Startupbootcamp Scale FinTech seeks the best companies for its second cohort

Startupbootcamp Scale FinTech seeks the best companies for its second cohort

01-Nov-2018 by Montserrat Bonilla

Opportunity for entrepreneurs to improve products and services through customized mentoring from corporate partners, experts and the local team.

Initiative is the only of its kind in Latin America and seeks to contribute to the consolidation of an innovative technological entrepreneurship ecosystem in the region.

Startupbootcamp Scale FinTech Mexico City announces the opening of applications for its second cohort and invites the best growth stage FinTech startups to apply by December 10th. It is the only FinTech scaling program in Latin America and is designed for growth stages companies specialized in FinTech.

This initiative is managed by Finnovista, an impact organization that empowers FinTech ecosystems in Latin America and Spain. Its vision is to boost entrepreneurship in the region through the professionalization of high-impact financial-technology solutions and the incubation of innovation in the financial services sector.

According to the Global Entrepreneurship Index 2018, Latin America and the Caribbean are some of the highest rated regions on launching innovative products and services, and on creating solutions for new markets through new technologies. However, their entrepreneurs still face bottlenecks in the innovation of their processes and in access to venture capital.

For the second year in a row, Startupbootcamp Scale FinTech will offer five companies a semester of blended support in boosting and developing their businesses. It is designed to help founders tackle the many challenges related to scaling their technology business, related to raising funds, recurring sales, to expand globally and increase their revenues.

The initiative has the corporate support of VisaFiinlab powered by GenteraBanregioHSBC MexicoEY MexicoIGNIALATINIA and White & Case.

Christine Chang, Program Director

“Our program allows startups to reach their next level by providing them with the necessary tools to expand and achieve exponential and sustained growth. Also, through our customized support and encouraging active collaboration with the industry, we aim to mature our ecosystem and seek to create innovation in Latin American financial services”, says Christine Chang, Program Director of Startupbootcamp Scale FinTech Mexico City.

By participating in the program, the chosen startups will obtain:

  • Ease of collaboration with different key agents of the industry in the development of tools that facilitate their scaling and presence in new markets or, their growth in the financial markets.
  • Financial support of $30,000 dollars.
  • Access to the most important venture capital funds in the region focused on FinTech.
  • For the startups on-site participation is expected for one week each month for workshops and events and will be asked for 4% equity.

Those startups interested in applying to the Startupbootcamp Scale FinTech Mexico City program must have a validated business model to cross borders successfully, be preparing for their series A; have relevant traction and a solid customer base; have a value proposal and a validated product-market fit, or seek to optimize their operations to generate sustained and exponential growth.

“For us, it is exciting to enlist a new group of companies that will be our second cohort and become an example to follow in the technological entrepreneurship community in Latin America,” concludes Chang.

FinTech services and products that remain effective are those related to digital banking, payments and remittances, financial inclusion, lending, Insurtech, Artificial Intelligence applicable to the financial sector and personal finance management, to mention some.

Financial-technological innovation in the region is constantly evolving, so it is essential to back the forward-looking companies, offering them to participate in programs that guide and inspire them.

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Marketing and Communications Manager of Startupbootcamp FinTech Mexico City