FinTech Wales wins best Welsh accelerator as its third Foundry cohort is announced
10 October, 2022
FinTech Wales, the not-for-profit membership organisation whose mission is to establish Wales as a leading pillar of the global Fintech landscape, was awarded Best Accelerator / Incubator at the FinTech Awards Wales (6th October).
The award is given in recognition of an accelerator or incubator with demonstrable success in helping Fintech startups to launch and develop technology that has a real impact, as well as fostering ecosystem support that advances innovation in Wales.
FinTech Wales CEO, Sarah Williams-Gardener, said: “We are delighted to have been honoured by the FinTech Wales Awards this year. Having launched the Foundry just over 12 months ago as a no equity accelerator programme designed by founders for founders, we are proud to be judged by our results.
“We believe the strong and collaborative Welsh Fintech Cluster is now proving itself as critical to team GB, which ranks amongst the top in the world for Fintech excellence. Our program has been significant in attracting international Fintechs to establish themselves in Wales.
“We would like to congratulate those that were shortlisted with us as a rising tide floats all boats.”
Creator of the FinTech Awards Wales and Director at Recruit 121, Matt Hyde, added “The standard of award entries this year was superb. For this particular category we were delighted to welcome Welsh entrepreneur and investor, and founder of GoCompare, Hayley Parsons as Chair of the judging panel, which demonstrates the high accolade of these awards and the sheer innovative talent we have here in Wales.
“FinTech Wales’ Accelerator programme is highly regarded for delivering world-class mentorship and support to help incubate, accelerate and scale startup organisations within the Welsh ecosystem. The success from The Foundry cohorts has been phenomenal, and the programme truly makes a significant impact to the Welsh Fintech ecosystem. Hayley was particularly impressed by the results driven leadership shown by the Foundry.”
The win follows FinTech Wales’ announcement that its flagship Accelerator Programme, The FinTech Wales Foundry, has selected seven Fintech startups for its third cohort.
The Foundry has already taken 16 companies through the first two programmes, and has supported them to collectively raise over £20m investment, with revenue forecasts to reach over £100m, which in turn will create hundreds of jobs in Wales. Each Foundry season lasts for 12 weeks and is the only Accelerator of its kind in Wales.
After a rigorous interview process, the Foundry and its sponsors, Cardiff Capital Region, Confused.com and Principality Building Society, extended offers to seven startups from across the UK: fyio, Credit Canary, Pintech.io, Intend, GoodDriver Insurance, Cargo and Nuable.
Previous Foundry graduate company, Wagonex, recently secured investment from Admiral Pioneer, the Admiral Group’s venture building business. Wagonex is a Cardiff-based technology firm focused on the fast-growing vehicle subscription market and this investment will support the business as it continues to scale in the UK.
On announcing the new Foundry cohort, Sarah added: “We are thrilled to be supporting our third cohort of Fintech entrepreneurs. Having spent time with each founder, I’m encouraged by their passion, energy and drive. They have all identified a problem and worked extremely hard to be able to provide a solution that works. I’m looking forward to playing a small part in the futures of startups with such promise, and I am extremely excited to introduce them to our members, so we can all support each other and give back to our ecosystem.
“The FinTech Wales Foundry is something that I am incredibly proud of, not least because it helps innovative businesses like Wagonex to scale up and garner well-deserved interest from leading investors like Admiral.
“It’s brilliant to see our Foundry members helping to establish Wales as a significant player in the Fintech sector, and showing considerable resilience at a time of economic uncertainty. We are very much looking forward to seeing what our next cohort can achieve.”
More information about FinTech Wales can be found at www.fintechwales.org.