Startupbootcamp, a pan-European accelerator, has rolled out a new fintech incubator in London, TechCrunch reported.Corporations like Lloyds, Rabobank and MasterCard are backing the program which will last for three months. Its first intake is due to start in August and is already accepting applications from a startup from anywhere in the world, the report said.
What sets this FinTech bootcamp apart from the rest is the support it has garnered from big financial brands, according to Startupbootcamp. TechStars also partnered with Barclays in December for a fintech bootcamp in London. In 2012, London's FinTech Innovation Lab was launched. The status of London as a global financial hub is turning the UK capital into a center for fintech startups and fintech startup bootcamps as well, the report said.
Startupbootcamp said, "We stand out by being the first true accelerator program backed by multiple brands. These are well-established financial services companies whose main goal is to find exciting and relevant companies and to help them succeed."
The big name partners of the fintech incubator provide various things to startups. These include expert advice, the chance to serve as pilot customers, data and API access and possibly a follow-on investment. In addition, they give "a reality check for the startups," the report said.
The incubator added, "Hopefully, we will see more than 50% of the startups taking on the partners as customers and/or investors after the program, as we have seen in other Startupbootcamp program. It's not always easy for startups and big brands to engage, but we have learned how to manage it and in the best cases this can be a highway to scale for the startups."
According to Startupbootcamp, a Demo Day will be held after the bootcamp where the ten teams will get the chance to pitch to hundreds of investors, mentors and other "key players," the report said.
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