Arlington's Founders Arena Ignites Fintech Spark with Manifest's Revolutionary 401k Transfer Tech

Arlington's Founders Arena Ignites Fintech Spark with Manifest's Revolutionary 401k Transfer TechSource: City of Arlington, Texas
Margie Townsend
Published on November 30, 2023

In the bustling city of Arlington, an innovative WealthTech hub coined the Founders Arena has emerged, bringing with it a beacon of promise for fintech entrepreneurs. The Arena, a partnership brainchild by the City of Arlington, Arlington Economic Development Corporation, and First Rate, Inc., offers a 10-week intensive program jam-packed with networking, funding, mentorship, and training opportunities. This unique opportunity is hosted at the new First Rate, Inc. campus, where it's fostering not just innovation and entrepreneurial spirit but is actively engaging with the local hive through various community-driven events, according to the City of Arlington, Texas.

Manifest, co-founded by CEO Anuraag Tripathi, stands out distinctly in this cohort as the inaugural WealthTech Combine took place last October. A Chicago-native endeavor, Manifest aims to seamlessly transfer an individual's 401k accounts as they migrate between jobs. Tripathi shed light on the laborious current transfer process, which requires a burdensome 60 days and seven hours of effort, saying, "One in 10 people who start the process of transferring a 401k actually finish it." He boldly continues to actively simplify this process, where Manifest pledges to drastically cut down efforts to a mere seven minutes, per the City of Arlington, Texas.

The motivation to apply to the Accelerator for Manifest was clear. Anuraag Tripathi recognized the value proposition for financial advisors since "the lifetime customer value for an IRA is very high." He also shared that "this becomes a big buyer for our solution – we would end up being a major lead generation source for them, as well as a way for them to get the assets so they can manage those accounts", as per the City of Arlington, Texas.

Among the highlights of the program, access to partners such as SEI and First Rate has been invaluable. "They took time to actually understand our businesses before partnering. It’s a luxury—as an entrepreneur, you often don’t get access to these types of people this easily," Tripathi explained. But the journey is as fraught as it is fruitful. This being his third startup, Tripathi expresses solace in finding a support system within the Founders Arena, "It’s nice to have champions and supporters who you can trust", as mentioned by the City of Arlington, Texas.