Project FinTech: Tennessee’s fintech mentorship network and accelerator program for emerging tech founders.

FinTech’s Rise in Banking
Fintech is rapidly transforming the global financial landscape through innovative solutions that streamline processes, cut costs, and enhance user experiences. Advances in AI, open banking, and other technologies are fueling the disruptions in the financial industry. While fintech companies are emerging across the financial services industry at a rapid pace, digital innovators are especially present in banks’ traditional markets.

Progress has been accelerated by improvements with mobile communications, machine learning, and analytics, revolutionizing how financial institutions deliver services and compete. The intersection of financial services and technology is the cornerstone of the modern economy, from small businesses to Fortune 500s.

According to Adroit Market Research, the size of the global fintech market was estimated at $110.59 billion in 2020 and is expected to increase at a compound annual growth rate (CAGR) of 20.5% to reach $699.50 billion by 2030. As of May 2023, there were 11,651 fintech start-ups in the Americas, making it the region with the highest number globally.

Catalyst for new start-ups
With the rising demand for cutting-edge fintech innovation, start-ups are fiercely vying for market share, emerging as a top trend for investors and venture capitalists. Early-stage fintech start-ups have a new catalyst with Project FinTech, an ambitious Tennessee-based mentor network and accelerator program. Located in Nashville, this nine-month program offers tech founders the benefit of community, curriculum, and connection with exited FinTech EiRs, champion mentors, and subject-matter experts who want to help them achieve commercialization.

Launched by the Nashville Entrepreneur Center in collaboration with its Entrepreneurs in Residence, their statewide FinTech advisory board, and industry experts, the program is open to all fintech start-ups in the “bank tech” sector, defined as technology seeking to improve, automate, or scale the delivery or use of payments, deposits, loans, or relationships between retail or commercial banks and their customers. These promising start-ups were handpicked for their groundbreaking solutions in the fintech space and their potential to reshape the industry, addressing market gaps and opportunities.

Lumio Insight Selected as Cohort
The heart of the program is the 2023 Project Fintech Cohort. Out of 40 applications from across the country, Lumio Insight, represented by Jeff Fink, Co-Founder and CEO of Lumio Insight, is proud to be 1 of 9 companies selected as cohort members, being 1 of only 6 chosen from out of state. Cohort members were selected for their potential impact in Tennessee, with the needs of these companies aligned with the state’s network of resources and their perceived openness to mentorship and collaboration.

Joe Maxwell and Lee Farabaugh are presently mentoring the cohort companies, and Jeff commended their efforts, noting that their contributions go beyond conventional mentorship. “Joe and Lee are doing an incredible job fostering the FinTech ecosystem in Tennessee,” Jeff said. “They are connecting us with banks, private equity firms, and other fintech’s, and providing valuable.

August 2, 2023, marked its first wave of programming centered on BankTech innovation, but banking is only the beginning. Project Fintech plans to expand deeper into technology for payments, wealth management, accounting, treasury, and more.

Lumio Insight is proud to participate in Project FinTech alongside the chosen cohorts, representing the cutting edge of banking technology’s next generation. They express gratitude to the program and industry experts dedicated to empowering visionary minds shaping the future. Stay tuned for exciting Project FinTech updates, news, and events.

Learn more about Lumio Insight’s industry leading banking analytics platform for insight strategy: https://lumioinsight.com/
Project FinTech: https://projectfintech.com/
Nashville Entrepreneur Center: https://www.ec.co/