Startupbootcamp launches first African fintech accelerator in Cape Town

Startupbootcamp, a leading fintech accelerator focused on financial innovation, announced the launch of its new accelerator program that is opening in Cape Town.

The global industry-focused accelerator group is now setting up its foot in Africa after conducting 18 programs across 13 countries. It is now accepting applications from fintech startups to be a part of the intense 3-month support program to be run in Cape Town.

“We are thrilled that for the very first time in Africa, a comprehensive integrated program exists to provide corporations across multiple industries the ability to engage directly with innovative technology-focused ventures, establish commercial engagements and explore direct investment opportunities,” Zach George, co-MD of the Cape Town program, stated.

The launch of the Startupbootcamp Cape Town accelerator comes after a trend analysis that found 161 applications to the global program to have originated from African teams in 2016, the release stated. The fintech accelerator aims to source scalable technology solutions that are applicable to diversified financial services.

The selected startups will have an opportunity to connect with dynamic corporate in order to collaborate and build the African tech ecosystem. Startupbootcamp will bring a mentor network of renowned industry experts and entrepreneurs and major players in banking, insurance, consultancy, leasing, and technology as founding partners.

10 most promising startups will be selected and each will receive EUR 15,000 100+ highly engaged mentors from the fnitech, insurtech and regtech industries, free office space, a convertible note, access to funding and a network of industry partners, investors and venture capital firms.

“We are very excited to be part of Startupbootcamp’s first foray into Africa. Our clients recognize the disruption potential of fintechs and other startups, and we are helping many of them to harness the opportunities arising from this. Startupbootcamp provides a great way for the industry incumbents to connect to startups, and to learn about their impact,” Paul Mitchell, Fintech Lead for PwC South Africa, said.

The three-month accelerator will kick off in September 2017 and startups from all over the world are invited to present their ideas to the Startupbootcamp team at a series of ‘FastTrack’ days between May and July 2017. FastTracks are being held in global cities including Amsterdam, Cairo, Cape Town, programmeDoha, Dubai, Johannesburg, Kampala, Lagos, London, Paris, among others.

“Startupbootcamp’s decision to launch their program in Cape Town speaks to the business confidence they have in the Western Cape. The region has emerged as a center for venture capital activity in South Africa. The majority of the country’s start-ups are based here and 75% of venture capital deals were concluded in this province,” Alan Winde, Minister of Economic Opportunities said, welcoming the accelerator to Cape Town.