The Startupbootcamp Scale FinTech Digital Demo Day held virtually concluded both three generations of the Startupbootcamp Scale FinTech scale program and the Startupbootcamp FinTech acceleration program. The 5 startups participating in this last batch of Startupbootcamp Scale FinTech Mexico City closed 25 alliances in de last 6 months and presented their pitches virtually to more than 400 professionals participating in the financial industry and the entrepreneurial community from all over Latin America.
The closure of the third batch of Startupbootcamp Scale FinTech Mexico City celebrated for the first time virtually in a Digital Demo Day last Thursday, May 7 put an end to the last generation of three editions of both Startupbootcamp Scale FinTech and Startupbootcamp FinTech acceleration program in Latin America, both of them managed by Finnovista.
More than 400 professionals of the financial industry and entrepreneurial community from all over Latin America and Spain participated in this virtual event in which it was confirmed that FinTech startups “have a key role in making financial services accessible to more sectors of the Latin American society and in facilitating the social and business performance in the new reality that will be established after the COVID-19 pandemic. FinTech startups in Latin America will help facilitate compliance with the physical distancing measures promoted by the authorities because of the present pandemic,” said Fermín Bueno, Co-Founder & Managing Partner of Finnovista.
Back in Selection Days in 2019, these 5 startups in the growth stage were selected among 129 projects from 24 countries of Latin America. At Demo Day, the startups ai360, Apperto, Bederr, Koibanx, and Siembro showcased the innovation and growth attained during their participation in Startupbootcamp Scale FinTech and shared they had closed 25 alliances with key actors in the financial industry that will help them break down their growth walls. Also, for the first time in a scale up program, four startups from other Latin American countries managed to successfully start their operations in Mexico before the end of the program and presented their next plans to the community watching the Digital Demo Day via Youtube.
In total, 80 mentors supported them along the way during the last 6 months, and the entrepreneurs and their teams had the chance to participate in 10 Founder’s Journeys as part of the activities organized to connect them with other successful entrepreneurs. The startups from 3 different countries in Latin America (Argentina, Peru, and Mexico) attended 3 on-site weeks with visits to corporate partners, one-to-one meetings with mentors, and masterclasses. Despite the situation caused by the Covid-19, the teams could keep their scale program and the other 2 weeks of training were held virtually, following the same high-quality standards.
Our Digital Investor Day was a blast
Our investor day brought together over 30 partners from funds across the world, one of the largest gatherings of VCs investing in Latin American FinTech in recent memory. Investors included international giants like Softbank, Andreesen Horowitz and Accel Partners, as well as regional funds such as IGNIA and Latinia.
These funds had rotation sessions with the startups from the third cohort of the SBC Scale FinTech program, giving the startups unprecedented access to vital sources of capital to grow their companies. Following the rotations with startups the investors were assigned into small groups together, where they shared views on the trends, risks and opportunities they see in Latin American FinTech. They were then brought together to summarize these views for the larger group, giving participants unfiltered access to understand how different funds from different geographies and sizes are thinking about the current environment
Both programs supported by Finnovista have received applications from more than 600 early-stage and nearly 300 growth-stage startups since their launch in Latin America back in 2017. In total, more than 500 mentors have collaborated over the past three years, and more than 900 experts have advised startups. Startupbootcamp in Mexico City is supported locally by Visa, Scotiabank, HSBC Mexico, Banregio, IGNIA, LATINIA, Fiinlab by Gentera, EY Mexico, y White & Case.
With the closing of this third batch of the Scale program for FinTech startups in Latin America, it is highlighted the role of programs like these in the region, putting entrepreneurs in direct contact with large corporations in search of innovative technological solutions focused on the financial services. “More than 150 alliances and pilots with the financial industry have been closed by the 45 startups supported by Startupbootcamp during these three years, and we have helped these companies raise more than $30 million in funding. The FinTech ecosystem is growing constantly, and both corporate and investment funds in Mexico have noticed”, explained Fermín Bueno.