Kiwibank to launch Fintech Accelerator to fund eight Kiwi startups

New-Zealand-based Kiwibank along with Xero, Callaghan Innovation, and Creative HQ has unveiled its plans to launch Kiwibank Fintech Accelerator that will initially fund and support eight Kiwi fintech startups to build and expand its services and products in the global markets.

According to the release by Scoop, Paul Brock, chief executive of Kiwibank mentioned that setting up of Fintech Accelerator and the effective combination of financial services and technology will be a boon for the country’s economy.

“The global fintech industry is taking off and New Zealand is ideally placed to take a leading role in the fintech revolution. The key is to give innovative Kiwi startups the support they need to take new financial products and services to the global stage and grow the New Zealand economy. The Kiwibank FinTech Accelerator will stimulate FinTech innovation in New Zealand by helping new ventures prove, build and launch their ideas. It will do this through providing funding, expert mentoring and connecting them with investors,” Brock stated.

The Kiwibank FinTech Accelerator is co-founded by Callaghan Innovation and Xero and will support startups by using Creative HQ’s Lightning Lab acceleration programme. Eight digital startups will receive structure, startup methodologies, business skills and focused support from the Lightning Lab in order to help them successfully prove, build and launch ideas to market.

“The growth of the financial technology sector is a boon for the local economy. We see this as a great opportunity to develop our local small businesses, technology leaders, and professional workforce by helping to propel the country’s pace of innovation,” Rod Drury, CEO of Xero said. “Together with Kiwibank, Xero is keen to leverage our global relationships with businesses, accounting professionals and financial providers to foster New Zealand’s next high-growth companies.”

The Accelerator is a 14-week mentor intensive program that is based on the best of breed accelerator model developed by TechStars in the U.S. The program will commence in February 2017 and the applications are now open for interested entrepreneurs throughout New Zealand.