As noted in the update, the 12-week, no equity program, titled The Foundry: Validate Raise & Scale, is reportedly “the only accelerator of its kind in Wales, with an explicit focus on helping founders overcome the challenges of validating, fundraising, and scaling a new venture successfully.”
As mentioned in the announcement:
“After a rigorous interview process, the Foundry and its sponsors Principality Building Society, Admiral Financial Services (AFSL), and Cardiff Capital Region City Deal, extended offers to nine startups from across the UK and Europe, who will begin the program on 26th of January.”
The accelerator’s format will aim to “safely combine intensive digital and in-person mentoring sessions with experienced industry leaders at the program’s Cardiff hub, Covid restrictions allowing, before culminating in an event showcasing their progress at the accelerator’s end in mid-April.”
Neil Cocker, Program Director of the FinTech Wales Foundry, stated:
“We are delighted to welcome nine exciting startups to our 2022 Foundry program. This year’s cohort represents some of the most forward-thinking startups in financial literacy, data management, blockchain, AI, and other areas of financial challenges with a growing need for innovation. We look forward to witnessing the transformation these startups bring to the financial ecosystem with their innovative digital solutions.”
The nine Fintech startups accepted into the 2022 FinTech Wales Foundry Accelerator are:
- TropoGo (United Kingdom) — India’s First and only real-time Micro Drone insurance.
- QuoteOnSite (Wales) – Cloud-based Quoting, Invoicing and Messaging software for small businesses.
- Monva (Wales) – Using smart comparison services to make comparing and buying as easy as possible.
- Yacooba (Portugal) – Mixing blockchain ticketing protocol with a one-click-buy travel marketplace to generate more revenue for promoters and rewards for audiences.
- Finalrentals (Poland) – Helping customers find the perfect cheap car rental in Dubai
- BOMADU (United Kingdom) – Helping first-time buyers with home deposit challenges using smart current accounts.
- AGAM Services (United Kingdom) – AGAM helps create financial IDs for their customers paving way to enter the formal economy.
- Cufflink (United Kingdom) – Limiting the likelihood and impact of a data breach by controlling exactly what can and can’t be done with personal data.
- Everknock (United Kingdom) – A personal assistant to manage your home-buying journey. Helping users take control, save time, and reduce stress.
As mentioned in the update, the 2021 Foundry Cohort collectively raised over £9M in investment, created more than 20 jobs, and signed corporate deals with the program partners.
Part of the 2021 alumni was Sero, a Cardiff-based energy technology and services company who this week “secured a £5.5m investment from Welsh business Hodge and leading financial services provider Legal & General to support the transition to net-zero across the residential housing sector in Wales.”
Cardiff Capital Region City Deal’s Chief Operating Officer, Rhys Thomas, remarked:
“Both the 2021 outcome, which delivered outcomes that exceeded all our expectations, and the quality of this year’s final cohort has justified our belief in the model, and in our ability to attract such an exciting portfolio of start-ups. It demonstrates the importance of both this program and the massive potential more generally for the FinTech start-up community. It also provides a blueprint for the other clusters we are seeking to support and grow to follow.”
FinTech Wales, CEO, Sarah Williams-Gardener added:
“The Welsh Fintech sector has shown enormous resilience and success in the face of a global crisis. We have seen investments in the UK rise reaching $11.6bn in 2021 (Innovate Finance), with regional investment growing 237%YoY. Cardiff, having been recognised as a growing Fintech cluster in the Kalifa report, continues to thrive.”
She also noted:
“Fintech Wales is building on the success of our first Fintech Wales Foundry accelerator, focusing on the future & further economic growth. With this season, we will be louder & prouder about the innovative Fintechs selected, supporting them to successfully validate, raise, and scale in Wales. With continued support from our partners, Cardiff Capital Region, Admiral Financial Services and Principality Building Society, we will aim to sign deals, create jobs and raise investment within the region.”