Independent Community Bankers of America has invested in a financial solutions software provider that was one of eight companies selected for the association's newly created business accelerator program.

ICBA said its investment in Telsar by 3E Software brings the company's total seed capital to $2 million, which will allow the company to add staff. Telsar is subscription-based software service that provides automated workflow and portfolio tools. The amount of ICBA's investment was not disclosed.

Telsar was one eight early-stage financial companies selected for ThinkTECH Accelerator program earlier this year, beating out nearly 200 other applicants. The company's demo won the Banker's Choice Award for Most Impactful Solution.

"We were impressed with Teslar's banking background and their platform's capabilities to aid community bank business processes and data requirements during the Accelerator program," ICBA Services Network COO Kevin Tweddle said in a statement.

ICBA launched its accelerator program earlier this year in conjunction with The Venter Center, a Little Rock, Ark.-based organization with the mission of promoting business investment in the state. The goal of the program is to provide an outlet for community banks to directly engage and partner with early-stage fintech companies focusing exclusively on community bank product development, according to the association.

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