Last Wednesday, the SixThirty fintech accelerator in St. Louis announced their inaugural fall 2013 class. The program began this Monday as the startups embarked upon their four-month journey at the Downtown T-Rex coworking space.
Backed by Cultivation Capital and founded by Jim Mckelvey of Square, SixThirty selected four startups from an application pool of over 100 from across the globe. The selected startups will each receive $100,000 in investment funding to further develop their ideas and products.
“Small companies can have a great idea, a great team, but they cannot get their product to the market without access to the rails,” says McKelvey to KMOX radio. “Those rails are usually controlled by banks, insurance companies, and credit card networks.”
Thankfully, St. Louis is home to many banks, insurance companies, and credit card networks, which is one of the main reasons SixThirty was established there. The initial class is somewhat small, but SixThirty is looking to bring on eight additional companies for the next go around.
The four startups in the fall 2013 class are:
- Hedgeable: A next-generation Vanguard providing low-cost, risk-managed investment products in response to the financial crisis.
- MiiCard: The card leverages access to online financial accounts to verify an individual’s identity beyond a photo ID through a simple process that occurs completely online in five to ten minutes.
- Upside: They use innovative financial science and beautiful user interface to provide goal-based investment management to mass affluent young professionals.
- XYverify: A platform to enable consumers, merchants, and financial institutions to reduce costs and prevent fraud via a mobile authentication platform.