SixThirty

UMB To Partner With Accelerator SixThirty To Kickstart FinTech Startups

Last May, Atul Kamra, manager of fintech business accelerator SixThirty, predicted that the big players in St. Louis' sizable financial community were about to focus more of their attention on young and innovative companies.

Inย May, Atul Kamra, managing partner of fintech business accelerator SixThirty, predicted that the big players in St. Louisโ€™ sizable financial community were about to focus more of their attention on young and innovative companies.ย Last weekโ€™s announcement of SixThirtyโ€™s partnership with UMB Financial Corporation proved his inkling was correct.

SixThirty mentor session; image courtesy of SixThirty
SixThirty mentor session; image courtesy of SixThirty

โ€œThe partnership with UMB is a vote of confidence in our investment process and acceleration program,โ€ Kamra said in a statement. โ€œIt is a shot in the arm for SixThirty and St. Louis to attract and grow some of the most promising ideas in the fintech space.โ€

Kansas City-based UMB will invest alongside SixThirty in a handful of later seed-stage financial technology startups. Upon acceptance into SixThirty’s accelerator program, eachย company selected receives $100,000 (in exchange for a negotiated percentage of equity, usually between two and 10 percent) and participates in a 14-week accelerator program focusing on hands-on training, mentoring and networking with regional financial services companies.

โ€œOutside of New York, St. Louis, is one of the nationโ€™s largest financial centers, and we believe there is real opportunity here to create, innovate and accelerate businesses in the fintech sector,โ€ said Tom Chulick, chairman of UMB Bank St. Louis.

โ€œUMB is proud to invest in the local community and in our entrepreneurs. When we have home-grown startups that are transforming the way the financial and technology industries are doing business, everyone benefits.โ€

Managing director of UMBโ€™s capital markets division, Andre Trudell, and UMB Bankโ€™s St. Louis region manager for business banking, Dave Bauer, will act as business mentors for SixThirty companies. Trudell will also join SixThirtyโ€™s Investment Committee, reviewing and selecting startups for the accelerator program.

โ€œUMBโ€™s move blazes the trail for other organizations to become involved,โ€ said Joe Reagan, President & CEO of the St. Louis Regional Chamber in a statement. โ€œThis partnership, and others like it, will continue to benefit the financial services industry in our region and eventually throughout the country.โ€

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