Wise Guys Fintech 4 program run in partnership with European Bank for Reconstruction and Development (EBRD) is welcoming new industry and knowledge partners
Wise Guys Fintech 4 program run in partnership with the European Bank for Reconstruction and Development (EBRD) is welcoming additional knowledge partners. OP Bank and Findec are joining Google for Startups, Oracle for Startups, SEB bank, Sorainen and Swedbank as knowledge and industry partners to the accelerator program starting in October 2020. The program, supported by the TaiwanBusiness – EBRD Technical Cooperation Fund, will be led from Vilnius, Lithuania, and hosted at the fintech hub ROCKIT. International startups accepted to the program will have access to high-level mentors from SWG, EBRD, and these companies, as well as potential pilots and other perks. More program knowledge and industry partners will be announced later this summer.
Specialising in the B2B and Fintech sector we see that the right corporate partners early on can make or break a startup, as the sales cycles are usually extremely long and rely on mutual trust and successful initial pilot projects. Our previous Fintech programs have proven that banks and other partners involved in the accelerator program can help immensely in startups’ journey, as well as create positive cultural and mindset change on their side and in the wider ecosystem. Therefore this year with our 4th Fintech program we have expanded our pool of partners and are especially glad to see various banks jumping on board and working together,says Jone Vaituleviciute, Managing director for Fintech 4 accelerator program.
Wise Guys Fintech 4 will be a 5 month intensive mentorship driven program with an international pool of mentors and the Startup Wise Guys team, with the main focus on Fintech topics. The acceleration program will take place from October 2020 till February 2021. It is run in partnership with EBRD through its TaiwanBusiness – EBRD Technical Cooperation Fund.
Selected startups will receive up to 100K EUR total investment depending on their traction with a follow on possibility. The program can accommodate both earlier stage teams that need to fine-tune their product-market fit, as well as startups with monthly recurring revenue above 5K EUR. It is aimed at a broad spectrum of Financial Technologies like PropTech, InsurTech, analytics, RegTech and cybersecurity. Applications are open till the end of August and international startups with initial traction are welcome to join.
SWG is expanding the pool of partners
Previous Fintech programs have proven that corporate partnerships are invaluable for startups, therefore SWG is expanding the pool of partners. Apart from the already announced main partner EBRD through its TaiwanBusiness fund, the program participants will benefit from other banks, legal offices, technical knowledge partners and community partners. Swedbank has been supporting Wise Guys Fintech programs since their inception, Sorainen, Google for Startups and ROCKIT were already partnering for the third Fintech program, SEB bank and Oracle for Startups are new industry and knowledge partners for the fourth Fintech program.
Fintech 3 accelerator program graduate Ondato valued the opportunity to connect with the local startup community and receive feedback from investors, mentors or colleagues. According to Liudas Kanapienis, the CEO of Ondato, participating in the program has provided an opportunity to look differently at the startup he is developing, the value he provides to customers and partners.
We understand that what matters is not the functionality or features of our product, but its benefits to the end user. We are creating a new standard in our field, and if we become a world-class company by implementing our solutions, then we will all live in a safer world, where there will be less financial fraud,says L. Kanapienis.
Knowledge and industry partners will be deeply involved in the program
Partnership with banks, tech companies and legal offices is widespread throughout the acceleration program, starting from participation at the final phase of the selection and finishing with potential pilot projects after the program.
Swedbank, SEB and OP Bank will join the program as Industry partners. The banks will provide international mentors and potential pilot projects with the best fit businesses from the accelerator.
Together with ROCKIT we’re happy to help startups to grow and improve their products. Over 50 banking experts and fintech professionals will share their knowledge and experience. Being a part of the program, diving into inspiring startup ideas encourages us to innovate and drive the whole industry forward,says Jekaterina Bitus, head of startup partnership at Swedbank Lithuania.
We are excited to officially join the Startup Wise Guys program – we strongly believe that our deep expertise in banking and financial technology will provide valuable contributions to the success of the accelerator‘s participants. Without a doubt, our main goal is not only to mentor, but actually find synergies with innovative fintech’s to form partnerships in order to provide more value to our customers and, at the same time, open growth opportunities for participating companies,comments Audrius Rutkauskas, Head of Innovation center, SEB Lithuania.
Sorainen, Oracle for Startups, Findec and Google for Startups will join the program as Knowledge partners. On top of mentoring during Regulatory Week, law firm Sorainen will also provide initial support in Fintech business model, regulatory and corporate matters. As part of Google for Startups network program participants will be eligible for Google credits, as well as additional product related help and mentoring. As part of Oracle’s global startup program Oracle will provide industry specific mentors, connections that might lead to collaboration opportunities and Oracle Cloud credits.
We are excited to continue our partnership with Startup Wise Guys and work with the most promising fintech startups. We believe that this program will continue to be a great opportunity to meet strong teams, share our know-how and make our contribution to boosting the fintech ecosystem in the region,comments Sorainen partner Augustas Klezys.
ROCKIT will join the program as a Community partner. ROCKIT will host the accelerator at its recently expanded space and will engage the program’s startups into top activities of the fintech community in Lithuania.
Wise Guys Fintech 4 program is part of the “Financial instrument “Accelerator fund”, financed by European Regional Development Fund (ERDF)”. This will be the third program run under this financial instrument, the first program for B2B SaaS startups was successfully completed in June 2019 by 12 startups, whereas Fintech 3 was completed in February 2020 with 9 Fintech startups graduating.