Detroit as the “fintech capital of the world.” With that offhand remark, Dan Gilbert hinted at a strategy that may lie behind his reported bid for Yahoo, the ailing digital behemoth that put itself on the block. Yahoo Finance is a major asset of the online portal.
Gilbert’s Quicken Loans is as much a technology company as a mortgage originator. And the growth of Quicken is helping to fuel Gilbert’s downtown investments.
Gilbert, whose bid is backed by financial help from investor Warren Buffett, has been largely silent on Yahoo, but was asked about it during a panel discussion about financial technology companies last week during Detroit Startup Week. Many suitors are after Yahoo, but the confidential auction process is expected to conclude in early June.
You can say a lot of things about Gilbert, but “he thinks too small” isn’t one of them.