Fintech giant FIS [NYSE: FIS] recently opened its accelerator program to applicants for the 2024 edition.
The FIS Fintech Accelerator 2024, now in its ninth year, will select up to 10 promising fintech startups to participate in a two-week incubation and 12-week intensive program.
This year marks a notable change for the Jacksonville-based company, as the accelerator will be co-located in Jacksonville and New York.
Selected companies will have the opportunity to work closely with FIS experts and executives— as well as potential customers and partners — to gain mentorship, refine their product-market fit, enhance their value proposition and scale their business. Additionally, selected companies will have access to funding to bring their proof-of-concept to life through FIS.
Since its inception eight years ago, accelerator alumni have collectively raised over $1.5 billion in capital since completing the program and have been awarded with nine Finovate awards, a spot in the esteemed 'GGV Fintech Innovation 50' and inclusion in the Forbes Fintech 50.
Ahead of the selection, The Business Journal recently sat down with FIS' head of ecosystem banking, Annie Destefano, to talk about the accelerator and some of the impact it will have on Jacksonville.
Can you tell me a little bit about the accelerator?
For nine years, FIS has operated its innovation program, serving as a vital arm of the enterprise. Over a 12-week period, participants undergo an intensive series of meetings, discussions and events aimed at immersing them in the FIS ecosystem. The program concludes with a lively demo day, providing an opportunity to showcase products and discuss ongoing pilots with both fintech companies and FIS clients. This dynamic interaction offers a tangible and exciting experience within the startup ecosystem, driving meaningful conversations about product development, technical integration and market scalability. The program's effectiveness is evidenced by the successes of its alumni, measured by raised funds and industry accolades. It's really exciting to tangibly interact with the startup ecosystem. And that's what I love about what we're building and have been doing here at FIS.
What are you looking at when evaluating candidates?
When evaluating potential candidates, we prioritize strong management teams and founders, akin to how venture funds assess companies. We scrutinize their vision, background and potential benefits from our program. Specifically, we consider whether their focus aligns with our business priorities, such as regulatory technology, digital banking, consumer experience, personalization, payments innovation, data analytics, fraud prevention, cybersecurity and artificial intelligence. These areas are all vital to our bank clients' strategies and help guide our selection process.
Are you looking at anything specific this year or are there any specific subsets of the industry that you plan to focus on?
This year, the focus is on emerging regulations, technological advancements in banking, deposit growth and interest rate fluctuations. We seek high-quality fintech companies capable of thriving in the fast-paced banking environment. Our banking clients face evolving challenges, necessitating swift innovation and confident partnerships. We aim to recruit teams that are adaptable, eager to learn and prepared to collaborate closely with us in shaping the future of banking. It's about finding those motivated, adaptable teams ready to navigate the dynamic fintech industry alongside us.
What does this program look like on a weekly basis?
Our focus will be on preparing these companies during the summer, scheduling weekly meetings with bank executives and providing insights into FIS' various lines of business. Internally, we've established a support system with champions and mentors for each company, offering continuous guidance throughout the 12-week program. We'll regularly assess progress, gather feedback and invite external speakers, including investors and bank executives. The program will culminate in November with a demo day, showcasing each company's evolution and readiness for graduation into our alumni network. Integrating these startups into our corporate calendar events, particularly in Jacksonville and New York, adds an exciting dimension to our program.
Can you talk a little bit about how it's going be plugged into the Jacksonville ecosystem?
We're planning to host events here in Jacksonville, coordinating with days when we expect a significant presence of clients or user groups at our office. This offers an opportunity to integrate our accelerator companies into these gatherings and office events. Additionally, we aim to expose them to the broader fintech community in Jacksonville, leveraging connections with organizations like PS 27 and the University of North Florida. Collaborations with entities like JPMorgan Chase, who are active in the local tech scene, further enrich the networking experience for our accelerator companies. By aligning with existing FIS meetings and engagements with clients and executives, we extend their access to Jacksonville's evolving fintech ecosystem.
What lead the shift to focus more of the accelerator's programming out of the Jacksonville campus?
The biggest reason... our new headquarters. We simply didn't have access to the amazing space we have now that allows us to host various activities. Our focus is on leveraging Jacksonville's emerging prominence in the national fintech arena. By doubling down on our efforts here, we can contribute to and benefit from the growing fintech ecosystem. Jacksonville also serves as a frequent meeting point for our clients and industry groups, presenting an ideal opportunity to integrate our early-stage fintech companies into these interactions.
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