Investment business providing access to capital TechStars has chosen 12 startups for an inaugural accelerator program in Latin America.
The program, organised and run by TechStars, is the first physical training for tech startups in Latin America. It is a hybrid program in which 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. Meetings at each location are planned to last for one week each.
In total, the program is to last 90 days. Founders of companies from South America (particularly from Brazil, Argentina, and Chile), the US, Latin America, and Mexico will be participating.
TechStars chose the 12 startups based on the innovative payment solutions they provide for underserved or emerging markets. Startups engaging in financial infrastructure, investing, personal financial management, lending, financial literacy, and payments were considered.
Headline sponsors for the program
Blockchain-based distributed ledger Stellar and digital payments provider MoneyGram have become the headline sponsors for TechStars’ program. The two companies are partners with each other. Together, Stellar and MoneyGram have established a strong fintech ecosystem across emerging markets, including nations across Latin America.
Tricia Martínez, payment 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, partnerships across countries, regulatory and compliance know-how, and of course, innovative and low-cost technology.
“Both Stellar and Moneygram provide all these things and more and, through the Techstars Payments Accelerator, they will enable fintechs to navigate across some of the most complex markets faster while surrounding them with invaluable tools and resources.
“Stellar, a decentralised network for storing and moving money, and MoneyGram, a cross-border P2P payments and money transfer company with operations around the world, are the perfect match to support the future of payments companies.”
The start-ups selected to be part of TechStars accelerator program includes automated crypto investor Bundil. Bundil plans to launch an automated system that deducts spare amounts from daily user purchases made with credit cards. The company then invests these spare amounts into various financial instruments such as stocks and crypto.
Oinc, another automated investment service involved, focuses on supporting young adults to automate savings. Users can automate set-up rules to save easily and achieve their financial goals.
Another company involved is Mica, a company focused on tenants. Mica’s solution aims to help tenants rent their chosen apartment, automate their bill payments and reduce their 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.