Fintech Startups Address Challenges in Banking at Inaugural Arkansas Banking Solutions Accelerator Demo Day
Little Rock, Ark. (Dec. 5, 2024) – The Venture Center, in partnership with the Arkansas Bankers Association, hosted the inaugural Arkansas Banking Solutions Accelerator Demo Day on Thursday at The Hall in Little Rock. The event featured nine fintech startups presenting innovative solutions aimed at advancing banking services for consumers and businesses.
Demo Day marked the end of the 12-week accelerator program, during which the founding startups collaborated with Arkansas bankers to address key industry challenges. The participating companies used technologies such as artificial intelligence, document management and fraud prevention to tackle issues in the financial sector.
Arkansas Attorney General Tim Griffin delivered a keynote address on the critical need for innovative solutions in the digital sector, stating, “You can’t separate the components—the financial from the election, from social media, from other criminal activity. It’s all a spectrum, and it all involves money. It impacts mom-and-pop businesses. it impacts us personally, our kids, our families. It impacts our national security.”
Griffin’s address was accompanied by video remarks from Gov. Sarah Huckabee Sanders and Rep. French Hill, along with comments from Arkansas State Bank Department Commissioner Susannah Marshall, who commended the cohort for their innovative use of AI in banking solutions: “There lies the future of financial technology, financial services and banking.”
The event featured presentations from nine companies: Cirrus Secure, Coverbase, Graphio, LexAlign, LendingFront, Lumio Insight, Posh AI, Revio Insight and Smart Eye Technology. A representative from Grounded, the 10th founding cohort company, was unable to attend.
“Banks have been very slow to adopt technology. From a regulatory standpoint, we are cautious about introducing new technology and we try to control our environments, especially when it comes to information management,” said Brad Chambless, CEO of Farmers & Merchants Bank and chair of the Arkansas Bankers Association. “I’m committed to bringing our banks to the table to help explain the challenges we face on a daily basis—issues we’re working to solve because we currently lack the necessary solutions and products.”
Following the event, Daniel Schutte, vice president of strategic partnerships at The Venture Center reflected on the 12-week program and its conclusion, stating, “We’re thrilled to wrap up the inaugural Arkansas Banking Solutions Accelerator and continue to drive innovation across Arkansas banks and companies, positioning Little Rock and Arkansas as leaders in innovation, job growth, and technology advancements.”
The Arkansas Banking Solutions Accelerator builds on The Venture Center’s globally recognized fintech accelerator model, which has supported startups raising more than $2.5 billion collectively. By combining mentorship, networking and collaboration opportunities, the program underscores Arkansas’s role as a leader in fintech innovation.
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About The Venture Center
The Venture Center is a globally recognized Arkansas-based Entrepreneurial Support Organization (ESO) that helps entrepreneurs turn their start-ups into viable, high-growth businesses. By leveraging the expertise of a world-class team of mentors, intensive programming, and introductions to the investor community, The Venture Center serves as an engine for economic growth in Arkansas and beyond. Learn more at www.venturecenter.co. Follow The Venture Center on Facebook, LinkedIn, Twitter (@VentureCenter), and Instagram.
About Arkansas Bankers Association
The Arkansas Bankers Association (www.arkbankers.org) founded in 1891, is the voice of Arkansas’ $100 billion banking industry, which is composed of small, regional, and large banks that together employ more than 26,000 people. It is the state’s largest and oldest banking industry organization, providing a variety of member services, including educational programs, products and services, publications and a comprehensive government relations program.
For more information, contact:
Viktoria Capek
viktoria.capek@venturecenter.co
770-557-6196