CLEVELAND, May 9, 2017 /PRNewswire/ -- KeyBank today announced that it is one of the companies that will fund and back a new Ohio-based global financial technology (fintech) accelerator, "Fintech71". Fintech71 – a nod to the cross-state highway I-71 connecting Ohio via its three largest cities: Cincinnati, Columbus and Cleveland – will attract more fintech companies and expand the innovation pipeline for current private-sector stakeholders. This includes Ohio's strong financial services base as well as Fortune 500 and Fortune 1000 companies headquartered in the state.
This accelerator will focus on growing entrepreneurial activity in Ohio and will benefit companies selected into the accelerator by offering them an exceptional range of mentor and partnership options. Combined with a stipend of $100,000 for each finalist team, access to some of the country's best millennial talent, and an attractive cost of living, Fintech71 and its graduates will be positioned for sustained success.
KeyBank's backing of Fintech71 shows its commitment to cultivating innovation in financial services, with the goal of accelerating innovation cycles and partnering to find the best talent in the industry. Fintech71 is another example of KeyBank's focus in this space –in recent years KeyBank has teamed up with high growth firms such as AvidXchange, and Instamed – in an overall strategy to provide the best integrated technology to solve client needs.
"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," said Ken Gavrity, head of KeyBank's Commercial Payments Group and a Fintech71 board member.
Fintech applicants can apply for Fintech71 from May 15 to July 15. The inaugural class of up to 12 companies will start on Sept. 10, 2017, and will be based in Columbus, Ohio. All fintech-related innovations ready for commercialization are encouraged to apply. International companies are particularly welcome and visa support will be provided for outstanding candidates. Combined with a stipend of $100,000 for each finalist team, access to some of the country's best millennial talent, and an attractive cost of living, Fintech71 and its graduates will be positioned for sustained success in the future.
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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