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Finance & Insurance Ecosystem

Minnesota's robust economy is supported by strong and diversified finance and insurance industries. From credit unions, banking services, and health insurance, Minnesota companies offer the whole spectrum of financial and insurances services.


Financial and insurance industries employed 160,822 people in Minnesota in 2021, an 11% increase since 2010. These industries are 24 percent more concentrated in the state than in the U.S., according to the state's location quotient (1.24). There are nearly 9,700 financial and insurance locations here. (Source: EMSI)

Below are the largest financial and insurance companies headquartered or operating in Minnesota by number of workers:

  • Ameriprise Financial (Investment Advice): 5,065
  • Wells Fargo Home Mortgage (Real Estate Credit): 3,750
  • Blue Cross & Blue Shield of Minnesota (Insurance Agencies And Brokerages): 3,500
  • Travelers (Insurance Agencies And Brokerages): 3,000
  • U.S. Bank (Commercial Banking): 3,000
  • Minnesota Life Insurance (Insurance Agencies And Brokerages): 2,400
  • Allianz Life Insurance-North America (Insurance Agencies And Brokerages): 2,000
  • Royal Bank of Canada (Investment Advice): 2,000
  • Securian Financial Group (Investment Advice): 2,000
  • UnitedHealth Group (Insurance Agencies And Brokerages): 2,000
  • Federated Insurance (Insurance Agencies And Brokerages): 1,520
  • Medica Holding (Insurance Agencies And Brokerages): 1,300
  • Long Term Care Insurance Advisors (Insurance Agencies And Brokerages): 1,000
  • Huntington Bank (Formerly TCF Bank, Commercial Banking): 1,000
  • Thrivent (Insurance Agencies And Brokerages): 1,000

Source: Data Axle, Reference Solutions.

According to the Federal Deposit Insurance Corporation, the 276 Minnesota insured institutions in the state have assets of $98.5 billion.

Among large metropolitan areas, Minneapolis-St. Paul, has one of the highest concentrations of people employed in finance and insurance industries, as measured by locations quotients.

Finance and Insurance Location Quotients, 2020

Fortune Companies

Our Fortune 1000 companies show the strength of our financial system.

UnitedHealth Group ranks fifth among Fortune 500 companies with revenues of $257.1 billion. It is the largest health insurance company in the country.

  • U.S. Bancorp: The 5th largest banking institution in the country with revenues of $25.2 billion. The company processed $7.5 billion in PPP loans in 2020.
  • Ameriprise Financial: 8th largest independent broker-dealer based on assets under management in 2021, according to Investopedia.
  • Thrivent: Thrivent and its subsidiaries offer financial products and services including life insurance, mutual funds, money management, brokerage services, retirement planning and more. The company has $13.8 billion in revenues.
  • Securian Financial Group: The company provides insurance, investment and retirement solutions. The company has $6.9 billion in revenues.
  • Federated Mutual Insurance: Is a direct writer of property and casualty insurance products. The company has approximately 2,600 employees and operates in 47 states. Insurance services include commercial property, general liability, workers compensation, environmental liability and life/disability, among others.

Source: Fortune 500, companies revenues.


The financial technology sector, or FinTech, is transforming how banks and other financial institutions do business. While there is no universal definition of FinTech companies, they are businesses that use technology to develop financial products and services that are more user-friendly, secure, efficient and automated than in the past.

Examples of Fintech companies headquartered or operating in Minnesota:

  • Apruve: B2B credit automation platform that manages and finances credit programs for suppliers and their business customers.
  • Bind: On-demand health insurance platform for individuals and employers.
  • Branch: App-based platform for earned wages loans.
  • Bright Health: Affordable health insurance plans. The company raised $2.5 billion between 2016-2021, including an Initial Public Offering.
  • Ceridian: Global human capital management technology company serving more than 50 countries.
  • ClickSWITCH: Technology for financial institutions that simplifies the process of bringing on new account holders and efficiently switching their recurring payments.
  • Comm-Works: Customizable IT integration services to multi-site organizations.
  • Compute North: Computer infrastructure for cryptocurrency mining.
  • Daily Pay: On-demand pay platform
  • Deluxe Corporation: Manufacturer of high security checks, web services and fraud protection.
  • Digital River: Commerce cloud services. The company was named a leader in the Gartner 2017 and 2018 Digital Commerce Magic Quadrant.
  • FICO: Predictive analytics to help businesses automate, improve and connect decisions across organizational silos and customer lifecycles.
  • MoneyGram: Payment processing services company with more than 500 employees in Minnesota.
  • Nomics: IAPI-first crypto-asset market data company.
  • PointTunes: Premier digital download solution for the rewards and incentive markets, including music, eBooks, software, Apps, games and movies.
  • Sezzle: Bank authentication technology with time tested ACH to enable Instant ACH transactions.
  • Tamarack Consulting: Creates solutions at every stage of the lease/loan lifecycle.
  • Thomson Reuters: Innovative technology to deliver critical information to decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets.
  • Total Expert: Platforms for real estate and mortgage companies, who received $20 million in venture capital investments in 2018.
  • Upsie: Affordable, reliable warranties for electronic devices.

Source: Companies' websites.

Industry Support

Minnesota Bankers Association (MBA): A leader for Minnesota bankers, representing 95% of Minnesota chartered banks and savings and loans. MBA provides webinars, training, and leadership development, among other services.

Minnesota Association for Financial Professionals: Provides education opportunities, continuing education credits, network and collaboration with colleagues and regular monthly meetings.

Risk Management Association, Minnesota Chapter: A professional banking association that helps institutions identify and manage the impacts of credit risk, operational risk, and market risk on their businesses and customers. They provide education, research, networking, and leadership opportunities.

Minnesota Technology Association: Supports high-tech companies in the state, including FinTech.

Big I Minnesota: The organization has a membership of over 725 insurance agencies, including branches, and 6,500 insurance professionals in Minnesota.

Minnesota FinTech Collective: Represents local offices of several corporations in finance, insurance, and regulation in partnership with local startups, accelerators, and members of the local entrepreneurial community.

University of Minnesota FinTech Boot Camp: Provides training in finance, fundamental programming, data analysis, and modern tools in cryptocurrency and blockchain.

OnRamp Insurance: An accelerator supported by Allianz and Securian Financial, investing in insur-tech startups who participate in the concierge accelerator program in Minneapolis-St. Paul. Each startup receives a cash investment of $100K, office space and access to gener8tor's global network of mentors and investors.

Launch Minnesota: A statewide collaborative effort to accelerate the growth of startups and amplify Minnesota as a national leader in innovation.

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