‘First-of-its-kind’: Why this wealthtech accelerator coming to Arlington is a big deal
A new wealthtech accelerator program in Arlington will be the first-of-its-kind in North Texas.
The Founders Arena WealthTech Accelerator is a 10-week program expected to help early- to growth-stage startups develop products and connect with investors and customers. The intensive bootcamp coming to Arlington is meant to help entrepreneurs scale their revenue through mentorship and access to funding, networking and training.
Arlington-based wealth management solutions company First Rate and the city of Arlington are partnering with Founders Arena to bring the program to the city.
Product creation will focus on tools for wealth management companies and banks. The wealthtech industry focuses on technology like artificial intelligence and digital solutions to help traditional wealth management firms become more efficient.
The program will include a mix of remote programming and in-person events out of First Rate’s North Arlington campus on Ascension Boulevard. The Arlington company recently spent nearly $950,000 to renovate its headquarters, which includes more than 17,000 square feet of coworking space.
The accelerator also is expected to collaborate with Tarrant County Community College, The University of Texas at Arlington and local school districts through student hackathons, workshops and other training opportunities.
First Rate could also earn up to $1.5 million from the Arlington Economic Development Corporation over the next three years as part of a performance-based grant approved in April. Under the agreement, First Rate is expected to create at least 14 new jobs by next April. The company currently has more than 70 employees.
Broderick Green, executive director of the Arlington Economic Development Corp., said the program is a first not just for Arlington, but for the world.
“Our strategic plan highlights the need for more support for entrepreneurs,” Green said in a statement. “And we feel this sends a strong message to the community that Arlington wants to help grow innovative companies right in our own backyard.”
Experts in the financial services sector will participate in networking and mentoring as part of the accelerator.
Pamela Cytron, president of The Founders Arena, said the company is on a mission to help entrepreneurs succeed.
“Equally as important is helping the community succeed,” Cytron said in a statement. “We intend to go beyond the role of a traditional accelerator by actively involving the local community here in Arlington. We are grateful for the strong partnership of the city of Arlington and our strategic partners and look forward to welcoming the first cohort of startups in September.”
Arlington leaders expect the accelerator to garner attention from global wealthtech executives. Founders Arena operates out of Arlington, but the organization partners with and hosts events in Asia, Latin America, Europe, the Middle East and Africa, according to its website.
Applications for the program are open through July 15 with the program beginning Sept 4..
Trina Stone, owner and executive chair of First Rate, said the company wants to help more early-stage entrepreneurs achieve the American Dream.
“The wealth management industry is in need of innovative technology solutions, and the next generation of companies moving the industry forward will be built right here in Arlington,” Stone said.
Pennsylvania-based SEI is one of the program sponsors. With offices across the globe, the technology and investment solutions company works with financial institutions, corporations and high-net-worth investors. The publicly-owned company manages $1.3 trillion in assets as of March, according to the company’s website.
