Charlotte’s fintech hub draws new founders through RevTech Labs accelerator

Charlotte’s role as a banking center is pulling financial-tech and insurance-tech founders from across the country into the Queen City, many for the first time, through RevTech Labs’ latest accelerator cohort.

RevTech's 23rd cohort, which launched early September, accepted 11 startups out of more than 350 applicants worldwide. More than half of this year’s companies are led by traditionally underrepresented founders, a continued focus for the Charlotte-based accelerator. Over the next several months, founders will work with mentors, refine their business models and pitch to investors, culminating at the Venture135 innovation conference in November.

For founders, the draw is twofold: RevTech’s track record of connecting startups with financial institutions and Charlotte’s position as a national financial hub.

Aries Fraud Solutions co-founder Collin Corrington called RevTech “a stellar reputation” program that helps startups gain traction in a risk-averse industry. The Texas-based company stops fraud with patented prevention technology.

“One of the hardest parts about our business is getting into the financial space,” he said. “The fact that it was in Charlotte … it’s just a great place to be, with a great accelerator to be with.”

For Lon Varns, also a co-founder of Aries, Charlotte’s community was a pleasant surprise.

“It was both of our first times in Charlotte. I’d never been to North Carolina, and I loved it,” he said. “It was beautiful … and the people mainly. There’s a lot of banks, a lot of technology there. It seems like a very up-and-coming, great place to be.”

Varns added that RevTech provides “validation and positioning for healthy long-term growth,” noting that the accelerator gives early traction the equivalent of “dumping diesel fuel” on it.

For GoodTrust, a San Francisco-based estate planning platform, the attraction was the accelerator’s ability to bridge startups with established financial players.

“We know that RevTech is a community builder,” said Robyn Sechler, GoodTrust's co-founder and vice president of partnerships. “They’re focused on really bringing together financial institutions with innovative startups like us.”

Sechler added that Charlotte’s openness to innovation made the move a natural fit.

“The business ecosystem in Charlotte is very strong, and it thrives on innovation,” she said. “It’s exciting for somebody like me who’s looking for communities that are open to trying new things.”

SnapRefund, a Philadelphia-based automated payments company, joined with an eye toward building local partnerships in insurance and finance.

“Charlotte is a big banking city. A lot of financial services run through Charlotte,” said SnapRefund co-founder and CEO Cody Eddings. “As we service the insurance sector, we look to do that for local agents and brokers here who are selling insurance policies in Charlotte.”

Eddings said RevTech stood out because of its commitment to diversity.

“They’re also big on diversity and equity and inclusion,” he said. “It’s great to see any fund investing in founders who don’t always get the same chances as others.”

Each founder also pointed to RevTech’s deep bench of mentors and advisers as a differentiator. Varns of Aries said the company now has about 20 advisors assigned, including senior executives from major financial firms.

“Just being part of the program is going to elevate our company,” he said.

Sechler echoed that sentiment, describing the program as a “perfect marriage” between RevTech and Charlotte’s startup ecosystem.

“What we hope to get out of it is collaboration and strategic introductions,” she said.

For Eddings, the one-on-one mentoring is critical.

“They provide a lot of one-on-one mentoring with the advisors, which is really crucial for success,” he said. “Beyond that, RevTech is really good at pulling in local benefits with Charlotte and the local economy.”

RevTech Labs has been a cornerstone of Charlotte’s entrepreneurial scene since 2012. Founded by Dan and Sara Roselli, the program has helped put the city on the map for fintech startups. Dan Roselli said Class 23 highlights “the diversity, innovation and ambition driving the future of fintech and insurtech.”

The accelerator’s influence includes alumni raising significant funding, securing partnerships with major banks and insurers, and expanding nationally.

“It’s very supportive,” Corrington of Aries said. “Somebody said Charlotte is just a very big small town, and you can honestly feel it.”