Russian banks “VTB 24, Bank Saint Petersburg”, “home Credit Bank” AK BARS with the payment system Mastercard launched startup accelerator “FINTECH lab”, the first in Russia specialized acceleration program for FINTECH startups. Her goal is to find startups in the financial technology space, to help them create and Refine products that will certainly be interesting to financial institutions. The material was prepared with the support of “FINTECH lab”.
The Finance industry is growing exponentially — if in 2013 it invested $3 billion in 2014 to $12 billion, in 2015 — about $19 billion. According to the publication Business Insider, in 2016 the volume of investments in FINTECH amounted to approximately $30 billion. Strategic consultant “FINTECH lab” company Accenture, which has international experience of the FINTECH accelerators.
According to the Director of the accelerator Anton Arnautova, the main idea of the accelerator is to give financial market participants to decide for themselves what kind of startups and what lines of business they need. To apply, please visit the “FINTECH lab”. Program accelerator is a school for startups that need to understand what their potential customers and to prepare for interaction with them.
The goal of our project is to help start — UPS and their “strategists” to find and understand each other. “The FINTECH lab” will give startups the ability to create or modify MVP and get advice on the product, working in tandem with financial institutions. If the team will feel the lack of specialists, the accelerator will find the missing commands.
For financial institutions the accelerator is the opportunity to minimize the costs of innovative projects ready to launch pilots FINTECH startups, and most importantly — to learn how to interact effectively with projects. For startups in the “FINTECH lab” is an opportunity to create or Refine the product in close cooperation with representatives of the banks and Mastercard, to present their solutions in front of top management of financial institutions and learn to speak one language. I am convinced that the potential in Russia, a lot of strong teams, just not all turned in the direction of the Finance.
They do not see there real customers, do not believe in the willingness of financial institutions to do projects with them. I hope that our program is created so serious players will help to convince them. The accelerator and its partners are looking for projects in the following areas.
Collection of applications will last all of March. In April and may, “the FINTECH lab” conduct absentee interviews with teams, and then personal meetings and pitches. According to the results of the selection of the representatives of financial institutions-participants will select up to ten teams, which will be held a 12-week full-time acceleration in Moscow. In the framework of the projects along with mentors from the banks and Mastercard will develop the product, listen to lectures, participate in informal Q&A sessions with bankers and will present its project at the outdoor events in the format of speed-dating.
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