MELBOURNE’S FINANCIAL SERVICES COMMUNITY TAKES AN INNOVATIVE APPROACH TO FINANCIAL HEALTH AND WELLBEING

MELBOURNE’S FINANCIAL SERVICES COMMUNITY TAKES AN INNOVATIVE APPROACH TO FINANCIAL HEALTH AND WELLBEING

21-Dec-2018
  • Global accelerator launches new FinTech accelerator in Melbourne with partners including NAB, Bupa, Capgemini, Deloitte, DiUS, YBF Ventures and the Victorian Government
  • Builds on local success, which has seen Startupbootcamp accelerate 10 startups, raise a combined total of A$60.7M and create 42 jobs

Melbourne, 21 December 2018 – Global accelerator program Startupbootcamp has today announced it is expanding its extensive global FinTech presence to Melbourne, and will launch its FinTech Accelerator program in Victoria, backed by global leaders in the banking and insurance sectors.

The FinTech Accelerator program, which will take applications from Friday December 21, will see some of Melbourne’s biggest Financial Services companies, including NAB, Bupa, and Deloitte come together with global tech giants Capgemini, Amazon Web Service (AWS) and Cisco.

The program will give startups support from Startupbootcamp’s global network of corporate partners, investors and mentors, free co-working space at YBF Ventures, A$25,000 to cover living expenses and over A$500,000 worth of partner deals. The partner deals include invaluable support from DiUS, KHQ Lawyers, YBF Ventures, and Pitcher Partners.

The focus for the FinTech Melbourne program is Financial Health and Wellbeing. Along with industry partners, selected startups will be looking at the intersection between Open Banking, Consumer Data Right, Insurance, Superannuation and Wealth Management, as we move into the future of extreme customer centricity based on Digital Identity and Web 3.0.

A key aspect of the program will be taking an innovative approach to the opportunities presented by open banking and customer centricity, by working with startups and scaleups from around the globe to bring new entrepreneurial talent, technologies, and ideas to Melbourne.

Jonathan Davey, NAB Executive General Manager Digital & Innovation said:

“NAB is excited to be working with a leading global accelerator in Startupbootcamp and proud to be helping Startupbootcamp establish its first FinTech accelerator in Melbourne. Our support further demonstrates NAB’s commitment to the development of Australia’s FinTech industry and our approach to partnering with FinTechs with the aim of improving services and experiences for our customers. Specifically, through this accelerator program, we hope to work with early stage startups to test and trial new personal financial management experiences for our customers.”

Cindy Shay Director, Health Partnerships and Innovation Bupa said:

“Bupa are incredibly focused on developing new value for our customers – both today and in the future.  Through our partnership with Startupbootcamp we can connect their network of brilliant entrepreneurs with our network to unlock value for customers. We are thrilled to be part of the Startupbootcamp FinTech program and look forward to working with the team, founders, corporates and customers”

Trevor Townsend, CEO of Startupbootcamp Australia said:

“Melbourne’s dynamic, and ever-expanding startup ecosystem enjoys strong and ongoing support, making Melbourne the perfect location to launch this global FinTech program. Victoria’s startup agency LaunchVic, ranks the city in the top five globally for growth in early-stage funding. This program will attract global talent to Melbourne and build world-class FinTech startups.”

Startupbootcamp will start accepting applications for its FinTech Accelerator program from Friday 21st December.

More information about the Startupbootcamp FinTech Melbourne program can be found on the Startupbootcamp website www.startupbootcamp.org

 

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Sudhir Pai, Executive Vice President & Chief Technology & Innovation Officer – Financial Services Global Business at Capgemini said:

“At Capgemini, we recognise the relevance of an ecosystem approach for driving new business models in the digital age.”

“Our partnership with the Startupbootcamp FinTech program earlier in Europe and now in Australia, coupled with Capgemini’s Scale-up Qualification process provides an excellent opportunity to enhance our collective contribution to innovation in this region.”

“The accelerator program will have access to our Applied Innovation Exchange platform and network of global experts to develop differentiated value propositions to customers,” said

Joel Lipman, Partner at Deloitte Digital said:

“‘Ecosystem’ is a word on the lips of most CEO’s today and we know that the Financial Services industry in particular must embrace open data, new partnerships and new business models to shape its future.

Deloitte Access Economics recently published research which highlighted that only 27% of Australians currently meet the threshold of basic financial consciousness. There is a real need to help Australians improve their financial health. With the significant changes resulting from the Consumer Data Right, along with emerging technologies, new and exciting ways to do this will become possible. 

 For these reasons, we are very excited to partner with Startupbootcamp’s FinTech Accelerator, as an ecosystem of startups and partners work on the important challenge of transforming Financial Health and Wellbeing.”

The FinTech program will be located at the YBF Ventures FinTech Hub, which was launched in late 2017 with the support of the Victorian Government. The program provides all the tools necessary to take a startup from its initial launch to developing a scalable business model.

The Minister for Jobs, Innovation and Trade Martin Pakula said:

“We’re delighted to have the Startupbootcamp program launching here in Melbourne to assist our FinTech startups as they grow, attract investment and create local jobs.”

“Startups in the program will have the opportunity to work with some of our biggest financial service innovators including NAB and Bupa as major sponsors – this will help them capture a share of the fast-growing FinTech sector both in Australia and around the world.”

Farley Blackman, CEO of YBF Ventures said:

“As home to Melbourne’s first FinTech hub, we’re thrilled that the Startupbootcamp FinTech Accelerator is kicking off from within our walls. Driving the FinTech ecosystem in Victoria has been YBF’s mission since late 2017, following our partnership announcement with both the Victorian Government and Startupbootcamp. The FinTech startups that will work out of our CBD location will be equipped with our full-service office space and will have access to our full suite of business offerings.”