Standard Bank, headquartered in Johannesburg, South Africa, joins several innovation-oriented financial services companies as INV Partners where it will aid in opening the gateway to the African fintech market for INV’s startups.
As part of its agreement, Standard Bank will participate in the accelerator activities of INV Fintech, including considering startups in the accelerator for investment, market trials and/or acquisition. Investments will be made on a case-by-case basis. Standard Bank also commits to providing mentorship to startups in the INV accelerator, which was launched in 2015.
“We are excited to partner with INV Fintech in their accelerator program,” said Peter Schlebusch, Standard Bank Group Chief Executive of Personal and Business Banking. “In a world that changes at an incredible pace, exposure to new start-ups and emerging technologies enables Standard Bank to learn and expose Africa to new technologies to drive her growth.”
Partners of INV Fintech receive exposure to the startups in the INV accelerator program, and network with other innovation-minded financial services professionals.
“We are extremely proud to welcome Standard Bank to INV,” said JJ Hornblass, Principal, INV Fintech. “Standard offers INV an invaluable path to the African financial services market, which has embraced mobile finance. We welcome the opportunity to seize on this dynamic emerging market, with Standard’s skilled guidance.”
The accelerator was founded as an offshoot of Bank Innovation, one of the most popular fintech blogs in the world, and in coordination with Fiserv, the $26 billion global financial technology company.
“The networking opportunities with innovation-oriented financial services companies will help us in improving customer experience and make the bank a better place to work for,” Standard’s Schlebusch said.
Standard Bank Group is the largest African bank by assets, totaling US$149 billion.
ABOUT INV FINTECH
INV Fintech is an accelerator for post-seed-stage startups that provide financial services products and solutions. The accelerator, along with its members and more than 40 mentors, works with its startups during two annual classes to advance their valuation and product set. The accelerator was launched in 2015 in partnership with Fiserv, one of the world’s largest financial services technology companies. INV Fintech is a subsidiary of INV Accelerator LLC, which aims to advance technology startups around the world. For more information.