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Between 2022 and 2027, the fintech market is forecast to see a compounded annual growth rate of 20.5%, increasing by $277.2 billion. While fintech companies are popping up all over the country, the Midwest is rapidly becoming an interesting fintech hub.
According to a ranking by Forbes Advisor, five of the top 10 states to start a business this year are in the Midwest: Indiana, North Dakota, South Dakota, Illinois and Ohio. The article noted that this ranking “takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state.” Indiana took the top spot because of the state’s low taxes, reasonable cost of living and prime workforce, which create favorable conditions for businesses.
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