Boston has clearly established itself as a global hub for technology – and more recently, emerged as a leader in the fintech landscape. It has been exciting to watch the parallel growth trajectories of Elsen and Boston’s fintech scene knowing that our team has played and continues to play, a leading role in their success.
So, what is it about Boston that makes it a petri-dish for cultivating successful tech and more specifically, fintech companies?
For starters, the talent pool. The greater Boston area is home to some of the top educational institutions around the globe, creating a workforce made up of the best and brightest – from professors and students, to researchers and business leaders. Massachusetts wasn’t originally home for CEO and Founder, Zac Sheffer – but after teaming up with two classmates from Northeastern University which ultimately led to founding Elsen in 2014 shortly after graduation – it’s been home ever since!
Cultivating and supporting the area’s entrepreneurial spirit is an impressive collection of local organizations and non-profits dedicated to helping startups grow their brand. One of these is Northeastern’s student-led venture accelerator, IDEA Lab, where Zac and his classmates began kindling their idea for Elsen together. Another organization that has been hugely important to Elsen’s growth in terms of providing us with a platform to showcase the company and provide introductions to key investors, VCs, other vendors, and industry executives is FinTech Sandbox, a Boston-based nonprofit that helps FinTech startups access data and build great products. Last year, Elsen garnered national attention when it won Best Tech Innovation of the Year at the 2017 Massachusetts Innovation & Technology Exchange (MITX) Awards.
Funding is another factor that attracts entrepreneurs, and New England is teeming with venture capital firms which have played a monumental role in putting Boston on the map for its innovation economy and its global reputation as a tech hub. The proof is in this extensive list of VC firms with headquarters, offices or representatives in New England published by Xconomy. Of course, we have our favorites that made it possible for Elsen to end 2017 with a bang by announcing a $2.4M seed extension round led by Hyperplane Venture Capital with participation from Accomplice, Launch Capital and hand-picked angel investors from the startup and financial community.
Elsen’s technology is already being used by financial firms and investment professionals around the world. We look forward to growing our incredibly talented team, and with huge support from the local fintech community, keeping Boston on the forefront of fintech innovation.