Kiwibank is to launch a second fintech startup accelerator and is looking for 12 startups saying three of these could come from overseas.
Kiwibank CEO Paul Brock said the success of the first accelerator had encouraged the bank and accelerator partners Callaghan Innovation and Creative HQ to launch version two of the programme.
Brock said V2 of the accelerator would have a strong international flavour. “We’re targeting exciting overseas ventures interested in basing their fintech operations here in New Zealand. There’s strong interest from startups in China, Korea and elsewhere to take part.
He added: “It’s a win-win, given that New Zealand is perfectly placed to take a lead in fintech globally by attracting the best and brightest overseas talent and capability to help us take our own fintech ecosystem to the next level.
"Quite apart from the ability for Kiwi startups to experience the thinking and technology being applied in fintech overseas, the global networking potential alone will be invaluable."
According to Kiwibank, investment in Chinese fintech was $NZ9.2bn in 2016 and it is home to the world’s four most valuable fintech companies: Alibaba’s Ant Financial, Lufax, JD Finance and Qufenqi.
“There are more than 400 fintech startups in South Korea with more than $NZ120m invested in fintechs in 2016,” it said. “Globally $NZ26.3bn was invested in fintech companies in 2016.”
The bank says its first accelerator resulted in several Kiwi fintech startups gaining the support, funding and expertise to build, launch and expand their products in New Zealand and world markets.
They included
- Sharesies, which achieved $1 million in investments and 5000 users in eight weeks and gaining full funding four weeks before the programme’s investment showcase day.
- Accounting Pod and Tapi (formerly Flatfish), which achieved full funding and which Kiwibank says are on track to crack $1 million annual revenue targets.
The Kiwibank fintech accelerator will open for applications on October 2 and the 14 week programme will begin in February 2018 and finish with a demo day in May 2018.