Global accelerator program Startupbootcamp has announced the 10 startups selected for its specialised FinTech Accelerator program, which will formally commence on June 3rd and run until Demo Day on August 29th.
Backed by reputable names in the financial services and tech sectors, including NAB, Bupa, Deloitte, Capgemini, DiUS and Amazon Web Service (AWS), the program received close to 900 applications from 59 countries since applications opened in December 2018.
Businesses with a focus on back office efficiency comprised the majority of total applications, followed by those in the areas of asset and wealth management, financial inclusion and RegTech, financial wellbeing and open banking.
The final 10 FinTech teams hail from around the globe, including Australia, India, Hong Kong, Singapore, Taiwan, Myanmar, the United Kingdom and the United States, and were chosen from an impressive shortlist of 20 companies following an intensive two-day screening and mentoring event in Melbourne this week, which saw over 100 industry experts, mentors and partners form part of the selection process.
Emotics, a RegTech company that uses facial recognition and facial micro-expression analysis to measure user engagement with online compliance training, and TradingValley, a wealth management solution powered by machine learning, are among the teams chosen for the FinTech Accelerator program.
A Melbourne-based company called Pencil, which allows businesses to submit credit applications by auto collating an ASIC-verified business record, also made the final ten, alongside two social impact startups called Youthful Savings and ZigWay that financially empower the next generation and low income families.
Each of the companies will receive free co-working space at Startupbootcamp’s Australian offices in the CBD, $25,000 for living expenses, over $1,000,000 worth of partner deals, including support from DiUS, KHQ Lawyers and Pitcher Partners, and access to Startupbootcamp’s global network of corporate partners, investors and mentors.
Trevor Townsend, CEO of Startupbootcamp Australia, said: “The global FinTech industry is booming with VC-backed FinTech companies raising US$6.3B in the first three months of 2019 alone. The Asia-Pacific region is the fastest growing and we’ve seen tremendous interest in this program across the financial sector in Australia. The calibre of startup applications is the best and most we’ve ever seen for a first year program.
“The next three months will be transformational for the 10 startups selected. They’ll be pushed to breaking point and will need to quickly focus on their greatest opportunity as a result of the hundred plus meetings, workshops and mentoring sessions with industry leaders. It’s why when we select, the most important thing we look for is the strength of their team, how coachable they are and their ability to execute.”
Brian Collins, Managing Director of Startupbootcamp FinTech Australia, commented: “It’s really exciting for the Australian FinTech startup community that we have an Australian startup in the top ten from nearly 900 global applications. Pencil is changing the way that smaller businesses interact with their vendors and its founders, Tim and Greg, are seasoned entrepreneurs who have a track record of building successful businesses here in Australia.
“It’s great to see that the Australian FinTech industry is producing world-class talent that can compete with the best in the world. Collectively, these 10 startups have the ability to make a real impact on the Australian Financial Industry at large.”
Startupbootcamp Australia accelerated 20 startups since 2018, which have gone on to raise a combined total of AU$61.3M, create 44 jobs and work on 25 POCs with local commercial partners, and demonstrated the highest net promoter score of any Startupbootcamp program for that year.
The 10 teams selected for the FinTech Accelerator program are:
• ZScore Technologies: an AI-powered platform that enables organisations to understand and extract value from their data through advanced data profiling.
• Emotics: a RegTech company that analyses user engagement with online compliance training, using a suite of analytics, including facial recognition and facial micro-expression analysis.
• ChintaMoney: a mobile app that digitises Jam Jar budgeting, which allows users to split their income into different categories (bills, travel, savings, etc) for better financial health.
• InsureVite: a NLP chatbot that includes advanced features, like smart contracts and optical image processing, for applications in industries like insurance, banking, e-commerce, and airlines.
• TradingValley: a wealth management solution powered by machine learning that helps users build the right investment portfolio to suit their life needs.
• InfoVera: an online marketplace that gives business owners an industry benchmark score and recommendations to increase the value of their company.
• Youthful Savings: a learning marketplace that empowers the next generation with the tools of financial education and entrepreneurship necessary to thrive.
• Pencil: an application management system that allows businesses to easily submit credit applications digitally by auto collating an accurate ASIC-verified business record for immediate approvals.
• ZigWay: a mobile app that helps low income families access nano loans of less than $200 quickly and cheaply.
• Fractal: an API suite that provides a data aggregation and intelligence platform where banks and other financial institutions can provide value adding services to SMEs.