10 startups chosen for NAB-backed fintech accelerator program
The Startupbootcamp program will officially start in June.
Global accelerator program Startupbootcamp, backed by various organisations in finance and technology such as NAB, Bupa and Deloitte, has selected the 10 startups for its inaugural FinTech Accelerator program starting 3 June. Close to 900 applications from 59 countries were received since December 2018 from areas as diverse as regtech, financial wellbeing and open banking. The majority of applications were received from businesses with a focus on back office efficiency.
The final 10 startups chosen for the program include ZigWay, a mobile app that lets low income families access small loans of under $200 quickly and cheaply, and Emotics, a regtech company using facial recognition to measure user engagement with online compliance training. The startups were chosen from a shortlist of 20 companies after a two-day screening and mentoring event in Melbourne this week. It involved over 100 industry experts, mentors and partners as part of the screening process.
CEO of Startupbootcamp Australia Trevor Townsend said the next 3 months will be "transformational" for the 10 startups selected.
"They'll be pushed to breaking point and will need to quickly focus on their greatest opportunity as a result of the hundred plus meetings, workshops and mentoring sessions with industry leaders. It's why when we select, the most important thing we look for is the strength of their team, how coachable they are and their ability to execute."
The companies selected will receive free coworking space at Startupbootcamp's Australian offices, $25,000 for living expenses and over $1,000,000 worth of partner deals. This includes support and access to a global partner, mentor and investor network.
Pencil is one Australian company that made it in the final 10 startups. Pencil allows businesses to easily submit credit applications digitally by automatically collating an accurate ASIC-verified business record for approval.
Managing director of Startupbootcamp FinTech Australia Brian Collins said: "It's really exciting for the Australian FinTech startup community that we have an Australian startup in the top ten from nearly 900 global applications."
Startupbootcamp starts on 3 June with the demo day on 29 August.
10 startups selected for the FinTech Accelerator program:
- ZScore Technologies: An AI-powered platform allowing organisations to better understand their data through advanced data profiling.
- Emotics: A regtech company using facial recognition and facial micro-expression analysis to analyse user engagement with online compliance training.
- ChinaMoney: An app allowing you to categorise your income by bills, savings, travel and more for better financial health.
- InsureVite: A natural language processing chatbot that includes features such as smart contracts, applicable to various industries including insurance and airlines.
- TradingValley: A machine learning-powered wealth management solution that helps you build an investment portfolio to suit your needs.
- InfoVera: An online marketplace giving businesses an industry benchmark score and ways to improve their company.
- Youthful Savings: A learning marketplace aiming to empower the next generation with financial education tools and entrepreneurship.
- Pencil: Allowing businesses to easily submit credit applications by auto-collating an accurate ASIC-verified business record.
- ZigWay: A mobile app that gives low income families access to nano loans of less than $200.
- Fractal: An API suite to allow banks and other financial institutions to provide data value-adding services to SMEs.
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