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 inaugural Arkansas Banking Solutions Accelerator. Applications for financial technology companies to be considered for the first cohort are now being accepted.
The accelerator follows the successful model of The Venture Center’s Fintech Accelerator, run in partnership with Little Rock-founded technology leader FIS. Past participants of The Venture Center’s Accelerator programs have won numerous industry awards, raised more than $2.5 billion dollars in capital, and established commercial partnerships with financial institutions to bring their solutions to market.
The Arkansas Banking Solutions Accelerator will curate high-potential startups and growth-stage companies that can help meet new technology challenges facing Arkansas banks and their customers. The program is designed to introduce commercially ready solutions to state bankers based on the prioritized needs of their consumer, commercial, urban, and rural customers.
“This new accelerator is a pivotal step in driving innovation across 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 be providing a platform for bank-enabling startups to nurture groundbreaking ideas and creating a collaborative environment where these startups can thrive and grow. Our program will play a crucial role in bridging the gap between cutting-edge technology and the Arkansas banking community, ultimately enhancing the services offered to their customers and ensuring a robust financial ecosystem for our state.”
“We are pleased 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 continuously seeking ways to enhance their services and meet the evolving demands of their customers. The timeliness of launching an accelerator program for bank-enabling startups cannot be overstated. This initiative will not only foster innovation but also ensure that our member banks remain at the forefront of technological advancements, providing unparalleled value and convenience to their customers.”
The 12-week program will consist of a virtual incubator and hybrid accelerator and will provide opportunities for 10 selected fintech companies to engage with financial institution clients.
“I applaud the new partnership between The Venture Center and the Arkansas Bankers Association, and am looking forward to their first Arkansas Banking Solutions Accelerator later this year,” said Susannah Marshall, Commissioner of the Arkansas Bank Department and Securities Department. “Innovation in technology and new services is critical for 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 meet new technology-based challenges and continuing to improve the financial well-being of our state.”
At the conclusion of the program, each selected company will receive a monetary investment and can pitch their ideas to potential investors and industry participants at the 2024 ABSA Demo Day 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 can be completed online through Aug. 15.