FIS and Arkansas Governor extend VC FinTech Accelerator program till 2018 and agree to share funding

FIS, a global leader in fintech services along with the office of Arkansas Governor Asa Hutchinson, has announced that it has committed to extend the VC FinTech Accelerator program until 2018.

According to the official release, during the inaugural program of FinTech Accelerator that ended with a Demo Day on Wednesday, Hutchinson and Gary Norcross, president and CEO of FIS, agreed to share the funding of the program through the year 2018. The agreement will provide an opportunity to early-stage startups, to develop and sharpen innovations that might disrupt the financial services industry and the way customers interact with it.

“Innovation in financial technology is happening at an incredible pace. As one of the original homes of fintech, it was important for Arkansas to continue pushing that innovation. We’re extremely proud that Arkansas and FIS could continue to support this wonderful program,” Hutchinson said.

A strong focus on the reinvention of the financial industry and innovation underpinned sponsorship of FIS of the inaugural VC FinTech Accelerator. The program will ultimately boost the growth of early stage financial technology ventures. Ten fintech companies spent 12 weeks in Little Rock working with the financial services industry leaders and executive mentors from FIS, in a move to deliver new solutions to financial institutions, payment firms and other segments of the industry.

“FIS’ support of and participation in the Fintech Accelerator is part of our broader innovation strategy. This isn’t just about turning startups into strong investment opportunities, it’s about reinventing the financial industry by identifying and fast-tracking the best ideas,” Norcross spoke during the event.

Nearly 300 venture capitalists, bankers, technology professionals and local community leaders, including the governor witnessed the innovations of the 10 start-ups during the Demo Day. Solutions were presented during the program including contactless point-of-sale payments, cross-border secure payments, underwriting for small businesses among others.

FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions.