Top 5 FinTech Accelerators to Boost Your Startup

Are you looking for the top 5 best FinTech accelerators to boost your startup? Being an entrepreneur is challenging, and having the right support system can significantly increase your startup's chances of success. Over the last decade, the number and caliber of startup programs and accelerators focused on FinTech have expanded. Therefore, joining an accelerator is always a good idea if you want to launch a FinTech startup. In this article, we have mentioned the top 5 FinTech accelerators and why they are essential for a developing entrepreneur like you, so keep reading.

How do Accelerators, Incubators, and Venture Capitalists differ?

 
Suppose you are an entrepreneur looking for the best way to boost your business. In that case, the first thing you should know is how startup accelerators, incubators, and venture capitalists differ from one another.

Incubators
New ideas nurture at FinTech incubators, which assist aspiring entrepreneurs in developing their concepts into viable business plans. Startups in incubators typically receive no financial support. Furthermore, it's crucial to remember that most business incubators are non-profit organizations. Academic or governmental entities typically manage FinTech incubators because this matches their field of work.

Accelerators

An accelerator is a company that offers organized guidance and mentoring. By imparting years' worth of knowledge in a short amount of time rather than requiring entrepreneurs to start from scratch, an accelerator helps emerging companies and businesses expand swiftly during their early phases.

You can find investors and other forms of support to assist your growing firm. For example, FinTech accelerators frequently give startups capital to help them get started. In addition, accelerators typically offer internal funding and access to a more extensive network of investors, venture capitalists, and angel investors.

Venture Capitalists
Venture capitalists, often known as VCs, are similar to investment entities. They financially support emerging, promising, and untested businesses with a high-risk/high-value profile in return for equity ownership. Only companies in later phases of growth can typically access venture capital investment. Although many entrepreneurs aspire to this, it shouldn't be the final objective. While venture capitalists handle the assets for limited partners who anticipate significant returns on their investments, angel investors invest their own money.

What Startup Accelerators Do?

Acceptance into an accelerator is a significant success for a budding startup. Emerging businesses can get funding and mentoring through these initiatives. A startup accelerator is a rapid growth strategy that enables years of growth in just a few months. You can consider them an investment development and market preparedness boot camp. According to studies, participants of renowned accelerator programs achieved significant milestones more quickly.

What is the Typical Duration of Startup Accelerators?
Accelerators have a predetermined duration. Startups can participate in various programs that cater to their business's needs.

How to Get into a Top Accelerator Program?

It isn't easy to be accepted into the right business accelerator programs. Less than 5% of candidates can get into the best programs. Most have a set of prerequisites that are unique to each program. As a result, applying requires a lot of planning and study. After successfully applying, the accelerators will call you for an interview. If you clear the interview, you will be accepted to join the accelerator program with other startups.

Top 5 FinTech Accelerators that can Boost your Startup

Barclays Accelerator

One of the top US accelerators for FinTech firms, Barclays Accelerator, was started in 2013. Its offices are in New York, Cape Town, London, and Tel Aviv. Barclays Accelerator accepts digital startups from various industries, including insurance, trading, data analytics, cryptocurrencies, and wealth management. The selected applicants collaborate for 13 intense weeks and get access to cutting-edge technology, co-working spaces, technical knowledge, etc., as they build their solutions.

This process culminates in the Barclays Accelerator Demo Day when the firms present their offerings to eminent investors worldwide. Along with receiving lifelong participation in the Techstars alumni group, participating firms also have the chance to show in front of the critical tech community and obtain an investment of up to $120,000.

FIS FinTech Accelerator

The FIS FinTech Accelerator aims at financial technology startups and founders. It opens the door to the executive suite of the world leader in FinTech. Startups with high-potential innovations to disrupt the financial industry are eligible for their 12-week accelerator program. The Fis ventures are the most prominent global provider of technologies for banking and payments. It is the only accelerator with access to FIS™'s 20,000 financial institution clients across 130 countries.

Furthermore, their FinTech referral program fosters interactions between founders and established FinTech companies looking to connect with a bank. Entrepreneurs with a focus on technology are brought together by the program, enabling them to create solutions centered on the client's needs. The Founders also get to establish professional ties with the subject area specialists.

Nex Cubed

Nex Cubed is a startup accelerator that focuses on businesses looking to penetrate the US market. Since their establishment, they have accelerated more than 300 firms, often investing $25,000 in exchange for a 6% ownership stake. Nex Cubed accepts submissions from both the HealthTech and Fintech industries. It offers a sixteen-week, tailored program that pairs operationally and technically gifted founders with financial industry specialists. The Nex Cubed FinTech Accelerator encourages using innovative FinTech solutions in the commercial sector. It gets founding teams ready for their subsequent institutional funding round.

FinTech Innovation Lab

The FinTech Innovation Lab, a well-known US business accelerator in the FinTech sector, is based in New York City. However, its offices are in Hong Kong, Dublin, and London. Early-stage to late-stage FinTech startups can apply to this FinTech accelerator. Up to this point, they have accelerated over 270 businesses and assisted them in raising $2.7 billion in capital.

Unlike most accelerators, the FinTech Innovation Lab doesn't make direct investments in any startups. Instead, during Demo Day after the 12-week program, entrepreneurs get the chance to present to executives from the financial services industry, investors, and media and can raise funds. Startups participating in the 12-week program directly access top financial industry employees and user groups to test product concepts.

Plug and Play

Plug and Play FinTech offers mentoring, funding, and acceleration for first-time entrepreneurs and startups. It helps them commercialize the next game-changing solution for the expanding global economy. Their extensive network of mentors and advisers helps companies build their products and be ready to pitch top Silicon Valley investors. Plug and Play FinTech is one of the most renowned startup accelerators. It has offices in Abu Dhabi, Paris, Frankfurt, Singapore, NYC, Tokyo, and China.

The Plug and Play Fintech accelerator provides access to daily networking events, co-working facilities, an internal venture team, customized coaching, and other services to aid in the growth of firms. Every year, the internal venture capital team invests in over 260 firms. In addition, the accelerator program provides equity-free venture investments ranging from $25k to $500k.

Why Should you Join a Startup Accelerator?

Despite the popularity, early-stage entrepreneurs still widely misunderstand the benefits of using accelerators. Here is why you need them:

• Your Network is Your Net Worth
  In co-working areas and workshops, businesses collaborate with startups. In addition, you can get unmatched access to successful entrepreneurs through mentorships and the accelerator's alumni.
• Positive Signaling for Business Growth
  An accelerator program's ultimate purpose is to help businesses expand. As a result, investors view an accelerator as a badge of honor. In addition, a top program demonstrates that your crew is capable, motivated, and trained.
• Fund Raising Season
  The most excellent accelerators have close connections to an extensive network of investors. As a result, your business can gain access to investors it otherwise wouldn't have by joining one of those networks.

Finding an excellent FinTech accelerator can undoubtedly be a once-in-a-lifetime chance to push your business forward. Make sure you choose a program with great care and attempt to plan your participation so that fundraising begins as soon as the session is over. However, don't expect the accelerator to be a magic wand that instantly launches you to money, fame, and fundraising success. Remember that there is no assurance; it is only an opportunity. It's still up to you to make it worthwhile.