Can fintech startups thrive outside of major financial like Silicon Valley, London, Hong Kong and New York? So far the answer is yes, with buzzing outlier communities popping up in technology centers such as Silicon Valley, Austin, Stockholm and Tel Aviv. But what about in other areas that aren’t known for either being technology or financial centers but are considered regional players?
Aiming to advance fintech in St. Louis is the SixThirty accelerator program. Backed by the St. Louis Regional Chamber and venture capital firm Cultivation Capital, SixThirty has opened registration for its 14-week Fall accelerator program where they will invest up to $100,000 in later seed stage fintech startups.
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But, just because St. Louis may not be globally known for its contributions to the financial and technology space, this doesn’t mean it is a desert for fintech innovation. In fact, the city does support a strong banking and asset management industry, with large US financial firms such as Wells Fargo Advisors, Edward Jones and Scottrade calling it home.
Setting up in St. Louis, SixThirty is aiming to prove that the city has what to offer fintech firms. Explaining the program to Finance Magnates, a SixThirty representative commented that they are seeking involvement with payments, compliance solutions, big data analytics, lending, asset management and fraud security.
As part of the program, SixThirty will be introducing accelerator members to local financial firms to potentially collaborate on projects, as well as provide industry feedback. Due to the city’s focus on asset management, St. Louis firms are naturally expected to be the most interested in fintech startups that provide innovation that can be used in their fields. However, the SixThirty representative added that despite the interest for asset management, St. Louis financial firms “have historically also been very interested in [the abovementioned fields].”