Fintech (financial technology) has been building up a lot of steam in recent years. Research company Accenture estimates that investments in this field totaled $12.2 billion in 2014, triple the $4 billion total in 2013. Fintech is a general term for technology designed to improve and upgrade the banking system. Among other things, it includes the payment servicer recently launched by Apple Computers, applications that make it possible to transfer money to an individual via smartphone, a digital wallet, etc.
The global banking industry invests large sums in looking for solutions that will improve the financial experience while coping with difficult regulatory restrictions.
More than a few Israeli startups are active in this growing niche, and it was learned today that UK accelerator Startupbootcamp is offering to host fintech companies from all over the world for three months in its offices.
Representatives of this accelerator will visit Israel in the framework of FastTrack Fintech, a program that will be conducted simultaneously in 19 countries. The accelerator will open its doors to 10 companies, which will be exposed to venture capital investors from all over the world, receive assistance in devising a business plan, and meet with UK fintech experts.
The tour of Israel is being hosted by the Citi accelerator in Kiryat Atidim. 10 companies will present their technology to Startupbootcamp's representatives, and the most successful of them will be invited to be hosted in London.
Startupbootcamp is a European accelerator started in Copenhagen in 2010. The venture's success led to the opening of four additional branches, with the London branch considered the leader. Companies selected for the program will receive a £15,000 grant in cash and accompanying services worth £450,000.
Startupbootcamp London COO Edwina Johnson says, "The fact that we are participating in FastTrack puts the participating companies on the Startupbootcamp Fintech watch list throughout their entire lifespan, and gives them a better chance of being selected for one of our global programs. We encourage startups at each stage of their early development." She added, "This is a very exciting time for the fintech industry."
Citi accelerator head Ruth Polachek today said, "We're excited to be part of a global accelerator program like Startupbootcamp Fintech, which recognized the enormous potential of the local fintech industry. The Citi accelerator is glad to host one of the world's best accelerators, and to accompany the growth of fintech companies looking for opportunities in the global markets."
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015