Australian startups and credit unions come together in KPMG’s accelerator program
The 12-week program is designed to foster innovation in the fintech sector.
KPMG Australia has announced a new accelerator program that will connect 14 startup companies with credit unions and mutual banks. The program, which was designed with the mutual banks, has been designed to give them access to promising startups in the fintech sector.
Currently, seven credit unions and mutuals are a part of the program, including CUA. This is not the first partnership the credit union has entered into, with it still being a part of a 12-month partnership with fintech hub Stone & Chalk that it entered into in April of this year. Other credit unions and mutual banks taking part in the program are Beyond Bank, Greater Bank, Heritage, IMB Bank, Police Bank and Teacher's Mutual Bank.
Ian Pollari, KPMG's global co-lead for fintech, discussed the position of fintech startups in a wider financial context.
"Established organisations increasingly recognise the strategic importance of engaging with and sourcing capability from the fintech startup community. The objective of KPMG mLabs is to systematically foster greater levels of collaboration between the participating mutual ADIs and fintech startups."
"The mutuals are eager to engage the startup community and for the fintech ventures, the prospec of innovating with the mutuals, who represent a combined customer base of more than two million, is a very attractive proposition.”
Along with fostering innovation, one of the outcomes of the program is also commercial. Participants will be able to design and launch products and services as well as developing customer service initiatives and working on their own internal efficiencies. Each participant will also have access to industry advisors. specific to their sector.
The 14 startups participating in the program
- Avoka: Offers sales and service transactions for financial services, government and other industries.
- Brighte: A no-interest installation method for home and energy improvements.
- Chekk: A platform to manage and share your personal data with individuals and businesses.
- Cloudcase: Loan origination software for financial instituions.
- DSYNC: An integration software to connect apps, websites, business systems and platforms.
- Easyshare: A platform to split rent, card and other payments in a share house. Also offers commercial solutions.
- Edstart: A financing solution for private school fees.
- Fitchain: A fitness rewards program that uses wearables and blockchain.
- Flamingo: A platform to assist businesses selling financial services to optimise their conversion rates.
- Moneycatcha: A blockchain-based loan origination platform.
- Moroku: Provides banks with a set of mobile banking applications and services in the cloud.
- Pocketbook: A budget planning app that syncs with your bank accounts, sends notifications and categorises your spending.
- Simplekyc: Offers a business process management solution for small and large businesses.
- Spriggy: A prepaid card and mobile app designed to teach young kids about money.
Latest fintech articles
- CommBank enters exclusive partnership with Afterpay’s US competition
- You could be fined for paying with your phone in a drive-through
- Australian fintech funding round-up: July 2019
- CBA has revealed its new app with features it compared to iPhones and Netflix
- What you need to know about changes to how you pay for NSW transport