Dallas-based Dasceq, a firm that specializes accounts receivables and collections by leveraging artificial intelligence and other technologies was selected as one of the 10 companies selected on Tuesday to participate in the 2020 FIS Fintech Accelerator program, which is orchestrated by FIS and The Venture Center.

In its fifth year, officials highlighted the FIS Fintech Accelerator program is focused on identifying and fostering startup financial technology firms with promising, high-potential technologies that advance the way the world pays, banks and invests. The 2020 program received applications from fintech companies in the U.S. and 29 other countries.

"We are excited to join the FIS Fintech Accelerator, in partnership with The Venture Center, and are grateful for the opportunity to validate our product and learn alongside FIS leadership,” Dasceq founder and chief executive officer Abhishek Goel said in a message to Auto Fin Journal.

 The other selected startups and their areas of focus are:

— Cirrus Secure, Evergreen, Colo., lending automation

— Cobbler Technologies, Little Rock, Ark., application development 

— Mall IQ, San Francisco and Istanbul, Turkey, location intelligence

— Sequretek, Mumbai, India, cybersecurity 

— Silot, Singapore, small business services

— Stratyfy, New York, risk-based decision-making

— Surfly, Amsterdam, The Netherlands, co-browsing and video chat technology

— TrustStamp, Atlanta, secure authentication

— XpenseOne, Spokane, Wash., expense management automation

Due to the COVID-19 pandemic, officials indicated the 2020 program will be conducted entirely virtually. They added the traditional 12-week program has also been extended by six weeks to provide additional opportunities for in-depth mentoring and training for the startup firms from FIS, The Venture Center and participating banks and financial institutions.

Each company will also receive a monetary investment, according to a news release.

“The FIS Fintech Accelerator is a key part of our overall investment strategy at FIS to develop and bring to market the most innovative, leading-edge technology innovations for our clients,” FIS chief growth officer Asif Ramji said.

“The 10 companies selected for the fifth year of FIS’ Accelerator program bring a wealth of promising ideas and technologies,” Ramji continued. “We look forward to working with these firms to bring their ideas to life.”

Officials added the 2020 program will culminate with a Demo Day on Oct. 14 when leaders from each of the participating firms will showcase their innovations to financial services leaders and influencers, potential investors and successful entrepreneurs.

Past graduates of the FIS Fintech Accelerator have gone on to secure additional capital funding, win industry awards, and in some cases form partnerships with FIS to bring their innovations to market. As an example, FIS recently integrated technology from 2016 Accelerator graduate Flutterwave to allow Worldpay from FIS merchants to process online payments in Africa.

“The FIS Fintech Accelerator program has a demonstrated history of accelerating highly successful companies and expanding financial access in all corners of the world,” said Wayne Miller, executive director of The Venture Center.

“With our partners at FIS and the state of Arkansas, we’re honored to be a part of bringing cutting-edge technologies to the places and people who need them, particularly in this moment of monumental technological advancement,” Miller went on to say.