South African Standard Bank has been accepted to join the global INV Fintech accelerator program.
INV Fintech is a US-based accelerator program designed for post-seed-stage fintech startups.
The program was originally started back in 2015 through a partnership between the financial services firm Fiserv and the financial technology news platform Bank Innovation.
Standard Bank has just recently joined as a partner of the INV Fintech accelerator program, making it one of several financial service companies who are involved.
Standard Bank is headquartered in Johannesburg. The agreement that was made states that Standard Bank will be involved with the accelerator activities of the program.
The agreement also states that Standard Bank will also have to consider which startups in the program are worthy of investment, market trials, or acquisition.
All the investments dealt out will be made on a case-by-case basis. Standard Bank has also given their word that they will offer mentorship to startups, as well.
Peter Schlebusch, the Standard Bank Group chief executive of personal and business banking said, “We are excited to partner with INV Fintech in their accelerator programme.”
“We are extremely proud to welcome Standard Bank to INV,” said JJ Hornblass, principal at 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,” said Schlebusch.