BankLabs of Little Rock said Thursday that it will create up to 19 full-time jobs in the capital city by the year 2020.
The company, a national provider of mobile technology products for financial institutions, said it received support from the Little Rock Regional Chamber and the Arkansas Economic Development Commission in the form of tax credits and help finding job candidates.
“Our goal is to differentiate the financial institutions that are not happy with the status quo from those that are resistant to change,” Matt Johnner, BankLabs president and co-founder, said in a news release. “Our clients want new ways to do things that leverage their strengths. BankLabs Chairman and CEO Mike Montgomery has a rich history as a leader with Arkansas-based Systematics and Alltel Information Services. We both look forward to the next wave of innovation that BankLabs can help create.”
BankLabs’ products, available online and on mobile devices, aim to automate and simplify various processes at banks and other financial institutions. Among its new products is +Pay, which automates payments to sub-contractors from banks, general contractors, builders, title companies or disbursing agents. Other products automate the residential and commercial construction loan process for banks and other lenders.
In a news release, AEDC Executive Director Mike Preston said BankLabs is “contributing to the resurgence of Arkansas as a FinTech leader.”
“The company is not only helping banks, but also creating FinTech marketplace options that expand business opportunities for everyone in the industry and across the globe,” he said. “We are hopeful that the state’s support will not only help BankLabs grow its Little Rock team, but also help to improve the state’s economy.”
AEDC said BankLabs is receiving tax credits under the Equity Investment Tax Credit Program, an incentive for new, tech-based businesses that pay wages above of the state or county average. The program allows a business to offer an income tax credit to investors purchasing an equity investment in the business.
Ben France, director of business attraction and expansion for the Little Rock Regional Chamber, said the chamber has been working with the firm “from a talent attraction and corporate HQ expansion standpoint.”
“Little Rock is now home to a number of large and small innovative financial technology companies,” France said. “Our work with the Venture Center, Little Rock Technology Park and the University of Arkansas-Little Rock is focused on creating a pipeline of professionals for companies like BankLabs to innovate and grow in Little Rock.”
Little Rock has become a center of financial technology startups through the Venture Center’s 3rd VC FinTech Accelerator program, which takes place this summer at the Little Rock Tech Park. The program, funded by FIS of Jacksonville, Florida, and Arkansas discretionary funds, aims to nurture startups in the financial technology industry. The Venture Center will announce on May 2 the 10 companies that will participate in this year’s FinTech program.