The Little Rock Venture Center wrapped up its financial technology accelerator supporting community banks and announced the winning entrepreneur from Roanoke, Va.
Eleven start-ups from across the nation participated in the 16-week ICBA ThinkTECH accelerator initiative. All 11 companies presented seven-minute live demos of their products Wednesday to potential banking customers and investors.
KlariVis, a data and intelligence provider, was selected as the top company by a panel of judges.
The competition is sponsored by the Independent Community Bankers of America and the state of Arkansas. This is the fourth year for the accelerator.
KlariVis and other participants received hands-on feedback from bankers and regulators in efforts to develop a product or service that will work to improve technology offerings at community banks. Officials said about 127 banks participated in the effort.
"Your commitment to supporting these programs has been invaluable," Venture Center Executive Director Wayne Miller said in thanking the mentors and advisers to the accelerator and to the financial technology companies in the program.
"What this truly demonstrates is that it does take a highly collaborative effort to make this program work," Miller said. "And it demonstrates that fintechs and community banks can partner and accomplish amazing things together."
Gill Hundley, chief administrative and risk officer at KlariVis, said the company began as a consulting firm and management was led by former community bankers. Bankers have to sift through and examine tons of information in what has been a time-consuming task.
KlariVis is "built for bankers by bankers," Hundley said. "Today's environment has prompted banks to seek products like ours to solve their data challenges and support strategic challenges."
KlariVis was named "MVP" for its team's collaborative approach and the platform's potential to solve community bankers' business challenges and opportunities.
"The ICBA ThinkTECH Accelerator program was designed with the overarching goal of helping community banks do what they do best: build relationships," said ICBA Chairman Brad Bolton, president and chief executive officer of Community Spirit Bank in Red Bay, Ala. "This program continues to deliver on that promise with tailored solutions designed with community bank sensibilities and customers in mind."
Digital lending platform Quilo won the 2022 Banker's Choice Award at ICBA's annual convention last month.