FinTech Wales Foundry Accelerator Program 2022 Cohort Announced

Foundry, News

The FinTech Wales Foundry, the flagship accelerator program by FinTech Wales, has today announced the nine FinTech startups accepted into its 2022 Accelerator.

The 12-week no equity program, titled The Foundry: Validate Raise & Scale, is 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.

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 programme on 26th of January. The accelerators format will safely combine intensive digital and in-person mentoring sessions with experienced industry leaders at the programme’s Cardiff hub, Covid restrictions allowing, before culminating in an event showcasing their progress at the accelerator’s end in mid-April.

Neil Cocker, Programme Director of the FinTech Wales Foundry, comments: 

“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 startups accepted into the 2022 FinTech Wales Foundry Accelerator are:

TropoGo (Wales) — 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 – (London) – Helping first-time buyers with home deposit challenges using smart current accounts.

AGAM Services – (London) – AGAM helps create financial IDs for their customers paving way to enter the formal economy. 

Cufflink(Wales)Limiting the likelihood and impact of a data breach by controlling exactly what can and can’t be done with personal data.

Everknock(Wales) – A personal assistant to manage your home-buying journey. Helping users take control, save time, and reduce stress.

The 2021 Foundry Cohort collectively raised more than £9M in investment, created over 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, comments:

“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 programme 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.”

Principality Building Society, Chief Operating Officer, Iain Mansfield Commented

“We’ve been delighted with the quality of applications for the 2022 programme and thrilled with the final nine that have been chosen. Building on our involvement in the 2021 programme and our successful partnership with Foundry alumnus Sero, we are eager to support this next group of exciting startups and their innovative solutions for the FinTech sector. It’s also a great opportunity for us to engage our colleagues to support the delivery of our strategy.”

Admiral Financial Services, Head of Unsecured Loans, Tom Lewis Commented

This year’s cohort selected for the FinTech Wales Foundry accelerator programme proves what huge talent there is out there. At Admiral Financial Services, with our ambition to disrupt the lending market, we truly value the opportunities and disruptive thinking that access to talent and start-ups companies can provide, and we look forward to the solutions that the programme will offer to the start-ups and ourselves.  We’re delighted with the calibre of applicants for this year’s programme and, particularly given the quality of the field, would like to congratulate the organisations that have been chosen.

FinTech Wales, CEO, Sarah Williams-Gardener commented.

“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.”

“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.”

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