New Fintech Accelerator Looks to Advance Innovation in Ohio
Application process officially underway
Published: Tue May 16 2017
A unique fintech accelerator is looking for up to 12 startups to become part of its inaugural class in September.
Fintech71, a not-for-profit fintech accelerator, officially launched in late April and is backed by industry giants such as KeyBank, Progressive, The Kroger Co., Grange Insurance, Huntington National Bank, FifthThird Bank, First Federal Lakewood, Root Insurance Company and Safelite Group. JPMorgan Chase and Silicon Valley Bank will also offer industry expertise and mentoring. More partnership announcements are expected soon.
Fintech71, along with its partners, has the potential to transform the financial services industry in Ohio, says accelerator Executive Director Matt Armstead.
“Ohio’s emerging fintech companies are providing tremendous resources, assets and expertise to ensure that innovation thrives in Ohio,” Armstead said. “I think it is exciting and a true differentiator for Ohio.”
Valentina Isakina, Jobs Ohio managing director for financial services & select HQs, agreed. “Companies looking to innovate across the globe want to do it in a place that can help them today as well as tomorrow,” she said. “Ohio provides the ultimate soft landing for innovators, from great talent and industry partners to a lower cost of doing business that allow them to get the most of their dollar here in Ohio. And Ohio’s wonderful urban and suburban lifestyle choices are truly unparalleled. When people come here, they stay. And those who leave Ohio, always look to come back.”
The accelerator will focus on growing entrepreneurial activity, attracting more fintech companies, and expanding the innovation pipeline for current private-sector stakeholders, including Ohio’s strong financial services base and Fortune 500 and Fortune 1000 companies headquartered in the state.
The application process opened May 15 and will close July 15. The inaugural class will start on Sept. 10. Each finalist team will be based in Columbus and receive a stipend of $100,000.