After two weeks of intensive training, five of the ten participating fintechs were crowned laureates and given access to up to €50.000 in subsidies to pursue their development in Luxembourg.
Now in its third edition, the fintech acceleration bootcamp, which was developed in close collaboration with the LHoFT and the Ministry of Economy, has quickly become a popular programme for fintechs. Indeed, this year saw 180 applicants from all over the world, 10 of which were selected to receive support and guidance from local experts.
This year, the programme, which is all about helping these fintechs grow and find their niche in Luxembourg, focused on working with fintechs active in insurtech, investment tech, regtech, fundtech, AI as well as ESG.
“I am looking forward to the selected companies launching operations in Luxembourg while contributing to the diversification of the local fintech and start-up ecosystems through innovative solutions in fields such as data, fundtech, identity management and sustainable finance,” said Franz Fayot, economy minister.
This year was the first year since the 2021 edition that the programme was held in person again, culminating in a live pitch at the ICT Spring on 1 July. Important partners such as Compellio, Luxembourg For Finance, Luxembourg Sustainable Finance Initiative and Middlegame Ventures were among the 20 partners supporting the 10 fintechs through their programme.
Brief overview of the five laureates
United Kingdom — 10BE5 is building a natural language processing-powered platform that automates the drafting of capital markets disclosures and related processes. Their solutions automate substantive legal work. They are domain experts and design their products with input from top law firms. Their products help reduce staff burnout, free up capacity to undertake other complex work, and reduce risks through the elimination of mechanical errors. They also reduce the overall cost of access to capital markets for companies.
Germany — With a mission to help women become financially independent, finmarie builds mobile and desktop consumer financial technology with smart tooling and a hybrid human-digital model of financial and insurance advisory.
Luxembourg — Fundvis offers workflow management Software for the Fund Industry. They bring the entire industry onto one platform and digitalise their processes thereby allowing the setup and management of AIF Funds globally.
United States — Lynxai offers a data-driven platform that makes ESG investment more efficient. Lynxai provides quantitative and qualitative data to facilitate investment analysis. The provided data is adapted to the client ESG standards. The company helps the client navigate through any government regulations – like EU Taxonomy – and control any red flags from their investments. Lynxai also collects data from non-financial reports, big data and score providers, institutional news, Twitter, Reddit, Glassdoor, blogs, social media and offline sources, so that every information is covered.
United Kingdom — Umazi is an enterprise identity platform, enabling all businesses to share verified client identity data leveraging Web3/DLT. Umazi facilitates the creation of business identity wallets to allow for streamlined business verification and by design enables continuous real time compliance. Umazi disrupts existing manual, cumbersome and time-consuming due diligence processes by providing those who need access to validated corporate identification with data that they do not have access to today. On the enterprises looking to prove their identity, Umazi facilitates faster verification while allowing them to control their own data (self-sovereign identity management). Enterprise credentials are cryptographically verified to provide a full audit trail on the company, further removing the need to dig up 5years of data evidence.