A modest Rock-based software development firm was among 10 globally that will take part in the 2020 FIS Fintech Accelerator program, a partnership involving monetary technology pioneer FIS and The Venture Center at Little Rock.
LeapXL, previously Cobbler Tech, together with the other nine selectees will be mentored by leaders in FIS and other financial institutions and will be given a financial investment of $75,000 from FIS. This year’s program kicked off Wednesday (Aug. 5) using a digital event including the award winners.
LeapXL is a drag-and-drop program development application. The company’s CEO and cofounder is Marla Johnson, that co-founded the net services firm Aristotle.
Johnson said through the kickoff event which consumers may upload some recorder and can drag and drop to create customized reports, quick application prototypes, and mobile programs. Changes are automatically listed, and the machine can produce auditable reports.
“In the end, you have a complete picture of all your bank business and a controlled process for adding new, real-time data, and best of all, you can trust and certify your bank products’ profitability without worrying about hidden issues in your data,” she explained.
This is the fifth season for the program, whose goal is to identify and nurture startup technology companies with high-potential fiscal technology. This past year, the cohort brought greater than 200 applicants out of 30 countries.
LeapXL is just one of three Arkansas-based businesses which have engaged during the previous five decades. Others are Small Rock-based FI Works and Springdale-based Teslar.
The application exists via a partnership involving The Venture Center and Jacksonville, Florida-based Fidelity National Informational Services, or FIS.
The Venture Center is a nonprofit organization that helps entrepreneurs start, grow and scale their companies. The condition of Arkansas provides a $250,000 grant to its FIS Fintech Accelerator program.
FIS provides $1 million annually into the program. Obviously, $75,000 is spent in each one of those 10 recipients while $250,000 goes into The Venture Center for handling costs.
FIS is the world’s largest supplier of banking payment technology together with 55,000 workers and over 20,000 financial customers in over 110 nations. It was established in Arkansas since Systematics Inc. in 1968 and has been obtained by Alltel Information Services in 1990. It had been purchased by Jacksonville, Fla.-based Fidelity National in 2003. It has a significant presence in west Little Rock.
Wayne Miller, executive director of The Venture Center, stated in an interview which the partnership was made as a result of connections between FIS CEO Gary Norcross, a Tyronza, Arkansas native; Chris Cline, an FIS senior vice president along with Venture Center board member; and Little Rock Regional Chamber of Commerce President Jay Chessir.
In a normal year, recipients spend 12 months in Arkansas, in which they meet bankers and subject matter specialists and see Walmart’s operations centre and different areas of the country. The program opens with a Demo Day at October where recipients have seven minutes to pitch their company to an audience of financial services investors and professionals. Past scholars have secured additional funds, won industry awards and in some instances formed partnerships with FIS.
“Through our investments, we want to protect our leadership position in the existing markets that we serve,” Asif Ramji, FIS chief growth officer, stated during the kickoff. “We want to expand into adjacencies and grow into new markets, so the FIS Fintech Accelerator in partnership with The Venture Center allows us to do just that. It really is a key part of our overall investment strategy at FIS to develop and bring to market the most innovative, leading edge technology innovations that advance the way the world pays, banks and invests.”
Miller reported that the program simplifies the state’s business-friendly benefits, such as its low cost of living and economical square footage prices. Seven of the previous participants have started a presence in Arkansas, though two are currently defunct.
“We really do try to sell the very, very best that Arkansas has to offer, and let them understand the value of this state and that it is a heck of a lot easier to start a company in Arkansas in Little Rock than it is in San Francisco and New York, particularly these days,” he explained.
The two other participants in this year’s application are:
– Cirrus Secure, a firm from Evergreen, Colorado, which lets commercial banks offer you complex industrial loans online.
– Dallas-based Dasceq, that uses artificial intelligence and machine learning how to optimize strategies for groups on delinquent accounts.
– Atlanta-based TrustStamp, that transforms biometric and other identifying information in an anonymous token which provides protected, personal authentication.
– XpenseOneout of Spokane, Washington, that lets banks supply an automatic investment management solution for small and midsize businesses to control credit card transactions.
– New York City-based Stratyfy, that assists financial institutions build credit risk assessment models that decrease accidental bias.
– Mall IQ, a firm with offices in San Francisco and Istanbul, which generated a place intelligence platform that helps financial institutions send real time cellular messages to shoppers as they are just about to make a buy to inspire them to utilize a certain bank card.
– Sequretek, a firm from Mumbai, India, and Woodbridge, New Jersey, which utilizes artificial intelligence and machine learning how to increase cybersecurity.
– Singapore-based Silot, that assists financial institutions serve small companies utilizing artificial intelligence.
– Amsterdam-based Surfly, that delivers co-browsing and movie chat technologies services together with record sharing and privacy characteristics.