In what is becoming a clear pattern of major banking corporations backing financial technology accelerators and incubators, UMB has become the latest bank to focus its attention on payment start-ups.
The financial corporation has said that it will invest alongside the accelerator and venture fund SixThirty in companies that are selected in the programme.
SixThirty invests up to $100,000 in a handful of financial-based technology (fintech) startup companies each year. The companies selected to take part in our accelerator program receive hands-on training, mentoring, and networking opportunities with the top financial services companies in the region.
UMB will back companies chosen this autumn through through UMB Capital, which is registered with the Small Business Administration as a small business investment corporation.
Andre Trudell, managing director of UMB’s capital markets division, already revealed that UMB invested in some of the accelerator’s companies from this Spring’s class and will be investing in all of the Autumn class’ graduate companies.
Atul Kamra, managing partner, SixThirty, says: “The partnership with UMB is a vote of confidence in our investment process and acceleration program. It is a shot in the arm for SixThirty and St. Louis to attract and grow some of the most promising ideas in the fintech space.”
Metromile has just landed nearly $200m in Series D funding for its auto insurance payments platform.
London fintech startup Curve has picked up another $3m in funding to replace all the different payment cards in your wallet with just one.
Signifyd, the company that provides fraud protection for e-commerce businesses, has raised $19m in a funding round with investors including American Express Ventures, Menlo Ventures and Triple Point Capital.
Fintech will be a key focus for Spotify and iZettle-backer Northzone as it announces a brand new €300m venture capital fund to invest in early-stage European startups.