UMB Financial Corporation has become the latest bank to embrace the fintech startup community, forging a partnership with St Louis-based venture fund and accelerator SixThirty.
Set up by Square co-founder Jim McKelvey in 2013, SixThirty invests up to $100,000 in a handful of fintech startup companies each year, inviting them onto a 14-week programme that focuses on hands-on training, mentoring and networking opportunities.
Kansas City-based UMB is throwing its weight behind the programme, investing in SixThirty through its small business investment corporation. In addition, Andre Trudell, MD of the UMB's capital markets division is joining the SixThirty investment committee and, along with colleague Dave Bauer, will also mentor programme startups.
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."