World Wide Technology finds global partner with SixThirty
WWT has announced a new global partner, SixThirty, a fellow St. Louis-based organization that funds financial technology startups.
Posted by the St. Louis Business Journalon March 27, 2018:
World Wide Technology had spent the past few years looking for a venture capital fund that had a global reach. WWT found it in its own backyard.
Earlier this month, the Maryland Heights-based company announced its partnership with St. Louis financial tech venture fund SixThirty. Through the partnership, a first for the company, the $10.4 billion multinational firm will have access to emerging tech impacting the financial and insurance industries as well as the potential to make acquisitions, said WWT's Matt Horner, senior vice president of global enterprise sales.
“What we found attractive was their interest in fintech startups is global. They don’t just look at the St. Louis area or region as potential investments, they seek well-rounded firms all over the U.S., Asia and Europe,” Horner said.
SixThirty invests in up to 10 fintech startups each year that can take part in development programs and networking opportunities with leading tech and financial services firms across the country. SixThirty has invested more than $3.7 million into more than 35 companies since its founding in 2013. Those companies have raised about $100 million in follow-on capital.
As part of its partnership, Horner and Philip Farah, WWT’s digital transformation lead of global financial services institutions, have joined SixThirty’s investment committee that selects startups to invest in. WWT began investing in SixThirty late last year, though Horner declined to disclose the amount.
The company will leverage the investment in SixThirty's portfolio through mentorship and access to WWT's labs, he said. The company sees blockchain, artificial intelligence, cybersecurity demands and automation as top areas of interest.
According to a 2017 global fintech PwC survey, 82 percent of respondents expected the number of fintech partnerships between startups and established companies to grow in the next three to five years. Partnerships can offer startups access to large data sets in addition to a large existing customer base, according to the survey.