The Stellar Development Foundation (SDF) and MoneyGram International Inc. (MG) have formed a partnership with Techstars, the global network that helps entrepreneurs succeed with investments of capital, and will launch a mentorship program aimed at Latin America’s financial system, the companies announced Friday (March 11).
MG, the digital P2P payments provider, and SDF, the nonprofit organization that supports Stellar, an open-source network that connects the world’s financial infrastructure, have launched a startup accelerator program designed to focus on building solutions for a more inclusive and accessible financial system in Latin America, the companies’ said.
The three-year initiative will select up to a dozen FinTech startups to participate in a 13-week immersion program. Under the program, entrepreneurs will work with mentors from the three companies. At the conclusion of each class, participants present their progress and vision to a group of FinTech investors and stakeholders.
Applications for the first class of startups is scheduled to open on July 25. The deadline for applications is Oct. 12.
“Blockchain and digital assets are changing the cross-border payments process, enabling people to almost instantly and cost-effectively send money internationally,” Denelle Dixon, Stellar’s CEO said in a statement. “We believe that we can improve access to the financial system for all participants, and we’re proud to work with MoneyGram and Techstars to empower the next generation of innovators to build a more inclusive and accessible cross-border payments system that takes full advantage of 21st-century technology.”
In 2020, Techstars and Anthemis, the London and New York-based global platform that invests in startups, provided $27.7 million in a funding round for Axle, the freight and logistics software company.
Read also: Axle Debuts New Freight Carrier Payments Program
At the time, Axle said it would use the money to develop its products and expand to new markets.
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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT
About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
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