Square co-founder Jim McKelvey has launched a St. Louis-based financial services tech accelerator programme, promising $100,000 in funding to eight different fintech start-ups every year.
With backing from the St. Louis Regional Chamber and local investment firm Cultivation Capital, SixThirty says that it will hand over four $100,000 investments each autumn and spring. A three year financial commitment has been made by the Chamber.
In addition, firms picked will take part in a four-month accelerator programme, receiving hands-on training, mentoring, and networking opportunities with financial services companies in the region. Participants also get perks such as free legal services, discounted software and web hosting, and office space.
The program culminates with a month-long pilot, where each company will be able to present to a panel of IT and business development stakeholders at top financial services firms.
Interested start-ups have until 6 September to apply for the inaugural class, which will begin in October and be based at the T-REx startup co-working space in downtown St. Louis.
McKelvey - a native of St. Louis best known for mobile payments firm Square, which he co-founded with Twitter's Jack Dorsey - says: "Between the growth capital, the experience of our founding team, and the connections with the financial services community, SixThirty will be a welcome addition to the St. Louis startup scene."