Amazon Web Services (AWS) in partnership with NVIDIA, a major supplier of artificial intelligence hardware and software, has set up a new global FinTech accelerator for seed-stage startups.
The AWS Global Fintech Accelerator is dedicated to helping jump-start early-stage FinTech startups that are leveraging artificial intelligence (AI) and machine learning (ML) to innovate financial services.
The three targeted regions are North America and Europe, Middle East and Africa, and Latin America. During the six-week program, the first cohort of 150 selected startups (50 from each region) will work with experts from both the FinTech and AI/ML spaces.
The program includes sessions focused on developing business and technical skills, including best practices for fundraising and key industry trends. There will also be weekly deep dives and mentorship with technology teams from AWS and NVIDIA.
“We are making big bets on the potential of generative AI to significantly change every customer experience out there, especially as it relates to financial services.”
Howard Wright,
Global Head of Startups, AWS
The program also includes the opportunity to receive up to $25,000 in AWS credits to build products and services; access to the global AWS FinTech startup community, a group of mentors and investors; and future resources from an invite-only Slack workspace.
At the program’s end, 15 FinTech startups, five from each region, will be invited to present their products and services to a list of potential investors and customers on a demo day, and will receive up to $75,000 in additional AWS credits.
Applications for the program open June 27 and will be accepted until Aug. 14. Participants will be notified of their selection in early September, and the program will be held remotely for six weeks, running from Sept. 18 to Oct. 23.
“We are making big bets on the potential of generative AI to significantly change every customer experience out there, especially as it relates to financial services,” said Howard Wright, VP and global head of startups at AWS. “In the long term, we expect generative AI to usher in the era of self-driving money, when every consumer with a smartphone can have access to an affordable, trusted financial advisor that will help them improve their financial health. These solutions will leverage what the cloud does best: it democratizes access [to financial services] for everyone.”
RELATED: Amazon makes AWS EdStart Accelerator available to Canadians, picks Springbay Studio
An increasing number of big tech companies, such as Amazon, continue to bring their accelerators to Canada. One such example is Google, with the multiple programs it opened to Canadians in recent years, including those specific to women founders.
AWS made its EdTech accelerator available to Canadians in recent months, selecting Toronto game developer Springbay Studio as its first participant from the country.
Called AWS EdStart, the program provides EdTech startups with supports like promotional credit, community engagement, customized training, joint marketing opportunities, and technical support.
AWS calls itself the world’s most comprehensive and broadly adopted cloud offering, while NVIDIA claims to be the world leader in AI computing.