South Africa’s Standard Bank has joined the INV Fintech accelerator programme as a partner, in order to open the gateway to the African fintech market for INV’s startups.
The United States (US)-based INV Fintech is an accelerator for post-seed-stage fintech startups formed in 2015 by a partnership between financial services firm Fiserv and financial technologies news platform Bank Innovation.
It works with its startups during two annual classes to advance their valuation and product set, with the Johannesburg-headquartered Standard Bank now joining as one of several innovation-oriented financial services companies as INV Partners.
As part of the agreement, Standard Bank will participate in the accelerator activities of INV Fintech, including considering startups in the accelerator for investment, market trials or acquisition. Investments will be made on a case-by-case basis.
Standard Bank has also commited to providing mentorship to startups in the INV accelerator.
“We are excited to partner with INV Fintech in their accelerator programme,” said Peter Schlebusch, Standard Bank Group chief executive of personal and business banking.
“In a world that changes at an incredible pace, exposure to new startups and emerging technologies enables Standard Bank to learn and expose Africa to new technologies to drive her growth.”
Partners of INV Fintech receive exposure to the startups in the INV accelerator programme, and network with other innovation-minded financial services professionals.
“We are extremely proud to welcome Standard Bank to INV,” said JJ Hornblass, principal at INV Fintech. “Standard offers INV an invaluable path to the African financial services market, which has embraced mobile finance. We welcome the opportunity to seize on this dynamic emerging market, with Standard’s skilled guidance.”