Dive summary:
- Fidelity National Information Services, also known as FIS, said in a press release Tuesday that it will continue to support fintech startups through an accelerator program, selecting nine companies that it believes will disrupt the financial services industry.
- The Jacksonville, Florida-based company selected nine startups to participate in the ninth annual program, including the New York-based company. Business data analytics company Spade; Blooma, a real estate finance software company based in Encinitas, Calif.; and a banking compliance software company based in Austin, Texas RiskScoutamong others.
- “This year’s cohort is focused on reshaping the financial sector, and we look forward to providing a highly supportive environment to foster their growth and success,” John Durrant, president of FIS Banking Solutions, said in the release.
Dive Overview:
The world of payments is changing rapidly, with new global trends such as open banking, real-time payments and digital wallets transforming the way people pay for goods and services. Artificial intelligence is also expected to play a role in shaping these trends.
Established companies like FIS, which operate in many areas of payments, are looking to stay ahead of the new dynamics by partnering with, and in some cases acquiring, the startups that are bringing these new technologies and payment systems to market.
“This year’s cohort includes nine innovative fintech companies seeking to disrupt and improve various facets of the financial services industry,” the company said in its release.
FIS, led by CEO Stephanie Ferris, is particularly interested in banking games and capital marketsgiven that these are its two major divisions after the completion of the sale of a majority stake in the Worldpay merchant services business with GTCR earlier this year. However, it continues to work with Cincinnati-based Worldpay.
On the merchant services side, Spade isn’t the only payments-focused startup joining FIS’s accelerator program. This year’s cohort also includes Kipp, a company that aims to help merchants and card issuers authorize more customer purchases.
Another participant, Finli, based in San Marino, California Parcha focuses on providing small businesses with invoicing and payment management services. In banking, participant Parcha says it is using AI to enable banks and fintechs to accelerate KYC and anti-money laundering compliance checks.