The Accelerator Program looks to support financial inclusion in Latin America
Investment activities that provide access to capital TechStars has selected 12 startups for an initial accelerator program in Latin America.
The program, organized and run by TechStars, is the first physical training for tech startups in Latin America. It is a hybrid program where the TechStars team will meet virtually and physically with the teams from each startup. TechStars aims to hold physical meetings in Miami, Mexico City and Dallas. The meetings at each location are planned to last one week each.
In total, the program will last 90 days. Founders of companies from South America (especially from Brazil, Argentina and Chile), USA, Latin America and Mexico will participate.
TechStars selected the 12 startups based on the innovative payment solutions they offer for underserved or emerging markets. Startups that engaged in financial infrastructure, investment, personal financial management, lending, financial literacy and payments were considered.
Headline sponsors of the program
Blockchain-based distributed ledger Stellar and digital payment provider MoneyGram have become the main sponsors of TechStars’ programme. The two companies are partners with each other. Together, Stellar and MoneyGram have established a strong fintech ecosystem across emerging markets, including nations in Latin America.
Tricia Martinez, payments accelerator program director for TechStars, explained what the two partners could bring to the accelerator program. Martinez commented: “Building and scaling fintech solutions requires robust infrastructure, cross-country partnerships, regulatory and compliance knowledge, and of course, innovative and low-cost technology.
“Both Stellar and Moneygram provide all of these things and more, and through the Techstars Payments Accelerator, they will enable fintech to navigate faster across some of the most complex markets while surrounding them with invaluable tools and resources.
“Stellar, a decentralized network for storing and moving money, and MoneyGram, a cross-border P2P payment and money transfer company with operations worldwide, are the perfect match to support the future of payments companies.”
The startups selected to be part of TechStar’s accelerator program include Automated Crypto Investor Bundle. Bundil plans to launch an automated system that deducts reserve amounts from daily user purchases made with credit cards. The company then invests these reserve amounts in various financial instruments such as shares and crypto.
Oinc, another involved automated investment service, focuses on supporting young adults in automating savings. Users can automate setup rules to save easily and meet their financial goals.
Another company involved is Glimmer, a company with a focus on tenants. Mica’s solution aims to help tenants rent their chosen apartment, automate bill payments and reduce moving costs.
The selection of companies highlights how improving financial inclusion and solving problems for everyday individuals is at the forefront of the accelerator’s mind.
