	Size	Founded	Ownership
JustiFi	Saint Paul, Minnesota, United States (USA)	11-50	2021	Private
Sunrise Banks	Saint Paul, Minnesota, United States (USA)	201-500	1962	Private
Solifi	Minneapolis, Minnesota, United States (USA)	501-1000	2021	Corporate
Mozrt	Minneapolis, Minnesota, United States (USA)	11-50	2019	Private
Syncada LLC	Minneapolis, Minnesota, United States (USA)	501-1000	2009	Private
United Bankers' Bank	Bloomington, Minnesota, United States (USA)	51-200	1975	Private
Urban FT	Minnetonka, Minnesota, United States (USA)	11-50	2012	Private
CFC Technology Corporation	Brooklyn Park, Minnesota, United States (USA)	11-50	1998	Corporate
Basis Theory	Minneapolis, Minnesota, United States (USA)	11-50	2020	Venture Capital
IDS (Now Solifi)	Minneapolis, Minnesota, United States (USA)	201-500	1974	Private
Luminate Bank	Minneapolis, Minnesota, United States (USA)	501-1000	1937	Private
Heritage Bank NA	Willmar, Minnesota, United States (USA)	51-200	1969	Family Owned
MidCountry Bank	Bloomington, Minnesota, United States (USA)	201-500	1933	Corporate
Zelle LLP	Minneapolis, Minnesota, United States (USA)	51-200	1988	Private
Highland Bank	Saint Paul, Minnesota, United States (USA)	51-200	1943	Family Owned
ReliaFund Inc.	Edina, Minnesota, United States (USA)	1-10	2000	Private
BankVista	Sartell, Minnesota, United States (USA)	51-200	2000	Private
First Financial Merchant Services	Medina, Minnesota, United States (USA)	11-50	1995	Private
Persolvent	Saint Paul Park, Minnesota, United States (USA)	11-50	1993	Private
Pioneer Bank	Mankato, Minnesota, United States (USA)	51-200	1904	Private
First State Bank Southwest	Worthington, Minnesota, United States (USA)	51-200	1903	Private

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