The Founders Arena WealthTech Accelerator, in partnership with First Rate Inc., SEI, and the city of Arlington, has revealed its first cohort of startups for its inaugural accelerator program in Arlington. The cohort consists of six companies, including Tax Status, Charityvest, InvestSuite, Lumiant.io, Manifest, and Sora Finance. While Tax Status is based in North Texas, the other companies hail from locations as far away as Australia and Belgium.
The accelerator program aims to address the evolving expectations of tech-savvy clients in the wealth management industry. Founders Arena President Pamela Cytron states that these companies will bring much-needed technological innovation to the industry, particularly during the impending intergenerational transfer of wealth.
As part of the selection process, the accelerator is inviting wealth management firms and financial institutions to participate in “VIP Days,” where executives can directly connect with global WealthTech founders. This allows banks and large enterprises in the sector to leverage the innovative products being developed by these entrepreneurs.
The startups in this cohort have all previously received funding and are generating revenue. They have an average funding raise of $6 million and an annual recurring revenue of $1 million. Over the course of a 10-week intensive program, the accelerator will focus on helping these early- to growth-stage WealthTech founders scale their revenues and develop impactful products.
The baby boomer generation is expected to transfer approximately $84 trillion in assets to Gen X and millennial heirs, who are more inclined towards digital-first solutions. This creates a significant opportunity for companies that provide digital wealth management solutions.
The companies in the inaugural cohort offer a diverse range of solutions, including fully digital IRS account monitoring, donor-advised funds leveraging technology, white-label InvestTech solutions, cloud-based client experience platforms, retirement account consolidation, and credit management and liability optimization services.
The Founders Arena WealthTech Accelerator is seen as an important catalyst for emerging financial services technology. SEI Ventures’ global head, Russ Kliman, expressed excitement about partnering with Founders Arena to explore how SEI’s capabilities and industry position can contribute to innovation and growth in the WealthTech sector.
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