Eight international startups have been selected for the Wise Guys Fintech 3 accelerator program that has just started in Vilnius, Lithuania. As a strategic partner of the program we will be mentoring the selected startups during Regulatory Week and providing free-of-charge initial support in fintech licensing.
Comments Sorainen partner Augustas Klezys: “We are truly excited to partner with the Wise Guys Fintech 3 accelerator programme and work with the most promising fintech startups. In recent years a significant number of fintech companies have launched their activities in the Baltics and Belarus. Having worked with many of them from the very beginning we have gathered valuable know-how which this programme offers an excellent opportunity to share. I strongly believe that this initiative will further boost the fintech ecosystem in the region.”
Strong interest in program from Lithuanian and international startups
During the application process, when more than 200 startups applied, substantial interest also came from Lithuanians. The selected startups are developing a wide range of ideas – from investment platforms and expense management solutions for businesses and private users to a cloud-based secure network platform and behavioural AI funnel to help lenders find quality borrowers. See the full list of selected startups here.
All-round support for selected companies
The acceleration program will run from October 2019 till February 2020 at several Swedbank office locations in Vilnius. Selected startups will receive up to EUR 50,000 initial investment with follow-on possibility, modern office space and an intense mentorship-driven program. The program is run in strategic partnership with Swedbank, OP Lab (OPBank), Google Developers Launchpad and Sorainen, as well as ROCKIT as community partners.
Says Cristobal Alonso, El Patron aka Global CEO at Startup Wise Guys, “Having run two B2B Fintech focused programs already, we see that one of the biggest challenges early stage Fintech startups face is access to banks and other large enterprises that could become their first clients or help in co-creating the perfect product. Building such relationships takes time and trust. The second challenge no doubt is everything related to regulations and licensing. We see strategic partnership with the largest banks in the region, Google and law firm Sorainen as an important shortcut for our startups. And we believe that this network of support will work both ways, as corporates can learn a lot from startups, about the lean approach and perseverance.”
Partner Augustas Klezys with senior associates Laura Matukaitytė, Vytautas Sabalys and Irma Kirklytė will devote their energy to mentoring the startups and ensuring that their business models meet all legal requirements.