Intesa Sanpaolo backs Startupbootcamp fintech accelerator
12 August 2014 | 5950 views | 0
Italy's Intesa Sanpaolo has become the latest big name bank to throw its weight behind the Startupbootcamp fintech accelerator programme.
Investment firm Route 66 Ventures and outsourcing provider arvato Financial Solutions have also jumped aboard, joining existing backers Lloyds, MasterCard, Rabobank and SBT Venture Capital.
The firms will provide Startupbootcamp FinTech participants with pilot customers, industry data, and capital during the three month programme, which kicks off this month.
In total, 10 startups from Europe, Africa and America, covering areas such as credit scores, crypto-currencies, social payments and crowdfunding are taking part.
They get free office space in London's Rainmaking Loft, a 10,000 square foot start-up hub in the iconic St. Katharine Docks, next to Tower Bridge, a EUR15,000 award and mentorship from more than 100 entrepreneurs, investors, and corporate partners.
At the end of the three months, the teams will be invited to present their companies to more than 200 investors, mentors, and partners during a demo day.
Livio Scalvini, head, innovation CIB, Intesa Sanpaolo, says: "In the current scenario of disruptive technologies, collaboration with the best players in the ecosystem is key to innovation, that's why we're proud of this partnership with Startupbootcamp FinTech.
"FinTech start-ups will be major change-makers in the near future and we trust we can both learn from them, and help their growth through advice, mentoring and business development - thanks to our experience in innovation."
Bank interest in startup innovation programmes is picking up speed. Just yesterday, Accenture's third annual Fintech Innovation Lab London opened applications for its 2015 startup challenge with support from new backers Santander and Nationwide Building Society. They, alongside a dozen other major institutions - including Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, and UBS - will help select the Lab's seven participating entrepreneurs and provide senior-level mentoring throughout the programme.
Tony Prestedge, chief operating officer, Nationwide, comments: "The FinTech Lab is a great way for us to support a culture of innovation and to back a new generation of entrepreneurs from across Europe. Supporting the Innovation Lab is one of the ways we are investing in, and implementing cutting-edge technology to improve customer choice and service."