The Triangle’s Fintech Revolution

Financial technology, otherwise known as “fintech,” refers to a broad area of solutions that use technology to improve banking and other financial services. This can range from mobile banking, AI-powered lending platforms, digital payment systems, and any other technologies that integrate into the traditional financial sector.

The Triangle region of North Carolina emerges as a perfect hub for thriving fintech companies and startups. The Research Triangle region has consistently been ranked as one of the top places for IT professionals to live and work. In Raleigh alone, there exists over 4,000 tech companies and approximately 60,000 fintech jobs.

As fintech continues to disrupt traditional finance, its growth is expected to accelerate even further. This article explores how the Triangle is the perfect place for this momentum and what led to the fintech boom. Additionally, we profile some local fintech startups and major transplants in the area, as well as explore the role of fintech apps and the future of this industry in the Triangle.

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Why the Triangle?

The Triangle acts like a magnet for fintech innovation. Top universities, lower business costs, and strong community support systems draw more companies to the region every year, including a growing number of fintech organizations.

• Skilled talent pipeline: A high graduate rate from the area’s local universities (Duke, UNC, and NC State) significantly contribute to the Triangle’s fintech growth. Since 2010, 64 percent of the local graduates have decided to stay in the area, creating a large talent pool for startups and established companies.
• Cost of living and doing business: The Triangle offers significant savings compared to New York City, San Francisco, or even Charlotte. Businesses benefit from lower operational costs, while North Carolina's low corporate tax rate and flat personal income tax help the state consistently rank among the top business-friendly locations.‍
• Local investment and support: The combination of university talent and quality of life creates a thriving ecosystem for fintech startups. Local organizations actively support these companies through grants, coworking spaces, and accelerator programs. Key players include NC IDEA, Cofounders Capital, and American Underground.

For more information about different accelerator programs, coworking spaces, and grants, check out our Triangle Startup Resources Guide.

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Key Fintech Players and Startups in the Triangle

The Triangle's unique advantages have attracted diverse fintech companies, from homegrown startups to global corporations that have established or expanded their presence in the region.

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Local Standouts

From subscription management to verification solutions, these four Triangle-based fintech companies each offer their own unique platforms and value propositions.

• Spreedly: Founded in Durham in 2008, Spreedly operates as a payments orchestration platform that connects businesses to over 140 gateways through a single API. The company received $75 million in funding from Spectrum Equity in 2019 and continues to help businesses create flexible payment strategies.
• WalletFi: Co-founded by a UNC graduate, this Raleigh-based startup is a subscription management platform for community financial institutions and fintech companies. WalletFi was acquired by Constellation Digital Partners in 2022.
• First Citizens Bank: Founded all the way back in 1898, First Citizens Bank has become a major digital banking player with its highly rated mobile app. Headquartered in Raleigh, the bank now operates in 19 states with over 550 branches.‍
• LoanWell: This Triangle-based startup provides cloud-based lending software for community banks and credit unions, helping them compete with larger banks. In July 2020, LoanWell was selected for the Google Startups Accelerator under the Black Founders category.

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Transplants and Expansions

Besides local growth, there has been an explosion of global fintech companies relocating or expanding offices in the Triangle.

• Fidelity Investments: This global financial services corporation built its first Triangle offices in 1992. Fourteen years later, Fidelity constructed a 268-acre campus in Research Triangle Park and hired 2,000 employees. The company added another 2,500 positions during the pandemic.
• Plaid: Based in San Francisco, Plaid is one of the newest fintech companies that will open offices in the Triangle. The app allows users to link bank accounts with other apps like Venmo and CashApp. Plaid’s founder is a Duke university grad and the company was named one of the world’s most valuable startups for funds raised in 2021.
• MetLife: This major insurance and financial services company operates a large technology hub in Cary. Beyond its business operations, MetLife organizes the annual Triangle Tech X (TTX) conference, which brings together technology leaders to discuss career opportunities and STEM skill development.‍
• Deutsche Bank: The global financial services company has also been steadily increasing employment in its Cary offices. Deutsche Bank currently employs 1,100 people with plans to add hundreds more.

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The Role of Apps in Fintech Growth

Mobile and web apps are fundamental to modern fintech. They provide convenient, secure, and personalized access to financial tools anytime, anywhere. Well-designed apps help build trust and customer loyalty by streamlining complex financial tasks into intuitive digital experiences.

The previously mentioned Triangle-based companies demonstrate this app-centric approach. For example, First Citizens Bank's mobile app offers biometric login through Face ID and Touch ID, along with mobile check deposits, bill pay, fund transfers, and account management features.

Similarly, Spreedly demonstrates how Triangle fintech companies build comprehensive platforms that serve global markets. Their platform features real-time transaction monitoring, intelligent routing capabilities, and analytics dashboards that help businesses optimize their payment strategies and reduce failed transactions.

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Future of Fintech in the Triangle

The Triangle's fintech future centers on emerging sectors that leverage the region's strengths in technological innovation. Embedded finance represents a significant opportunity for Triangle companies to build payment processing, lending capabilities, and insurance products directly into non-financial platforms, like e-commerce, software applications, and other business tools.

B2B fintech solutions present another promising avenue, particularly in serving community banks, credit unions, and smaller financial institutions. LoanWell is a perfect example of this, offering lending software that helps these institutions modernize and stay competitive. Additionally, there is potential for the Triangle’s tech environment and startup culture to foster growth in crypto-related fintech ventures.

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The Bottom Line

The Triangle has built a strong fintech ecosystem through university talent, cost advantages, and community support. Local companies like Spreedly have innovated globally while established players like Fidelity and Deutsche Bank have expanded their regional operations. Mobile-friendly platforms and innovative technology add to this growth.

And this growth creates real impact. Consumers can access better financial services, the local economy benefits from more jobs, and the finance industry receives new innovation outside traditional banking centers. This positions the Triangle not as just another tech hub, but as a thriving financial center in the digital age.