Companies focused on cryptocurrency, student loan debt, crowdfunding and sneaker sales have been tapped for the first cohort of the region's inaugural fintech accelerator.
The University of South Florida and Tampa Bay Wave first announced the launch of the FinTech|X Accelerator in November. Like the Wave's other programs, the financial technology-focused iteration is designed to help early-stage companies through mentoring, pitch coaching and investment training.
The three-year partnership was backed by Encore Bank with its processing partner Smiley Technologies Inc. Local serial entrepreneurs also backed the program, including myMatrixx founders Steve and Lindsay MacDonald, Penny Hoarder founder Kyle Taylor, DTCC, United Solutions Co., engageSI and Black Dragon Capital.
"The USF Muma College of Business, and particularly the Kate Tiedemann School of Business and Finance, is becoming known as a place where fintech leaders come to learn and launch businesses,” Moez Limayem, dean of the Muma College of Business, said in a statement. “Partnerships like this, with Tampa Bay Wave, will help entrepreneurs do just that.”
It also has a community partnership with the St. Petersburg Area Economic Development Corp.
“Tampa Bay Wave is proud to launch this new accelerator program that will not only provide support to innovative fintech startups throughout the U.S. and beyond but also showcase the talent and growing network of innovators and capital resources already in the Tampa Bay region,” Linda Olson, president and founder of Tampa Bay Wave, said in a statement.
The program unveiled the 16 companies for its first cohort, which come from across the globe. The descriptions for the participants, as described by the companies themselves, are below. The companies will come together June 29 for a "demo day," pitching to a group of accredited investors and the community at large.
Name: Aquablocks
Based in: Tel Aviv, Israel
What they do: An asset portfolio manager for financial institutions to purchase, trade and secure digital assets.
Name: CashQ
Based in: Miami
What they do: CashQ embeds a cross-border payment platform for fintech and non-fintech companies.
Name: College Cash
Based in: Ft. Worth, TX
What they do: College Cash uses everyday behavior to reduce student loan debt in a unique manner — including user-generated content campaigns — to engage with brands in a way that allows funds to be earned as early as the first year of high school.
Name: DUKAPAQ
Based in: Tulsa, OK
What they do: Offers a communitywide rewards program and digital marketplace for Africa's merchants.
Name: Element DeFi
Based in: Cary, North Carolina
What they do: Claims it offers the first multidimensional, all-in-one stable coin hub for decentralized finance.
Name: FINBOA
Based in: Houston, Texas
What they do: Offers a SaaS platform to streamline compliance, reduce staffing challenges and improve the customer experience. It is used by over 100 banks and credit unions.
Name: Homey Technology LTD
Based in: London
What they do: Offers a digital platform allowing the transaction parties to complete conveyancing faster, with more certainty and ease when buying and selling a home.
Name: inbanx
Based in: Austin, Texas
What they do: Offers a spend management solution for small and middle-market businesses. It enables businesses to create and maintain budgets and sub-budgets, monetizes payables, extends corporate credit cards with spend controls, automates expense reporting, achieves real-time visibility into spending and allows businesses to achieve better credit lines from financial institutions.
Name: myEGO
Based in: Berlin, Germany
What they do: Delivers the next generation of digital identity: decentralized and self-sovereign.
Name: OnlineApplication
Based in: Austin, Texas
What they do: Offers a mortgage and insurance fintech platform that delivers products easier, faster and better for lenders and advisers alike.
Name: Paperstack
Based in: New York City
What they do: Provides e-commerce sellers with microloans and financial insights to help purchase inventory, invest in advertising and hire more talent. They are focusing on the underserved 84% of the market, offering “subscription capital” for everyday business needs and acting as a “first lender cheque” for their clients.
Name: RABEH
Based in: Riyadh, Saudi Arabia
What they do: A crowdfunding platform and virtual accelerator with built-in features including a share equity marketplace.
Name: RiskSmith
Based in: Tampa
What they do: Helps retail investors create market-beating portfolios using modern portfolio theory and behavioral analytics.
Name: Sole Capital
Based in: Raleigh, North Carolina
What they do: Provides liquidity to the culture at scale, starting with sneakers.
Name: SueApp
Based in: Tel Aviv, Israel
What they do: A legal tech solution for small claims filing. By harnessing technology and leveraging public data to improve the current filing process, it makes filing small claims both efficient and accessible, helping to achieve effective personal and social justice for all.
Name: VIVA Finance
Based in: Atlanta, Georgia
What they do: Provides a lending platform that offers loans based on employment information rather than credit history, which expands access to affordable credit for individuals with damaged credit histories.
