SOURCE: Fintech 71

Fintech 71

April 25, 2017 10:49 ET

A New Fintech Accelerator Emerges, Backed by Ohio Industry Giants

COLUMBUS, OH--(Marketwired - Apr 25, 2017) -  In an unprecedented cross-industry partnership, Ohio-based flagship companies are launching a new global Fintech (financial technology) accelerator.

KeyBank, Progressive, The Kroger Co., Grange Insurance, Huntington, FifthThird, First Federal Lakewood, Root Insurance, and Safelite are among the Ohio companies backing "Fintech71", a newly-formed accelerator, whose name is a nod to the cross-state highway I-71 connecting Ohio via its three largest cities: Cincinnati, Columbus and Cleveland. JPMorgan Chase, which is among the state's largest technology employers, will lend its thought leadership and industry expertise to the program. In addition, Silicon Valley Bank is supporting the effort, signifying national interest in the new endeavor. 

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.

Such broad-based collaboration is unique and will benefit companies selected into the accelerator by offering them an exceptional range of mentor and partnership options. Combined with a stipend of $100,000 for each finalist team, access to some of the country's best millennial talent, and an attractive cost of living, "Fintech71" and its graduates will be positioned for sustained success.

"Ohio's ranking as a Top 5 Fortune 500 and Top 5 Fortune 1000 headquarter destination is not without reason," said Matt Armstead, the executive director for the accelerator. "Ohio is an innovative, resourceful and hard-working state where people have not forgotten how to make things. With the creation of this accelerator, we aim to leverage Ohio's tech-savvy talent, attractive cost of doing business and established industry strength to make Ohio a global hotspot for Fintech innovation and growth."

The application process opens May 15 and will close on July 15. The inaugural class of up to 12 companies will start on Sept. 10, 2017, and will be based in Columbus, Ohio. All Fintech-related innovations ready for commercialization are encouraged to apply. International companies are particularly welcome and visa support will be provided for outstanding candidates.

Financial services is the second-largest private sector in Ohio and sixth largest in the United States by GDP. As part of its mission to attract jobs and investment to the state, JobsOhio, a private, non-profit economic development corporation, will provide support to the accelerator's operations. Lumos, a group of serial entrepreneurs with vast experience in accelerators and insurance, banking and payments startups, will run the program day to day. 

Ohio-based industry associations, including the Ohio Bankers League, are supporting the initiative, and more private sector partnership announcements with Fintech71 are expected soon.

Additional details are available at: www.Fintech71.com

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