Applications are now open for the inaugural Global Fintech Accelerator by Amazon Web Services (AWS).
This program aims to support and guide fintech founders in bringing advanced financial services solutions to the market, using the cloud and Artificial Intelligence (AI)/ Machine Learning (ML) technologies.
“The majority of financial institutions, about 91%, are utilizing AI to drive transformative changes in their businesses, with 80% of fintech companies specifically leveraging ML,” noted Global Head of Fintech at Amazon Web Services, Sam Edge via AWS blog post.
Mr Edge added that AI and ML are emerging as crucial facilitators of innovation, playing a pivotal role in various aspects of the customer journey, including user onboarding, workflow automation, risk management, and customer experience.
With its extensive global infrastructure spanning 99 availability zones and 31 geographic regions, AWS offers the most comprehensive, secure, and reliable cloud infrastructure worldwide.
Through its global fintech and financial services teams, AWS assists fintech startups in accessing data in a compliant, cost-effective, and scalable manner.
By launching the AWS Global Fintech Accelerator, AWS claims it aims to take a leading role in fostering the next wave of innovation by accelerating the success of fintech builders across the globe.
The AWS Global Fintech Accelerator will select 150 fintech startups from North America (NAMER), Europe, the Middle East, Africa (EMEA and Latin America (LATAM) that harness the power of AI and ML technology.
These selected startups will participate in a six-week remote program from September 18 to October 23.
During the program, they will receive personalized mentorship covering various aspects of business and technical development, including funding, scaling, go-to-market strategies, AWS technical fundamentals, and cloud and AI/ML adoption.
“Participants will also receive a tailored package of benefits, including up to $25,000 in AWS Activate credits and additional benefits from accelerator partners specializing in fintech, venture capital, and financial services.”
After the six-week program, the top 15 companies will have the opportunity to showcase their progress during a Demo Day attended by a curated list of venture capitalists, financial institutions, potential customers, and other key market players.
These top companies will also receive up to $75,000 in additional AWS Activate credits.
“To ensure comprehensive programming for the diverse range of fintech startups, AWS has partnered with industry leaders such as NVIDIA, a global leader in AI computing. By collaborating with NVIDIA, AWS aims to assist more startups, including those in the NVIDIA Inception startup program, in kickstarting their AI and ML journeys and introducing new financial services to the market.”
Participating cohort members will also benefit from mentorship provided by fintech investors, including Bain Capital Ventures, which focuses on supporting AI and machine learning within the fintech sector.
The accelerator is further supported by Vestbee, one of the largest European platforms connecting startups, VC funds, accelerators, and corporates.
Interested startups can submit their applications for the AWS Global Fintech Accelerator from June 27 to August 14, 2023. However, spaces are limited, so early applications are encouraged.
Startups are advised to review the terms and conditions and apply online here.
The AWS Global Fintech Accelerator offers high-potential seed-stage fintech companies a specialized program to receive mentorship, resources, and partnership opportunities.
By leveraging AI and harnessing the power of the cloud, these companies can innovate financial services, meet evolving customer demands, and create impactful solutions.