Now in its third year, 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.
Following the kick off on May 3, the organisers – FIS, a global leader in financial services technology, and The Venture Center –announced the 10 startups that will participate in the program. Among them is the Zurich based startup Sonect.
Sonect developed a solution that enables any one to become a virtual machine. Using an App, anyone can withdraw cash from any store that uses Sonect solutions. The solution not only convenient, it also allows stores to reduce the amount of cash at disposal and to win new customers, and individuals to save time on finding an ATM.
Together with the nine finalists, Sonect will participate in a 12-week program designed to accelerate the development of its solution. Each company will receive in-depth mentoring and training from FIS and The Venture Center as well as a monetary investment of $75,000.
"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.
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.