Reinsurance Group of America Partners with SixThirty to Help Develop FinTech Startups
ST. LOUIS, MO – February 29, 2016 – Reinsurance Group of America, Incorporated (RGA) today announced that its subsidiary, RGAx, LLC, (RGAx) has entered into a strategic partnership with SixThirty, a St. Louis-based venture fund that invests in financial technology (FinTech) startup companies. Backed by the St. Louis Regional Chamber and venture capital firm Cultivation Capital, SixThirty is a business development accelerator that invests up to $100,000 in select FinTech startup companies each year.
“RGA has been a part of the St. Louis business landscape for more than 40 years, and we are proud to invest in our local community,” said Tim Rozar, Chief Executive Officer of RGAx. “With St. Louis as one of the country’s largest financial hubs, and thanks to the investment and support from local groups like SixThirty, we are poised to climb the ranks of the most startup-friendly communities in the country.”
Rozar noted an analysis of funding data, completed by Mattermark, which looked at the number of investment rounds closed and total deal value produced showing St. Louis currently as the fastest growing startup city in the US. “When our local entrepreneurs succeed, it creates a ripple effect, strengthening the local talent pool, fueling economic growth and job creation, and generating innovative ideas from which we all can benefit.”
As part of the partnership, RGA’s Farron Blanc, Vice President, Innovation for RGAx, will join SixThirty’s Investment Committee, and will help review and select FinTech startups to participate in the accelerator program.
“RGA’s open and inclusive attitude to innovation is refreshing”, said Atul Kamra, Managing Partner of SixThirty. “Their global perspective is a real value add to FinTech entrepreneurs, and we are delighted to welcome them to the SixThirty community.”
The companies selected to take part in the accelerator program will participate in a 14-week development program focusing on training, mentoring and networking opportunities with some of the top financial services companies in the region.
Reinsurance Group of America, Incorporated, a FORTUNE 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.0 trillion of life reinsurance in force and assets of $50.4 billion as of December 31, 2015. Founded in 1973, today RGA is widely recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.
SixThirty invests in later seed-stage financial tech-based startups with working products, providing the startups with funding, mentorship, and connections to the top financial services companies in the country. SixThirty accepts startups in both its fall and spring classes. Each of the startups receives up to a $100,000 investment in exchange for a negotiated percentage of equity, usually between two percent and ten percent.
SixThirty’s cohort companies receive individualized attention. The commitment of mentors and partners to work in the trenches with founders on their business models and business development continues to be a differentiator for the SixThirty accelerator.