Posted March 5th, 2020
CENTRAL PAYMENTS ANNOUNCES INAUGURAL FALLS FINTECH COHORT
Top FinTech Companies Set to Join Spring 2020 Accelerator Program
March 5, 2020 (Sioux Falls, SD) – Central Payments today announced the first group of companies that will join
the Spring 2020 cohort for Falls Fintech, its business accelerator program geared towards early-stage financial
technology (fintech) companies.
“This inaugural group of companies are developing exciting financial products that leverage new technologies
to solve financial challenges, particularly those experienced by underserved consumers and small businesses,”
said Nikkee Rhody, Managing Director of Falls Fintech.
Falls Fintech Spring 2020 Cohort:
• Build Financial (New York): Empowering middle-class users by providing them with emergency savings,
spending, and financial health tools, Build Financial’s core financial products (high-yield savings, mobile
banking, debt consolidation, long-term investing) utilize automation and learning tools to help
customers take control of their money, and make saving it automatic, accelerated, affordable, and
accessible. Learn more at https://www.buildf.com/.
• Invest Sou Sou (Washington D.C.): Inspired by African and Caribbean cultures of building wealth
together, Sou Sou is a smart social banking app designed for customers to save, build credit and invest
with people they trust. Create a stronger financial lifestyle, track saving progress, unlock rewards and
build credit. Together. Learn more at https://investsousou.com/.
• Permiso (California): Revolutionizing banking for youth, Permiso’s created an app, card, and life literacy
curriculum that keeps its user actively engaged on a daily basis. Permiso combines socio-emotional life
principles with practiced executive functioning and financial literacy skills, making it not only an app to
check your bank balance, but to learn about how to succeed in life and school. https://getpermiso.com/.
• Soon (Utah): Simplifying finances by consolidating checking, saving, investing and goals into a person’s
existing cash flow. Soon’s Smart Debit Card automatically invests when a customer makes a deposit,
and divests the best performing asset when money is spent to increase purchasing power, deliver
investment-level returns and help users accomplish important life goals. Learn more at
• XpenseOne (Washington): A digital expense management solution developed for small and mediumsized businesses to streamline processes related to expense reports, approval workflows and back office
reconciliation. The XpenseOne solution is white labeled and offered by banks to their businesses, driving
higher retention, revenue and customer acquisition. Businesses can manage expenses made with any
payment method such as personal cards, bank issued cards or cash. Learn more at
Trent Sorbe, President of Central Payments and Co-founder of Falls Fintech, adds: “We are thrilled to expose
these entrepreneurs to Sioux Falls and experience why we are the hub for banking and payments. Central
Payments and our Falls Fintech accelerator were created to enable the next generation of financial service
companies and continue the banking evolution that started in South Dakota in the mid-1980’s.”
Falls Fintech is a 10-week program designed to accelerate market readiness for early-stage fintech companies
and promote breakthrough of the last-mile problems facing fintech companies today. The Spring 2020 cohort is
set to run March 9 through May 15. During the 10 weeks, participating companies will receive high-intensity
curriculum with an elite network of financial, payment and technology professionals across the globe.
About Central Payments and Central Bank of Kansas City
Central Payments operates as the payments division of Central Bank of Kansas City (CBKC) and is headquartered
in Dell Rapids, South Dakota. The fastest growing prepaid card issuer since 2015*, Central Payments administers payment card and funds disbursement programs via retail, employer/payroll, and online outlets nationwide. CBKC is a 68-year-old family-owned bank located in the heart of Kansas City, Missouri and one of 135 financial institutions in the country certified by the U.S. Treasury as a Community Development Financial Institution. CBKC and Central Payments share the mission to provide high-quality financial products to consumers of modest means who historically have not enjoyed the benefits of affordable and accessible financial services. “Treat Each Customer’s Balance as Though It’s All They Have” guides our approach to product design, customer service, and affordability. Visit central-payments.com, fallsfintech.com, or centralbankkc.com for more information. Member FDIC.
* Source: The Nilson Report, 2015 to 2018.