The Fincluders Bootcamp 2017 was successfully finalized on November 2nd after two weeks of intensive work, passionate discussions, and business meetings. The investment readiness and coaching program for financial technology startups held in Luxembourg and Frankfurt am Main, Germany, aimed at nurturing innovative young financial technology companies with ideas for increasing financial inclusion in many countries worldwide, for farmers in Kenya to merchants in Jordan. Building on the success of the Fincluders Startup Competitions held in Berlin, Germany and Amman, Jordan by the leading micro and small enterprise funds EFSE and SANAD, the funds, through their Technical Assistance Facilities, invited promising fintechs which are developing inclusive financial services to underserved groups to the Fincluders Bootcamp 2017.

Mary Joseph, Director of Partnerships at FarmDrive, one of the participating startups, set the tone for the week: “Fintech is really going to change the way financial services work across the world, and we need to boost that”.


The first week of the program in Luxembourg covered a range of topics, including business model mapping, peer due diligence processes, customer centricity, investability and business plan presentation. Outside of the formal sessions, many evenings were spent discussing entrepreneurship challenges and technology developments. In the second week, the group moved to TechQuartier in Frankfurt, with the program looking at in-depth business model mapping, growth strategies, financials as well conducting mutual evaluations.


The bootcamp also provided an opportunity to the partner institutions of the EFSE and SANAD funds to explore the opportunities that fintech provides to them, through a one-day training in combination with networking sessions with fintechs and members of the financial technology community in Luxembourg. The bootcamp ended with feedback meetings in Frankfurt, where the startups received advice on strategic challenges they face from Frankfurt-based institutions focused on fintech and digitalization.


Lino Pujol, co-founder of Quotanda, commented: “We had a lot of contact with mentors and peer companies from other parts of the world, so we can learn about their needs and the solutions they are providing in other places that are interesting to us.”


The bootcamp was held in partnership with Finance in Motion, 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.  


Antonique Koning, Senior Financial Sector Specialist at CGAP said, “There are more than 2 billion unbanked people around the world, many who are marginalized and poor. Finding innovative solutions, such as those shared in the event, is crucial. It often involves partnerships between financial institutions and new start-ups. By bringing these different players together, the Fincluders Forum facilitated discussions that focused on collaboration rather than competition. It also covered important topics, such as customer-centric approaches and strategies that can help meet low-income customers’ real needs.”


Elvira Lefting, Managing Director at Finance in Motion commented: “EFSE and SANAD have shown their commitment to foster innovation in the provision of financial services in organising startup competitions for promising fintechs in Berlin and Amman, respectively. Finance in Motion – as advisor to EFSE and SANAD – is proud to see that with this intensive two week bootcamp for selected start-ups, this commitment 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.”    


Nasir Zubairi, CEO of the LHoFT Foundation added: “This two-week investment readiness and coaching program was fantastic. It is great to have achieved so much with 12 incredible startups and we hope to see positive outcomes out of this amazing learning experience. It was great to work with Finance in Motion, the EFSE and SANAD Funds and Village Capital to execute this epic program. We very much appreciate the support we have received within Luxembourg from the whole community to make this program a reality.”


The 12 qualified startups:


Tarfin: Turkey

Provides underbanked farmers with competitive point-of-sale financing for farm inputs.


Quotanda: Spain/Mexico

Lending-as-a-service platform for schools, providing access to student finance options.


Agrocenta: Ghana

Online trade hub connecting farmers and buyers and on-demand logistics service.


Moneyfellows: Egypt

Lending and saving with friends and family through the use of social reputation.


POSRocket: Jordan

Affordable cloud point-of-sale platform for small business owners.


Seso: South Africa

Blockchain technology to provide digital land registries and land transactions.


FarmDrive Kenya

Credit-scoring for smallholder farmers, based on a range of data including agricultural.


OptioAI: Georgia

Chatbot giving personal finance advice for millennials, improving spending decisions.


Circle.Money: Croatia

Multilateral compensations platform settling claims of SMEs.


Kredico: Turkey

Individual and business credit scoring using multiple data sources.


PayMob: Egypt

Financial infrastructure and mobile money solutions for merchants and consumers.


KiraPlus: Turkey

Payments platform facilitating property rent management.


Press release by LHoFT

Publié le 09 novembre 2017