FIS and The Venture Center selected ten startups to participate in the 2018 VC FinTech Accelerator program
The US economy is booming and investment in startup is at all time high. In 2017 alone, global funding to VC-backed startups jumped 50% to $164.4 billion. This does not necessarily reflect investment backed by from governments and non-profit organizations. Now FIS, a global leader in financial services technology, is fueling startup investment with the announcement to bring ten startup companies into its accelerator program.
In a joint announcement with The Venture Center, the two companies said they have selected 10 startup companies to participate in the 2018 VC FinTech Accelerator program, now in its third year. In attendance to meet this year’s participants at a kickoff event held yesterday at The Venture Center were Arkansas Governor, Asa Hutchinson, as well as FIS executives and community leaders.
The event was sponsored by FIS and the State of Arkansas. The VC FinTech Accelerator is focused on identifying and accelerating the development of early-stage financial technology ventures. The 2018 program received 281 applications from startups across the United States and 46 other countries. The 10 chosen firms are:
The 10 chosen startups are:
- Arcanum – Athens, Ga.
- Billon Group – London/Warsaw/Poland
- Bucket – Santa Monica, Calif./Bentonville, Ark.
- FinVoice – San Francisco
- Gas POS – Birmingham, Ala.
- LexAlign – Austin, Texas
- Pay Your Tuition Funds – Washington, D.C.
- Sonect AG – Zurich
- Upper Room Technology – Green Bay, Wis.
- Verikai – San Francisco
The selected companies will participate in a rigorous 12-week program designed to accelerate the development of their technology solutions. Each company will receive in-depth mentoring and training from FIS and The Venture Center as well as a monetary investment of $75,000.
“Congratulations to the 10 startups selected for this year’s program,” said Gary Norcross, FIS president and CEO. “The FinTech Accelerator is a key part of FIS’ broader innovation strategy to develop and invest in breakthrough technologies for our clients. We look forward to seeing the ideas that flow from this year’s participants.”
“This program provides invaluable exposure and go-to-market opportunities for the startups while introducing new technologies to financial institutions and companies that will enable them to better serve their customers,” said Wayne Miller, managing director of The Venture Center. “We’re looking forward to another successful program supported by FIS, the State of Arkansas and the Arkansas Economic Development Commission.”
The 2018 program will culminate with a Demo Day on July 18 at the Robinson Auditorium in Little Rock, where leaders from each of the participating firms will showcase their innovations to potential investors, regional and local community leaders and financial institutions and companies from across the country. Participants of past VC FinTech Accelerator programs have raised a combined approximately $39 million in capital and several have entered into formal agreements with FIS. Four of the startups have established their headquarters in Little Rock.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. FIS has more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. The Venture Center helps entrepreneurs turn their startups into viable, high-growth businesses. The Venture Center serves as an engine for economic growth in Central Arkansas and beyond. In the first three years, The Venture Center’s member companies have created more than 445 jobs, generated $28 million in revenue and have raised a combined $39 million in capital.