Republic Bank Launches New BankTech Incubator, Supporting Innovation and Entrepreneurship
$5M will be invested in technology companies and products
Republic Bank & Trust Company (“Republic” or the “Bank”) is launching a new BankTech Incubator, aimed at supporting technology companies and their innovative products that complement the Bank’s strategic goals through investments in the companies and their products, and through knowledge-sharing.
“The BankTech Incubator allows us to create long-term partnerships with technology companies and share deep industry knowledge that influences the technology we use within the Bank,” said Andrew Trager-Kusman, Chief Strategy Officer at Republic Bank. “We see value in investing in companies with which we also have a strategic relationship. These types of relationships will be truly symbiotic.”
Qualified companies or products for the incubator must have an existing or planned strategic relationship with the Bank, allowing Republic to invest in companies its associates and customers know and trust.
This incubator program comes almost one year after hiring Chief Information Officer, Jeff Starke, who will help guide the selection of the Bank’s portfolio of companies. The Investment Committee evaluating opportunities is a multi-disciplinary group of Republic associates representing key areas across the Bank.
This latest initiative builds on Republic’s already strong technology offerings, including 90 Interactive Teller Machines (ITMs) across its footprint in Kentucky, Indiana, Ohio, Tennessee and Florida, mobile and online banking used by over two-thirds of its personal retail clients, and products offered through its Republic Processing Group.
“We’re going to be very thoughtful and selective to ensure the BankTech Incubator portfolio allows us to better serve the needs of our clients, as well as the Bank,” said Trager-Kusman. “We do not have any current investments, but we’re confident this initiative will allow us to deepen our existing strategic relationships while we continue to develop new relationships in undiscovered areas.”
About Republic Bank
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 42 full-service banking centers throughout five states: 28 banking centers in 8 Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, New Port Richey, St. Petersburg, Seminole,
Tampa, and Temple Terrace; two banking centers in two Tennessee communities (Nashville MSA) – Cool Springs and Green Hills; and two banking centers in two Ohio communities (Cincinnati MSA) – Norwood and West Chester. The Bank offers internet banking at www.republicbank.com. The Company has approximately $6.3 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.