Business Wire 29-Oct-2018 11:28 AM
Company demonstrates commitment to innovation, St. Louis region
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.
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.
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