Starting in October, startups in financial technology will have a new helping hand.
Jim McKelvey, best known as a cofounder of mobile card reader company Square, is helping others follow in his footsteps. He and two others have created SixThirty, a financial services tech accelerator program that will give $800,000 a year to eight startups, as well as enroll them in a four-month accelerator program.
Headquartered in St. Louis, the program derives its name from the height and width of the iconic Gateway arch─both 630 feet. SixThirty, financially backed by the St. Louis Regional Chamber and local investment firm Cultivation Capital, will make four $100,000 investments each fall and spring then offer hands-on training, mentoring, and networking opportunities with local financial institutions, including Edward Jones, Scottrade, Stifel Financial, Wells Fargo Advisors and US Bancorp CDC.
The first four companies selected for the inaugural class will start the program at the beginning of October and will be housed in the T-REx startup co-working space in downtown St. Louis.
The St. Louis Regional Chamber has promised a three-year financial commitment.
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