Global accelerator program Kyyba Innovations, along with the Techtown Detroit, announced on Thursday that Dough, an education technology platform, as the winner of its first Detroit Fintech Challenge and Pitch Club competition that was held last month at Techtown Detroit.
According to the two organizations, the Detroit Fintech Challenge was launched to identify innovations in the financial services industry. The description of the event reads:
“The Detroit Fintech Challenge is a competition that unites key players in the Fintech ecosystem to generate enduring solutions to the biggest challenges and major concerns in the financial, payments, banking, and insurance sectors.”
Dough is the winner of up to $50,000 equity investment from Kyyba Innovations. Dough is described as an education technology platform that simplifies and personalizes student loan management by integrating with financial aid to ensure every student in the United States graduates with a financial plan to lower student loan default. Speaking about the event, Tel Ganesan, Managing Director, Kyyba Innovations, added:
“It is a great solution for a real problem that’s affecting millions of students in the United States. I’m personally motivated to work with Catalina and the rest of Dough team to mitigate the burgeoning problem of Federal student loan default which is at a whopping $137 Billion. It is time to advocate for improved education, appropriate borrowing and payback and I can see the emergence of Fintech ecosystem in Detroit.”
The Detroit Fintech Challenge Founding sponsors are Ally, First Independence Bank, TD Ameritrade, AAA, Varnum and the technology sponsors are CBW Bank & Yantra Financial Technologies.