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.


Also published on Medium.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Zilch Adds $50 Million to Latest Funding Round

Despite some reversals of fortune in FinTech as of late, a growing U.K.-based firm has announced an additional investment. Recently, Zilch announced that it had extended its round with an additional $50 million in funding. The added funds bring their Series C to a total of $160 million, while the company has now raised $460 million in equity and debt to date. The extended funding round comes on the heels...

Top 10 Personal Finance Articles of the Month — June 2022 

It’s time again for one of my favorite features here on Dyer News: a look at the top 10 personal finance articles of the month. To start, we'll take another look at financial independence and freedom. Then, with the housing market going a bit crazy lately, we'll feature a pair of articles on home buying. Lastly, we'll cover tips for one-income households, finance after death, fighting inflation, and more. As...

Bilt Rewards Launches Travel Portal with Benefits for Cardholders

Last year, the startup Bilt made a splash when it announced a new service that would reward users for paying their rent. That premise was then expanded upon with the launch of the Bilt Mastercard, which is issued by Wells Fargo. Now, continuing to capitalize on both the hype of their product and the demand for travel, Bilt has debuted another new offering for customers. This week, Bilt Rewards announced...