SYDNEY–KMPG Australia has launched a 12-week “accelerator program” that will connect 14 startup companies with credit unions and mutual banks.
The program, which was designed with the financial institutions, has been designed to give them access to promising startups in the fintech sector.
Currently, seven credit unions and mutuals are a part of the program, including Credit Union Australia (CUA). CUA has previously participated in other, similar programs, including a 12-month partnership with fintech Stone & Chalk, which it launched in April of this year.
Other credit unions and mutual banks taking part in the program are Beyond Bank, Greater Bank, Heritage, IMB Bank, Police Bank and Teacher's Mutual Bank (many credit unions in Australia use “bank” in their names).
Ian Pollari, KPMG's global co-lead for fintech, discussed the position of fintech startups in a wider financial context.
"Established organizations increasingly recognize the strategic importance of engaging with and sourcing capability from the fintech startup community,” said Pollari in a statement. “The objective of KPMG mLabs is to systematically foster greater levels of collaboration between the participating mutual ADIs and fintech startups. The mutuals are eager to engage the startup community and for the fintech ventures, the prospect of innovating with the mutuals, who represent a combined customer base of more than two million, is a very attractive proposition.”
Along with fostering innovation, one of the outcomes of the program is also commercial, according to organizers. Participants will be able to design and launch products and services as well as develop customer service initiatives and work on their own internal efficiencies. Each participant will also have access to industry advisors. specific to their sector.
The 14 startups participating in the program
- Avoka: Offers sales and service transactions for financial services, government and other industries.
- Brighte: A no-interest installation method for home and energy improvements.
- Chekk: A platform to manage and share personal data with individuals and businesses.
- Cloudcase: Loan origination software for financial institutions.
- DSYNC: An integration software to connect apps, websites, business systems and platforms.
- Easyshare: A platform to split rent, card and other payments in a share house. Also offers commercial solutions.
- Edstart: A financing solution for private school fees.
- Fitchain: A fitness rewards program that uses wearables and blockchain.
- Flamingo: A platform to assist businesses selling financial services to optimize their conversion rates.
- Moneycatcha: A blockchain-based loan origination platform.
- Moroku: Provides banks with a set of mobile banking applications and services in the cloud.
- Pocketbook: A budget planning app that syncs with bank accounts, sends notifications and categorizes spending.
- Simplekyc: Offers a business process management solution for small and large businesses.
Spriggy: A prepaid card and mobile app designed to teach young kids about money.