Fintech enabler Integrated Finance is launching the ‘Fintech Foundation’ tech incubator to support emerging businesses in their growth journey.
The initiative has the backing of some of the biggest banking service providers, including Mastercard, Currencycloud and Enfuce.
Alistair Cotton, CEO and Co-Founder of Integrated Finance, commented: “We’re delighted to launch our ‘Fintech Foundation’, led by the programme’s head, Amar Kotak.
“The incubator will deliver the knowledge that some businesses may currently lack, enabling our participants to build effective proof of concepts, facilitate live transactions for customers, and to stand out as attractive investments for venture capital businesses in a moment of sector uncertainty.
“To do this, our focus is on helping companies who can demonstrate true customer demand for their product, as well as an ability to scale.”
Enrolled companies will receive guidance on how to maintain a fluent operational process, from planting an idea to the launch of the product.
The programme will launch from January next year and will continue to operate for 12 weeks, involving workshops with the incubator’s partners and lessons in user experience, funding, regulations, as well as foreign exchange and revenue optimisation.
Comments on the launch were made by some of the partnering companies. Derren Powell, VP of Fintech and EMI – Business Development at Mastercard, commented: “Mastercard believes in the power of collaboration and partnerships, especially within the Fintech sector.
“We recognise that Integrated Finance’s Fintech Foundation programme will be complemented by our wide array of services and expertise, and that could bring us closer to new businesses at the cutting-edge of the industry.
“The programme will deliver the education, insights and due access needed by companies across the sector. In doing this, the incubator provides the necessary infrastructure to make Fintechs easier to build and scale.”
The Fintech Foundation will look to provide businesses with a relevant core banking stack so that failed launch-to-market attempts are brought to a minimum, removing the need for personal investments in such technologies.
Richard Stockley, Director of Partnerships at Currencycloud, commented: “Currencycloud has worked alongside Integrated Finance since shortly after its launch, and during that period, we’ve always felt a shared connection with the company’s values and outlook. So, when we heard about its Fintech Foundation incubator, we were excited to get involved.
“With our support, Fintech startups on the programme can quickly develop and implement scalable cross-border and FX solutions as part of their product offering, enabling more cost and time-effective go-to-market strategies. The programme really emphasises the true importance of collaboration, which is so important to us.”
Nine partners in total will be supporting the Fintech Foundation. Support from venture capital firms is also on the agenda, with Octopus Ventures, 500 Global, SumSub and others on the list of the initiative’s financial sponsors.
Enfuce Co-CEO Denise Johansson added: “With Integrated Finance’s Fintech Foundation programme, we saw an amazing opportunity to help other Fintechs who want to grow and scale.
“The incubator programme has been designed to help founders develop their companies from the ideation stage, all the way to fully-fledged business propositions centred around solid unit economics, and deep revenue streams.
“As such, this program has the potential to be a real game changer in the world of Fintech. We look forward to leveraging our expertise alongside Integrated Finance and the other involved partners to generate some tremendous results.”