Company demonstrates commitment to innovation, St. Louis region
ST. LOUIS--(BUSINESS WIRE)--
Commerce Bank announced today a multi-year partnership with SixThirty, a
St. Louis-based venture fund that invests in financial technology
(FinTech) startup companies. SixThirty targets investments in late-seed
stage startups that have a product and market traction and are starting
to earn revenue. Its portfolio and pipeline represent some of the most
innovative and promising FinTech ideas from around the world.
Through its strategic relationship with SixThirty, Commerce will provide
hands-on training and mentoring to the companies selected to take part
in SixThirty’s business development program. Commerce team members will
also participate in networking opportunities with leading technology and
financial services institutions and some of the brightest and most
innovative minds in the country. Additionally, Commerce will have the
ability to make direct investments in ideas that present strategic,
long-term opportunity to the business and the needs of our customers.
Innovation, a cornerstone of Commerce’s culture and core values, has
been about building on past successes while looking forward. The company
has consistently invested in new markets and products to meet customers’
changing needs and keep pace with the dynamic and constantly changing
financial services market.
“Throughout our 153-year history, Commerce has maintained an innovative
mindset. This has not only been valuable for launching new products and
services, it has been crucial for solving existing and emerging business
challenges,” said John Kemper, President and Chief Executive Officer of
Commerce Bank. “Partnering with an organization like SixThirty is a
natural fit for Commerce and our culture of innovation. This
relationship gives us an opportunity to look beyond our organization to
identify strategic innovations to best serve our customers and solve the
challenges of today and tomorrow – all while supporting the FinTech
community and the St. Louis region.”
St. Louis offers a unique blend of a thriving startup scene and a robust
financial services community, serving as one of the largest financial
services hubs outside of New York. Atul Kamra, SixThirty's managing
partner, said, “Commerce's approach to innovation is grounded in
engaging their talent and sustaining competitiveness with strong client
relationships. They are a great fit with our inclusive and collaborative
approach to B2B innovation, and we are delighted to have them at the
SixThirty table."
Commerce Bank executives Bob Holmes, Chairman and CEO of Commerce Bank,
St. Louis Region, and Dave Roller, Chief Information Officer, are
members of SixThirty’s Investment Committee, which selects FinTech
startups that SixThirty invests in and evaluates the investment pipeline.
About Commerce Bank
Commerce Bank, a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH),
is a $25.1 billion regional bank holding company, as of September 30,
2018. For more than 150 years, Commerce has been meeting the financial
services needs of individuals and businesses. Commerce provides a full
range of financial products to consumer and commercial customers,
including personal banking, lending, mortgage banking, wealth
management, brokerage and capital markets services. Commerce operates in
approximately 330 locations in the central United States and has a
nationwide presence in the commercial payments industry.
For additional information, please visit www.commercebank.com.
About SixThirty
SixThirty is a global venture capital fund that invests in late
seed-stage financial technology (“FinTech”) startups and provides them
with mentorship and connections to the leading financial services
companies in the country. The startups receive up to a $250,000
investment in exchange for a negotiated percentage of equity.
SixThirty's portfolio companies receive individualized attention. The
commitment of mentors and partners to work in the trenches with founders
on their business models and accelerate their commercialization
continues to be a differentiator for SixThirty. For more information
please visit www.sixthirty.co.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181029005531/en/
Commerce Bank
Maura Ritter, 314-746-8567
Maura.Ritter@commercebank.com
Source: Commerce Bank