Amazon Web Services (AWS) has announced the launch of its AWS Global Fintech Accelerator, which will focus on supporting 150 FinTech startups with business models related to Artificial Intelligence (AI) and Machine Learning (ML) technology. It will provide support and mentorship for financial solutions.
AWS highlighted that 91% of FinTech companies use AI as they seek to drive their transformation, while 80% of FinTech companies utilize machine learning. For Amazon, AI and ML are essential technologies for innovation and customer service in businesses, as they enable workflow automation and risk management.
The accelerator will select 150 financial technology startups from North America, Latin America, Europe, Middle East, and Africa. The selected startups will join a six-week program between September 18 and October 23, where they will receive 1:1 business and technical mentorship. Additionally, Amazon will cover the costs during that period and provide support.
Applications for the AWS Global Fintech Accelerator are open June 27 – August 14, 2023, with limited space available. Startups are encouraged to review the terms and conditions and submit applications here.
The AWS Global Fintech Accelerator gives high-potential seed-stage fintech companies the specialized mentorship, resources, and partnership opportunities they need to better leverage AI, innovate financial services, and meet new customer demands—all while creating powerful solutions in the cloud. Apply online today.
What does it mean for venture capital?
- The AWS Global Fintech Accelerator presents an opportunity for venture capital firms to discover and potentially invest in high-potential seed-stage fintech companies that are part of the program.
- Venture capital firms can gain access to innovative fintech startups leveraging AI and ML technology, which can drive growth and disruption in the financial services industry.
- Participating in the accelerator program can provide venture capital firms with valuable networking opportunities and early access to promising fintech startups, increasing their chances of securing investment deals and fostering partnerships in the rapidly evolving fintech landscape.
What does it mean for fintech startups?
- The AWS Global Fintech Accelerator offers fintech startups the chance to receive specialized mentorship, resources, and partnership opportunities.
- Participating in the accelerator program can provide fintech startups with valuable exposure, networking, and support from AWS, potentially leading to further funding and growth opportunities.
- The program can help fintech startups refine their business models, validate their solutions, and gain credibility in the industry, increasing their chances of attracting investors and scaling their operations.
