Global Accelerated Ventures Announces FinTech Startup Challenge
Next February, Global Accelerated Ventures (GAV) will award more than $100,000 to innovative startups as part of their inaugural FinTech Challenge competition, sponsored by FIS. Set to take place February 6th and 7th at the Florida Theater in Jacksonville, this elimination-style event invites companies exploring blockchain, banking, payments, and other spaces to participate. In addition to crowning winners in different categories, a final round of competition will also name the GAV FinTech Startup of the Year.
In a statement accompanying the competition announcement, Global Accelerated Ventures managing partner Thomas Buchar said, ”The Global FinTech Challenge will showcase the world’s most promising FinTech innovations and provide a clear path to success through our channel partners. We are thrilled to have the support of FIS as the title sponsor of the event and look forward to hearing their insights as judges and panel participants.” Similarly GAV’s managing partner and founder Christopher Malter said of the event, “We are excited to put the spotlight on today’s innovative FinTech all-stars. It’s an exciting time to be in financial services with many changes happening across the industry.” Malter added, “From our perspective, this change is happening faster outside of organizations, rather than within. We hope that these events can bridge the gap between established players and the startup community, fostering greater collaboration and innovation.”
GAV says it plans to have up to 50 startups participate in their inaugural competition, with each pitching their ideas to a panel of professionals. To qualify, there are several criteria that each startup must meet. For example, companies must be nominated by a VC or other third-party or have completed a “top-tier” accelerator program. Addional information on these requirements can be found at the GAV FinTech Startup Challenge website.
Incidentally news of GAV’s upcoming challenge comes as finalists for another FinTech competition have been announced. This week TD Ameritrade Institutional revealed that it had selected just three startups from 135 applicants to become finalists in their first ever Innovation Quest. These finalists include Emotomy’s Risk Assessment Tool, Plan-It: a Financial Literacy Application, and RIA Genie: the Voice-Activated Assistant. All three of these companies will receive $25,000 along with a trip to the 2019 National LINC conference. While there, they’ll compete in the final round, with the winning team being awarded another $25,000. Funny enough, this finale will also happen on February 7th — albeit in San Diego, California.
Considering the massive investments that can be necessary to get a FinTech startup off the ground (and keep it afloat), the respective $100,000 and $25,000 prizes offered by the GAV and TD Ameritrade Institutional competitions aren’t likely to make a big impact on their recipient companies. However the true appeal of these events is the opportunity for FinTechs to not only get feedback on their ideas but also find potential future partners to work with. Because of that, it’s good to see more companies taking an interest in the FinTech space and doing their part to help young companies grow.