Fintech
Arkansas Bankers Association, Venture Center Launch Fintech Accelerator
In a new partnership with the Arkansas Bankers Association, The Venture Center announced Thursday (July 25) the grand opening of the Arkansas Banking Solutions Accelerator. Applications for financial technology companies to be considered for the first cohort are now accepted.
The accelerator follows the successful model of The Venture Center’s Fintech Accelerator, operated in partnership with Little Rock-based technology leader FIS. Previous participants in The Venture Center’s Accelerator programs have won numerous industry awards, raised more than $2.5 billion in capital, and established commercial partnerships with financial institutions to bring their solutions to market.
The Arkansas Banking Solutions Accelerator will select high-potential startups and growth-stage companies that can help meet the new technology challenges facing Arkansas banks and their customers. The program is designed to introduce commercially ready solutions to the state’s banks based on the priority needs of their consumer, commercial, urban and rural customers.
“This new accelerator is a critical step in driving innovation in Arkansas’ financial services industry, and key to that is our new partnership with the Arkansas Bankers Association,” said Daniel Schutte, vice president of innovation at the Venture Center. “Together, we will provide a platform for startups that allow banks to cultivate disruptive ideas and create a collaborative environment where these startups can thrive and grow. Our program will play a critical role in bridging the gap between cutting-edge technology and Arkansas’ banking community, ultimately improving the services they offer their customers and ensuring a robust financial ecosystem for our state.”
“We are excited to announce our new partnership with The Venture Center and the Arkansas Banking Solutions Accelerator,” said Lorrie Trogden, president and CEO of the Arkansas Banking Association. “Our member banks are constantly looking for ways to improve their services and meet the evolving demands of their customers. The timing of launching an accelerator program for bank-enabling startups cannot be overstated. This initiative will not only foster innovation, but will also ensure that our member banks remain at the forefront of technological advancements, providing unmatched value and convenience to their customers.”
The 12-week program will consist of a virtual incubator and a hybrid accelerator and will offer 10 selected fintech companies the opportunity to interact with their financial institution clients.
“I applaud the new partnership between The Venture Center and the Arkansas Bankers Association and look forward to their first Arkansas Banking Solutions Accelerator later this year,” said Susannah Marshall, Commissioner of the Arkansas Banking Department and Securities Department. “Innovation in technology and new services is critical to the success of our state’s financial institutions in their missions to serve Arkansas citizens, communities and businesses. This new Accelerator will bring cutting-edge solutions to ABA member banks, helping them address new technology-driven challenges and continue to improve the financial health of our state.”
Upon completion of the program, each selected company will receive a cash investment and will be able to present their ideas to potential investors and industry participants at the ABSA Demo Day 2024 on December 3, 2024.
The Arkansas Banking Solutions Accelerator is open to all fintech startups with established customers and recurring revenue. The program encourages applications from startups and growth-stage companies owned or operated by women and underrepresented minorities. The 2024 program will begin virtually on September 18. Applications may be completed online until August 15th.