After an extraordinary execution of two previous cohorts, these Selection Days, the Startupbootcamp FinTech acceleration program run by Finnovista for Latin America, foresee the startups that will mark the transformation of the financial industry in the coming years.
On September 19, 2019, we announced the ten startups chosen to be part of the third batch of our acceleration program focused on FinTech in Latinamerica and based in Mexico City.
The new cohort is made up of FinTech and Insurtech startups based in Mexico, Chile, Peru, and Costa Rica, specialized in different segments such as insurtech, payments, and financial education. The startups that will be part of the third batch of Startupbootcamp FinTech Mexico City are:
Flotify (Mexico): Multi-quotation tool for fleet insurance.
Atrato Pago (Mexico): Financing program focused on health care expenses.
Hubex (Costa Rica): IT company specialized in artificial intelligence to create customized products and solutions to simplify manual processes in financial institutions.
Alfi (Peru): Game app for financial education
Contalink (Mexico): SAAS to help accountants reduce costs and generate new sources of income
Lisa Insurtech (Chile): Settle claims automatically.
Smart Beta Fix (Mexico): Collection management based on CoDi
Valepay (Mexico): Digital online payment tool for the Mexican workforce
Inverkids (Mexico): Financial education program for children and young people leveraging a digital platform and educational components
Scorce (Mexico): Fraud engine designed to analyze the veracity of an email
The selection was the result of an exhaustive application process, searching and tracking over the last four months for the best early-stage FinTech talent and three evaluation days that took place from September 17th to 19th during Selection Days.
Out of 296 applications, the 19 most competitive startups were selected to participate in the event. They met with our local team, more than 80 mentors from Finnovista’s network and with representatives from the program’s corporate partners: Visa, Scotiabank, HSBC México, Banregio, IGNIA, Latinia, Fiinlab powered by Gentera, EY México and White & Case.
In previous batches, at the end of the three-month intensive program, our alumni startups achieved the consolidation of their business model. One of the most outstanding factors of Startupbootcamp’s value proposition is the potential for collaborations: historically, and on average, the startups have managed to close more than 3.5 collaborations with financial institutions. This has been possible thanks to Finnovista’s network with the most relevant agents of the innovation ecosystem in Mexico and Latin America.
From the experience of previous generations in Latin America, Fermín Bueno, Co-founder & Managing Partner of Finnovista says:
“We have opened a great path for innovation in the financial industry in the region. With this generation, we want to close a cycle on a good note and highlight the legacy that each of the alumni startups has achieved through its active collaboration with the ecosystem and with the Finnovista network ”.
Also, Rafael Hernández, Program Director of Startupbootcamp FinTech in Latin America, highlights the vision of both initiatives to go even further:
“When we opened applications, we were interested in reaching more countries and knowing better startups. Today, our focus is to improve the metrics, growth and collaboration possibilities of these 10 great projects”
Startupbootcamp FinTech will boost these startups for three months through its program that will begin on October 21st. The teams will be located at Finnovista LOFT, the FinTech collaboration centre in the heart of Mexico City, and will receive USD$16,500 in cash.
At the end of the program, the teams will present their projects to more than 400 investors and industry experts to raise capital and grow their business at Demo Day, an event that will take place at the end of January.
After graduating, the startups will continue to have the support of the Startupbootcamp Global Alumni growth program and will be part of Finnovista’s family, dedicated to promoting the transformation of the financial and insurance industries for the better.