The Venture Center, in partnership with the Arkansas Bankers Association, has launched the inaugural Arkansas Banking Solutions Accelerator (ABSA) and is now accepting applications from financial technology companies for its first cohort.
The program aims to leverage the Venture Center’s global fintech expertise and the Arkansas Bankers Association’s statewide membership to identify and support startups and growth-stage companies that can address technological challenges faced by Arkansas banks and their customers. It is designed to introduce commercially ready solutions tailored to the needs of consumer, commercial, urban and rural banking customers in the state.
“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 provide a platform for bank-enabling startups to nurture groundbreaking ideas, 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.”
The ABSA follows the successful model of The Venture Center’s Fintech Accelerator, which is run in partnership with technology leader FIS. Past participants of The Venture Center’s Accelerator programs have won numerous industry awards, raised over $2.5 billion in capital and established commercial partnerships with leading financial institutions.
“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 Bankers 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 include a virtual incubator and hybrid accelerator, offering a unique opportunity for ten selected fintech companies to engage with leading financial institutions.
“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 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.”
The program will culminate in a Demo Day on Dec. 3, during which each selected company will receive a monetary investment and the opportunity to pitch its ideas to potential investors and industry participants.
The Arkansas Banking Solutions Accelerator is open to all fintech startups with established customers and recurring revenue and encourages applications from startups owned or operated by women and underrepresented minorities. The 2024 program begins virtually on September 18, and applications can be completed online through Aug. 15.
For more information and to apply, visit the Venture Center’s website.
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