Financial and insurance-related activities comprise the top sector of economic output in the Columbus Region. This is due to a concentration of 15 Fortune 1000 headquarters that include Huntington and Nationwide, as well as major operational centers for State Farm, Aetna and JPMorgan Chase (the company’s largest single presence worldwide).
Columbus is also home to emerging fintech and insurtech companies. Sweden’s payment solutions upstart Klarna opened its North American headquarters here in 2015, while homegrown Root Insurance utilizes artificial intelligence to reward safe drivers. More recently, Nationwide and State Auto both launched venture arms to support startups, and a cross-industry collection of major companies have partnered behind Fintech71, an accelerator that hosted its inaugural cohort in the fall of 2017.
Nationwide Ventures launched in August 2017, with the insurance giant committing more than $100 million of venture capital to invest in customer-centric solutions transforming the insurance and financial services industry. Already, the company has made significant investments in Nexar, Matic, blooom, Insurify, Next Insurance, and Sure.
State Auto Mutual Insurance introduced State Auto Labs in September 2017, a $25 million corporate venture fund in collaboration with Rev1 Ventures to support entrepreneurs and innovations in the insurance industry.
Accelerator Fintech71 provides $100k in funding to fintech startups and connects them to top financial services companies and mentors. Partners supporting the accelerator include Ohio corporate giants like KeyBank, Progressive, The Kroger Co., Huntington, FifthThird and more.