Wed January 29, 2014
Bank Of America Backs Incubator Program For Financial Tech Startups
Charlotte business incubator Packard Place is launching a new program for financial tech startups. Its goal is to find innovative technologies for all aspects of the financial services industry, from consumer banking to corporate finance. WFAE’s Duncan McFadyen reports Bank of America has signed on as the program’s top sponsor.
The program is called QC FinTech, short for Financial Technology, and it’s accepting applications for its first class of startups through February 23rd. Bank of America has backed similar programs in London and New York. It isn’t saying how much the sponsorship is worth. But Packard Place co-founder Dan Roselli says the B of A name is worth more than money, especially when making a pitch to other sponsors.
He says, “if you don’t have B of A on board, the first question they would ask is 'where are they?' Right?”
Roselli expects as many as 70 companies to apply for QC FinTech. Only four to six of them will make the cut for the 3-month program. They’ll come to Charlotte to hone their business plan with a team of mentors from the world of business, tech, and finance.
“What companies take advantage of will be difference based on the company, what stage they are in their development and life cycle,” he says.
Then, with a polished pitch, they’ll present to investors at a “demo day” in May. Roselli says big names such as Bain Capital have signed on to attend.
Startups don’t have to be from the Charlotte area to apply. Roselli hopes once they get here, though, they won’t want to leave.
“The quality of life in Charlotte vs. New York; it’s a third of the cost of living. There’s a lot of strong arguments as to why Charlotte can play and compete on a national level,” he says.
And luring new companies to Charlotte, he says, would benefit the area’s financial industry.
More information is available at the QC FinTech website.