Seeking to produce a new breed of startups, Europe’s top accelerator Startupbootcamp FinTech, launched the “Startupbootcamp FinTech Asia” accelerator programme in Singapore, on Friday.
Brought about by a strategic partnership with Infocomm Investments Pte Ltd (IIPL) — an investment subsidiary of the Infocomm Development Authority of Singapore (IDA) — the new accelerator programme is designed to bridge the two continents of Europe and Asia to build a new breed of high growth FinTech startups that are familiar with both ecosystems.
IDA executive deputy chairman and IIPL chairman Steve Leonard, announced the programme’s launch at an event co-hosted with London mayor Boris Johnson, who is on an ASEAN tour to build stronger links between London and Asia.
The Asia accelerator programme, anchored in Singapore, will follow the path of Startupbootcamp FinTech London that has received over 436 applications, from 59 different countries since its launch in March 2014.
The Asia programme will be led by the founders of Startupbootcamp FinTech – global managing director Nektarios Liolios, chairman Carsten Kølbek, and chief operating officer Markus Gnirck – together with local mentors and entrepreneurs.
Startupbootcamp FinTech London currently supports 10 teams with a combined valuation of €7 million euros (SG$11.3 million) and provides startups with mentorship and practical guidance from over 200 entrepreneurs, investors, industry participants and partners as well as access to international markets.
According to Liolios, Startupbootcamp FinTech programme was launched in Asia after a series of visits by the accelerator’s team, to Southeast Asia, over the last 12 months. “We have been impressed by the quality and innovation levels of the startups we have encountered,” he said, noting Singapore, with its concentration of investors, financial institutions and mentors, as well as the strong industry and government support here, makes an ideal innovation hub.
The Asian version of the accelerator programme will provide funding, mentorship, office space and access to a network of industry partners, investors and venture capital firms for up to 10 selected Singapore-based FinTech startups. Each successful team will also receive €15,000 (SG$24,000) ‘beer and pizza’ money and office space for at least three months at Singapore’s new startup cluster at one-north, where two new blocks – Block 73 and 79 – will be added to the current Block 71.
The programme in Singapore is backed by MasterCard and Singapore’s DBS bank; and venture capital firms – SBT Venture Capital and Route 66 Ventures. It is also supported by the Monetary Authority of Singapore.