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Home›Fund›Falls Fintech Gives Money Tech Firm a Boost Through COVID-19 | Zoom Fintech

Falls Fintech Gives Money Tech Firm a Boost Through COVID-19 | Zoom Fintech

By Mark Herras
March 11, 2021
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Andrea Van Essen, Startup Sioux Falls

Printed at 11:21 a.m. EDT on Sep 18, 2020

After the onset of COVID-19, Falls Fintech’s first cohort packaging was shipped, just days after arriving in Sioux Falls, it was unclear how the pandemic would affect this system in the future.

While the crew hoped for a fully face-to-face program the second time around, well-being and safety took precedence, they generally engineered hybrid expertise.

“The biggest advantage we had at the start of the second round was that we knew it was going to be virtual, and we were able to fully plan and expect that way; unlike the first round, where we were sort of in scrambling mode, ”said Nikkee Rhody, Managing Director of Falls Fintech.

Rhody and his team introduced the cohort to Sioux Falls for a week-long launch of on-site introductions, lectures, and programming in mid-August, and after that, the companies returned home to complete almost the rest of the 11 weeks.

Members of Cohort 2 interacted with viewers on the Falls Fintech Pub Pitch throughout their launch week in Sioux Falls.

“They were able to intentionally build relationships, establish good relationships, and develop that relationship fairness with each other within the first week,” Rhody said. “Now virtual learning is on and so far everyone has done a great job. They’ve held meetings with each other, used themselves as sounding boards, and they’re virtually getting by. It’s the new normal, and people have gotten used to it.

What’s up this time around?

Aside from the skills of the Falls Fintech team to plan and implement a digital accelerator model from the start, Rhody notes another distinction between the primary and secondary cohorts: the companies themselves.

In response to Rhody, the main cohort was centered on the verticals of the challenger banks. A challenger bank, also known as neo-bank, is a financial technology company that competes with conventional bank account products. In the United States, you will need a banking license or a cash transfer license to be able to cash out or submit a settlement. Challenger banks are seen as a substitute for a bank account, but they still require this license behind the scenes.

In contrast, the second cohort includes an additional set of companies working in verticals such as credit score building, break-up funds, baby training, financial literacy, and minority-focused businesses.

In addition, companies in the second cohort entered the accelerator at a later stage of their business.

“It’s very prevalent this time around, compared to the first cohort,” Rhody said.

Much of that variety could be attributed to a greater variety of candidates – the pool has really tripled – across the second sphere. With increasing curiosity in this system, the Rhody team was able to be more intentional with their selections.

Although it is on hold in the meantime due to COVID-19, Rhody hopes to hold a double demo day at the end of this system where companies from the first cohort are able to come back and show up in the second. . cohort and the general public. The second cohort would also be present on this occasion.

“The idea with this accelerator is that it’s so multifaceted in the mind to learn what they don’t know, to connect and network with people they might not know, to build relationships and get a lot of exposure, ”Rhody said. “A culminating event like a demonstration day wraps an arc around everything. We would attract investors and local media, and we intend for this to be this type of monumental, high profile day, so we are still hoping and pushing for that.

Additionally, Falls Fintech introduced an Entrepreneur in Residence for the second cohort: Donald Hawkins of Tenth.

“He has already founded and left companies and he is much further along in his business today. This is an opportunity for someone who came before them to sponsor the cohort members and talk about the lessons they learned, ”said Rhody.

Tenth may be in the technical implementation with Central Funds, the division of the Central Bank of Kansas Metropolis, of which Falls Fintech is a subsidiary.

Which companies make up cohort 2?

As mentioned earlier, the companies in the second cohort have a variety of goals.

Cedar Credit Score Builder is located just half an hour from Luverne, Minnesota, and the company’s goal is to enable clients to build their credit score using the money they have already received and the bills they are already paying.

Frizzmo is a Michigan company that has designed a brand new banking app that allows users to make daily purchases and donate money to schools in their group.

Paperplane, in North Carolina, is creating a platform that will join students in enhanced training through investor funding.

Riftpay is based in Texas and provides a social banking platform where clients, clients, and teams can share funds and bank collectively.

Hawkins’ firm, Tenth, relies on Kansas and it’s a digital bank aimed at clearing the wealth hole for blacks through money formation.


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