06 December 2017

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Fintech Innovation Meets Financial Inclusion!

It’s easy to forget that access to financial and banking services isn’t commonplace in many parts of the world. But in fact, many people remain with no access to formal financial services and products. In support of addressing this challenge, Finance in Motion-advised funds, the European Fund for Southeast Europe (EFSE) and the SANAD Fund for MSME (SANAD), created the Fincluders Bootcamp 2017.

The bootcamp, held from October 23 to November 2 in Luxembourg and Frankfurt am Main, was an investment readiness and coaching program for promising financial technology (fintech) startups which are enabling inclusive financial services to underserved groups. The startups’ activities range from supporting farmers in Ghana with an online trading hub, to helping merchants in Jordan better manage their finances, to MSME debt resolution in Croatia and financial education in Georgia.
The sessions held over the two week period covered many topics, including business models, business planning, due diligence, customer centricity and investability. On top of that, the participants got to spend many sessions comparing notes on the challenges of entrepreneurship, discussing the latest technology developments and networking with a wide array of fintech mentors, experts and investors.

As advisor to both funds, Finance in Motion was also on hand to lend their expertise in the mentoring sessions with the young startups. Elvira Lefting, Managing Director at Finance in Motion commented: “Finance in Motion – as advisor to EFSE and SANAD – is proud to see that with this intensive two week bootcamp for selected start-ups, the commitment of EFSE, SANAD and ourselves has advanced to the next stage. As a mentor myself in part of the sessions, it was exciting to see the enthusiasm of the startups and to engage in intensive discussions with these young companies on their business models and their challenges ahead.”    
The bootcamp itself was held in partnership with Village Capital and the Luxembourg House of Financial Technology (LHoFT). The success of the program is thanks to the support of the many mentors and experts including a broad range of institutional, venture capital and development finance institution investors in Luxembourg and Frankfurt.  

This bootcamp is preceded by two successful Fincluders Startup Competitions held in Berlin, Germany and Amman, Jordan by EFSE and SANAD, through their technical assistance facilities.  

Read more about the bootcamp and its 12 participating startups here.