Financial services companies team up to back Ohio fintech accelerator ‘Fintech71’

A group of Ohio financial services companies have teamed up in order to establish and back a new Ohio-based global fintech accelerator ‘Fintech71’.

The effort is being backed by KeyBank, FifthThird, JPMorgan Chase, Silicon Valley Bank, Huntington Banchshares, and others. The Fintech71 accelerator takes its name from the cross-state highway I-71 connecting Ohio via its three largest cities – Cincinnati, Columbus and Cleveland.

The fintech accelerator that aims to attract more fintech companies to expand the innovation pipeline for current private-sector stakeholders, will focus on growing entrepreneurial activity in Ohio. It also aims to benefit companies selected into the accelerator by providing an exceptional range of mentor and partnership options.

“With the creation of this accelerator, we aim to leverage Ohio's tech-savvy talent, attractive cost of doing business and established industry strength to make Ohio a global hotspot for Fintech innovation and growth,” Matt Armstead, executive director, Fintech71, said.

Each finalist fintech startup will receive a stipend of $100,000, access to some of the country's best millennial talent, and an attractive cost of living.

The accelerator will be open for applications in coming weeks and is inviting early-stage fintech startups to seek one of up to 12 spots on the program that will be based in Columbus and will start in the month of September.

“At KeyBank, we recognize that fintech partnerships are an important source of innovation to drive better client experiences. As a result, we spend significant time helping to establish and support the start-up ecosystem, and being a part of Fintech71 enables us to concentrate some of our efforts here in Ohio with a nexus of strong partners,” Ken Gavrity, head, commercial payments group, Fintech71, commented.