FinTech Wales, the not-for-profit membership organization for the FinTech and Financial Services industry in Wales, has opened the application process for the third season of its accelerator programme, the FinTech Wales Foundry. The application deadline is 19 August 2022.
The 12-week, no equity accelerator programme, partnered by Cardiff Capital Region, Confused.com and Principality Building Society, is the only one of its kind in Wales, providing world-class mentoring and support to help incubate, accelerate and scale start-up organizations within the Welsh ecosystem and beyond. It provides essential support to selected start-ups across banking, insurance, financial services and FinTech to meet the challenges of fundraising and successfully scaling up their business.
The foundry has already taken 16 companies through the first two programmes, supporting them to raise over £20m of investment, which will in turn create hundreds of jobs. In the last round of the programme, half of the businesses that initially took part were based in England, Poland and Portugal. After graduation, however, all eight companies have a presence in Wales.
Entrepreneur Neil Cocker has been announced as program manager for the second time, after leading the second cohort, which graduated in May this year. A passionate practitioner and believer in the power of community clusters, Neil has previously founded three technology companies and grown them to six-figure revenues, and set up Cardiff Start, which has supported entrepreneurs and startups for the past decade.
For this new cohort, Neil and the Foundry program partners will bring together a team of industry leaders to deliver a 12-week calendar of intensive mentoring and high-level introductions aimed at fundraising success and post-investment growth.
He said: “I’m absolutely thrilled to be back as Program Director of FinTech Wales’ foundry programme. It’s incredibly exciting to work with entrepreneurs to nurture them to the next stage of their growth and I’m looking forward to seeing which startups apply themselves for season three.
“For our third cohort, we are looking for FinTech start-up entrepreneurs from Wales and around the world, who are developing an early stage business and want to validate it, with a view to raising investment and going to market. Having founded a number of businesses themselves, and through the commitment and support of Foundry’s partners, Cardiff Capital Region, Confused.com and Principality Building Society, we are perfectly positioned to provide the support start-ups need to validate their businesses, tell their stories and raise investment, for to stop scaling your business globally.
“During the program we will also be introducing our foundry founders to leading Welsh-based businesses, showing them the value of developing a company in Wales. It’s fantastic to see that all eight organizations from season two, although not all of them came from Wales, now have or are planning to establish themselves here.”
Successful applicants to the third cohort of the Fintech Wales Foundry scheme will be announced in September and will then begin an intensive program of online and fortnightly mentoring sessions in Cardiff, Wales.
Sarah Williams-Gardener, Chief Executive of FinTech Wales, commented: “The Foundry is a key element of our strategy to establish Wales as a globally recognized FinTech Hub of excellence. Our first and second batch of businesses have collectively raised over £20m in investment, and most importantly, these businesses now have a presence in Wales, bringing jobs, innovation and ultimately a boost to our economy.
“All eligible FinTechs should apply for this program – as well as having 12 weeks of mentoring and guidance, those accepted onto the program are introduced to FinTech Wales’ community, which boasts industry leaders across Wales and beyond. Our members and mentors have been there before and know the challenges professionals face when starting a business.”
“We couldn’t be more excited about what we’re creating through Foundry, and having Neil back on board is fantastic. His experience in creating and scaling businesses is second to none, and we couldn’t have asked for a better Program Director,” added Sarah to.
FinTech Wales was launched in April 2019 to provide an independent voice to the FinTech industry, both in Wales and worldwide, to champion and maximize the potential of all businesses in this sector.
As well as nurturing and supporting the businesses already in Wales, it aims to develop an ecosystem that will encourage and attract new FinTech companies to start up or scale up in our region. Ultimately, the aim is to make Wales a leading pillar in the global FinTech community.
Earlier this year, Cardiff Capital Region (CCR) announced a five-year £1.6m investment in FinTech Wales, which will be spread over a five-year partnership between CCR and FinTech Wales, and will see the two organizations work closely together to deliver on CCR’s commitment to establishing Wales as a leading UK FinTech sector.
