An Atlanta company that enhances customers' ability to monitor their IRS reporting status won the top prize Thursday as the Little Rock Venture Center wrapped up its sixth annual FIS Fintech Accelerator program.
The top prize, the most valuable participant, was awarded to TaxStatus, which provides complete IRS data and transcripts on a potential borrower "with the click of a button" to ease lending decisions for banks, Chief Executive Officer and co-founder Charles Almond said in a presentation to bankers and financial services executives across the nation.
"We are incredibly honored to be selected for the MVP award," Almond said after the event ended Thursday afternoon. "The opportunity to meet and work with so many financial institutions in such a short amount of time speaks volumes to the professionalism and impact that the FIS Fintech Accelerator, in partnership with The Venture Center, brings to the industry. We will be forever grateful for the opportunity to participate in the program and look forward to all the great opportunities the accelerator has provided."
All 10 participants in this year's fintech accelerator pitched their products on the final day of the 12-week program, which was established to quicken the pace of innovation in financial services and create partnerships and investment opportunities for emerging technology companies.
TaxStatus compiles "active intelligence" from the IRS and provides it to lenders in an easy-to-use format that is accessible from anywhere and at any time, Almond said.
Today, TaxStatus provides IRS data to 40 banking customers and has built relationships with another 50 banks through the accelerator program. The company's product provides comprehensive IRS information quickly and more efficiently, according to Almond.
"Every one of them has shared with us there is no greater problem than having to collect IRS information and do it timely – loans are taking forever," he said. "Customers are unhappy, banks are unhappy. It's such a nightmare.
"We want nothing more, literally, than to give every lender immediate and instant access to all IRS tax records and account status for any individual or business," Almond said. "And, while doing that, I want to give every taxpayer and business owner insight into their own IRS account so they can see what's going on."
FIS, a $13 billion financial products and services company based in Jacksonville, Fla., was founded in Little Rock as Systematics Inc. FIS sponsors the fintech competition and selects participants.
Collins Andrews, a retired FIS executive who serves as executive in residence for the accelerator and provides guidance and mentoring to participants, said the fintechs have contributed to the evolution of the company's products and services.
"When we started, we didn't know what we would get out of the accelerator," said Andrews, who began his career at Systematics. "What it is now, at least for FIS, this is a serious search for complementary products."
The most valuable participant award will be named after Andrews, Venture Center Executive Director Wayne Miller announced at Thursday's event.
Andrews also has served in executive positions at Acxiom Corp. and the ESI Group, both rapidly growing technology companies. He also started a small manufacturing business and has mentored and provided technical expertise to fintech entrepreneurs as an independent consultant.
Long Game of San Francisco won the audience choice award for the most popular presentation Thursday. The fintech rewards bank customers with "savings coins" that can be used to play games when they increase their savings with financial institutions.
The accelerator program has helped elevate the profile of fintech providers in the banking industry. "Banks have embraced the opportunity to collaborate with fintechs and the results have been genuinely meaningful," Miller said in opening Tuesday's event.
Venture capitalists contributed about $19 billion to fintech companies in 2015 and by 2019 those investments increased to $168 billion and that continues to expand, Miller said.