Global Accelerated Ventures Announces FinTech Startup Challenge

Home » FinTech » FinTech News » Global Accelerated Ventures Announces FinTech Startup Challenge

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.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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

FinTech SoFi Announces Partnership with Mastercard

Over the past few months, the FinTech firm SoFi has been quite busy. For example last year it introduced a hybrid money management account called SoFi Money, offering high-yield interest, reimbursed ATM fees, and other perks. Now the company is looking to expand on that success, announcing a multifaceted partnership...

Chase and United Debut New Business Credit Card

Small business owners who travel often or want to save up miles for their next vacation will now have a new credit card option for accruing rewards. Today Chase and United unveiled the United Business Card, which will replace the previous United Explorer Business Card. According to a press release...

Apple Card Adds Ability to Export Transactions Spreadsheet

When the Apple Card launched in August of last year, it was perhaps the most high-profile example of FinTech seen to date. At the same time the card itself wasn't exactly built to play nice with other FinTech products as it offered no way for users to link their accounts...