Applications are now open for the third annual ICBA ThinkTECH Accelerator program.
Hosted by the Venture Center, the accelerator will invite fintechs to participate in a 12-week program that features a rigorous curriculum and access to banking industry partners. Through the program, fintechs will be challenged to develop and refine solutions for community banks.
Participants selected for the ThinkTECH 3.0 will receive a monetary investment, the opportunity for one-on-one meetings with more than 40 bank and financial executives, insights from Venture Center and ICBA leaders and the opportunity to pitch their products during ICBA Live and a program Demo Day.
“The unique challenges of the COVID-19 pandemic are driving innovation and leading to successful collaborations between fintechs and community banks to benefit those most in need,” ICBA Senior Vice President and Chief Innovation Officer Charles Potts said in a statement. “Community banks have already made a significant impact to aid our nation’s economic recovery—funding more than 2.8 million Paycheck Protection Program loans to help save 33.7 million jobs—and as they consider additional measures in support of their customers, ICBA will be there to facilitate key connections with promising fintechs through our ThinkTECH initiatives.”
Kicking off Jan. 4, 2021, the program will run through March 2021. At the end of the program, participants will present their services/companies at ICBA’S annual convention, ICBA Live, and at a Demo Day hosted by the Venture Center.
Applications have opened for the accelerator and will close on Sept. 15, 2020. There is also a fast track application for companies that have raised more than $500,000 and/or have an annual recurring revenue of $200,000 or more.
A panel of ICBA and Venture Center executives, along with community bank leaders, will evaluate and select accelerator participants based on the companies’ “strength, product maturity and product-market fit.” In addition, Fast Track applicants will benefit from an expedited evaluation period.
ICBA recently renewed its partnership with the Venture Center and its commitment to the accelerator. In June 2020, the Independent Community Bankers of America (ICBA) announced that it would be continuing the accelerator for an additional three years through 2024.
Launched in 2018, the accelerator is part of ICBA’s “comprehensive mission-driven innovation strategy for the highly-complex and evolving markets in which community banks operate.”
The Venture Center wrapped up the most recent ICBA ThinkTECH Accelerator in April 2020, its first accelerator to be held during the course of the COVID-19 pandemic. Nine fintech participated in the second ICBA ThinkTECH Acclerator. These companies include Finscend, Fintel Connect, Finzly, FI Works, Fraud.net, Griffin Technologies, Hexanika, Lendsmart, and Wallit.