Acceleron Bank

Acceleron Bank provides SAAS that dramatically reduces foreign exchange processing costs for banks.

  • Stage Product In Market
  • Industry Financial Services
  • Location Boston, MA, USA
  • Currency USD
  • Founded November 2022
  • Employees 7
  • Incorporation Type C-corp
  • Website acceleronbank.com

Company Summary

Acceleron provides SAAS that dramatically reduces foreign exchange processing costs for banks. That functionality is currently being used by 170+ community banks and credit unions via a profitable partnership, which is geographically limited. In order to expand we have formed as a correspondent bank which speeds up customer acquisition and improves unit economics. We typically charge 2% on the amount transferred and keep around 1.5% after COGS.

Team

  • Damon Magnuski
    President and Founder

    Damon has worked in the options pits of the Chicago Mercantile Exchange, repaired nuclear reactors worldwide, and helped modernize the family factory in Chicago.

  • Andrew Dillard
    Co-Founder and COO

    As a banking executive Andrew has spent his career as a trusted advisor to businesses, VC firms and financial institutions on issues surrounding global capital markets. Positioning, financing, forecasting and managing volatility risks in global markets has been his area of practice beginning in 1999. A graduate of the University of Southern California’s Marshall School of Business, Andrew began a career in Venture Banking with Imperial Bank.

  • Sarah Beth Felix
    Co-Founder and CAMLO

    Sarah Beth Felix is Founder and President of Palmera Consulting, a US and global AML regulations and operational workflow consulting firm. Ms. Felix has over 20 years of anti-financial crime management experience with most of those years spent in remediation, consulting and software validation roles, as she designs and implements technological changes to maximize efficiency throughout an institution’s compliance regime.

  • Kevin Minard
    CTO

    Mr. Minard has led the software development effort at Acceleron Bank for the past 2.5 years. He has over 30 years of Software Development experience and holds a Bachelor of Science in Computer Science and Engineering from the University of Colorado. He has expertise in leading software development efforts, building world-class technology with highly productive cross-functional agile teams.

  • Matthew Henkler
    CISO

    Matthew Henkler has led the Information Security program at Acceleron Bank for the last 3 years. He holds undergraduate degrees in Computer Science and Mathematics and completed the Master's program in Computer Science at Purdue University, where he focused in Information Security and Internetworking. He has nearly 30 years of experience in information technology, with a history of working with diverse technologies, methodologies, and industries.

  • In 2014, Taran Sondhu graduated from the University of California, Irvine with a B.S. in Chemical Engineering and a double specialization in Materials Science and Environmental Engineering. He started off his career working for a Liquified Natural Gas company where he created critical reports containing forecasts, qualitative, and quantitative analyses used in evaluating the profitability of billion dollar investments in energy supply contracts.

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