Diverse product lineup spurs collaboration opportunity for community banks
Washington, D.C. (Jan. 11, 2022) — The Independent Community Bankers of America (ICBA) in partnership with The Venture Center, and the State of Arkansas today officially unveiled its fourth annual ICBA ThinkTECH Accelerator cohort during a virtual kickoff event focused on community bank innovation. The latest fintech cohort in this successful global fintech accelerator supports ICBA’s mission to create and promote an environment where community banks flourish.
“Technology is rapidly adapting to meet evolving market dynamics, requiring community banks to move with efficiency, expediency and purpose to remain at the forefront of innovation," ICBA President and CEO Rebeca Romero Rainey said. "This year’s cohort represents a broad spectrum of offerings designed to reduce costs, increase revenue, and create meaningful experiences that strengthen community bank customer relationships. I'm looking forward to seeing what develops over the course of the program as we write the next chapter of the community bank innovation story."
The 2022 cohort were chosen from hundreds of applicants following a vetting process by the ICBA Selection Committee for overall sustainability including the strength of the team, and product maturity and market viability. Selected companies receive ICBA investments and participate in an immersive 12-week bootcamp, and receive mentorship from a distinguished roster of community bank executives and industry leaders before revealing their retooled offerings with a showcase at ICBA’s annual convention, ICBA LIVE in February and a Venture Center Demo Day in March.
Arkansas Governor Asa Hutchinson shared, "Community-operated businesses drive communities to succeed, and community banking is no different. Banking and finance have to work hard to meet emerging technologies and provide better opportunities for customers, and the ICBA ThinkTECH Accelerator program is a great opportunity to further bank innovation. Congratulations to the fintech companies who have been chosen to participate in this year's program."
The 2022 ICBA ThinkTECH Accelerator cohort includes:
- Accrue – loan origination/business account opening
- Chimney – (formerly Signal Intent) next generation financial calculators
- DocFox – business account opening/Bank Secrecy Act compliance
- KlariVis – data and business intelligence
- LemonadeLXP – learning experience/digital adoption
- Quilo – installment lending
- Senso – lead generation for mortgages
- Sequretek - cybersecurity
- Unifimoney – Investing and money management
- Vero Technologies – floor plan lending
- WealthStack – SMB-focused financial wellness platform
“The fourth annual ICBA ThinkTECH Accelerator is here in a time of tremendous opportunity for community banks and fintechs to collaborate,” said Wayne Miller, The Venture Center’s executive director. “We are honored to play a role in bringing community banks and fintechs to the table in this transformative program that is both grounded in hard results and guided by innovative vision.”
For more information about the ICBA ThinkTECH Accelerator, visit the ThinkTECH Accelerator website.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
About The Venture Center
The Venture Center’s immersive accelerator programs are designed to accelerate the growth of early- to growth-stage companies and help them validate their solutions for real-world problems. Our methodology provides a unique opportunity to connect with community bank executives, receive investment and learn from a comprehensive curriculum that will aid in strategically addressing go-to-market, business, and finance challenges.