Networking Program for FinTech Startups Launched by FIS

Networking Program for FinTech Startups Launched by FIS

FIS, a technology company for financial services, has introduced its 2024 Fintech Hangout Series.

The program links FinTech entrepreneurs, investors, financial institutions, FIS specialists, and participants from the FIS Fintech Accelerator Program. It was announced on Wednesday, January 31.

“This series will spark meaningful conversations, share best practices and showcase the amazing work of the participating FinTechs,” FIS said in a news release.

A “deep dive” into the significance of risk and compliance, “one of the biggest barriers to entry for prospective FinTechs,” marked the program’s launch earlier this month, according to FIS.

Applications for the accelerator program will begin in March. During the 12-week program, which helps FinTechs strengthen their product models and scale their operations, participants will hear from leaders in the financial services industry, bankers, and subject matter experts.

The current funding crunch is making it tough for entrepreneurs, which is why FIS is working hard to support them.

The head of ventures at Mubadala Capital, a $276 billion Abu Dhabi sovereign wealth fund, Ibrahim Ajami, told the Financial Times (FT) that “there is dry powder for sure, but it’s not like the world is going to be flooded with VC money again.”

According to the Financial Times, startup failures have doubled since the money deluge has dried up, with businesses like Hopin and Convoy closing their doors last year.

“In some ways, dry powder is a mirage. It’s a theoretical number,” Nigel Dawn, global head of private capital advisory at investment bank Evercore, told the news outlet. “Portfolio companies in venture funds are feeling the cash squeeze more than ever: the idea that you can simply grow and grow with no profitability in sight and the cash spigot will always be on is gone.”

Additionally, Visa said this month that it would facilitate Plug and Play, an accelerator and venture capital firm, as it enters the Canadian FinTech industry. The businesses had started a startup accelerator program in the United States.

Based in Silicon Valley, Plug and Play facilitates connections between startups, VC firms, companies, universities, and government agencies. It also organizes startup accelerator programs and provides corporate innovation initiatives.