Forum mobile: Technology first, finance after

The Forum Mobile+ that took place in Sao Paulo was composed by two days of panels. The first day focused on mobile commerce and the second one more on mobile finance with a specific day dedicated to “bots”. I will talk especially about the mobile finance journey. However, I want to mention that the mobile commerce evolves very fast as new technologies appear and related fraud processes become more complex. Putting both subjects at the same conference implies that e-commerce and fintechs share technologies and learnings and that’s why in the future the frontier between both of them can be blurry.

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The mobile finance day started with a presentation of fintechs. The panel was made up of fintechs from different areas and stages of growth and therefore with different strategies and challenges to approach. The audience was mainly represented by big and medium companies from financial services, IT and ecommerce. They were very involved in the discussion with several questions. This shows the latent curiosity to learn and discover what makes the success and uniqueness of the fintechs. Among the speakers we had: Neon Bank (a Brazilian Digital Bank with focus on millennials), Easy Invest (an online stock broker), Guiabolso (financial management app), Youse (first online insurance that sells customized products with focus on millennials) and Acesso (a prepaid card).  During the conversation, all the fintechs mentioned how they use technology, the relationship with their clients and the internal culture that they create within their companies. Several compliance questions were asked by the audience. All the fintechs are aware of regulation and stick to the current rules. Nevertheless, they are also active in this domain being in contact with the regulator when it is needed. When asked about the CTO in each startup, the answers were very different. For some of them, the position of CTO does not exist because they believe in a horizontal organization and each project manager is a sort of CTO. For others, the startup has a CTO in the organization but the process to find him was very long. The CTO is a key player in the fintech so it required a lot of effort to find the right match. The CTO can be at the top but he has to be actively involved in all the IT projects. The CTO can also be onboard since the beginning and committed to the project despite pivoting. The example of the CTO, shows that there is no winner model to be the most efficient. However, what can be a challenge and one of the founders mentioned is where to find the right people that excel on development and technological knowledge. The scope of research is not anymore one city but around the country and may be in some years fintech will start hiring abroad.

 bancointermedium

Banks had also a word to say during this event. In Brazil, there was a strike of banks that last one month in september. During this time, bank branches were closed by consequence customers had to use the digital apps and internet of their banks. Santander, present at the event, said that the number of users of digital banking  increased of 100% during the strike. Ironically, the strike helped to educate customers to use more digital banking and therefore go less to the physical agencies. Giving that this is the trend, banks focus on developing products that will be part of the digital life of a customer (Uber, facebooks, Airbnb, Ifood…). Can we imply that agencies will disappear soon? According to Santander, the agencies will play another function to be closer to the client and offer specific and customized products. Banco do Brasil, agreed with Santander on these points. The difference is that the effects of the strike were not so impactful for them because their customers were already very digital. In addition, he highlighted that every innovation for the final user implies also innovation inside. For Banco do Brasil, a historic institution, that can be a challenge. However they managed to create an internal innovation culture that has already showed results.

Banco Intermedium also went on stage at the vent. Banco Intermedium is a 100% digital bank whose clients do not pay any fee to have a bank account either to use basic services. Supermarkets do not require an entrance fee but they do earn money with the products sold inside… a bank should follow the same model. That is the proposition of Banco Intermedium: to democratize banking for all the users and with the time maybe other banks will follow.

With a strong trend of digital dominance within financial services, we would think that digital currencies will also gain strength. However, OKI, ATM machines producer, pointed out that the use of physical currency has not decreased so far, conversely it is only growing. As an ATM producer, it has to modernize its products for example OKI launched a recyclable ATM machine that was very useful during the strike period. The company knows that at some point physical money will stop circulate as it occurred in Scandinavian countries, however in Brazil the phenomenon has not started yet.

Now, let’s have a look at the Bots experience day, a new trend that seduces companies with a customer service. Bluelab claimed the difficulty to hire the service of robots because the billing can be tricky. False accuracy (the customer got the information requested after a long message difficult to read) and false retention (interaction with robots were so inefficient that the customer preferred to drop it and go for human contact) corrupt the results of the bots performance. Companies need to define concrete KPI to assess the real results  of the bots and therefore paying the right amount for the service. During the event, Facebook mentioned that  1000 out of 30.000 chatbots created for Facebook messenger were from Brazilians in order to show the increasing involvement of the country in this technology. One interesting example is the bot of Banco Original. During the day of launch, the bot managed to answer 84% of the questions with success and with one month on the air, it has attended more than 80.000 clients.

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These 2 days put ahead the technology as key actor of the transformation of e-commerce and financial services. In a fintech, the technology is a team of people who knows to code, who follows the new trends, who needs to learn everyday… who loves what they do to create disruption. On the other side, with contant innovations, technology is also the share of the budget that will constantly increase (infrastructure, softwares, high level employees…). Technology, you don’t need to be fancy, but efficient …very efficient.

 

 

Fintechs from Brazil: Bankfacil (BKF)

From now on, I will write small presentations of fintechs that are disrupting and creating impact in their country. Besides the description of the product, I would like to provide the why and the how, founders arrived to this path in order to present both sides of a startup. For this post, let’s start with the basic product of a financial institution: a loan.

Every good story starts with a problem…

And yes, when we talk about loans in Brazil, we do have a problem. To get a loan in Brazil is very expensive. Brazil is the third country in the world with the highest real interest rates (source: Worldbank). We tend to say that Brazilians are all indebted, even more than the US. In fact, that is not true. The amount of debt is lower but the monthly payments are higher due to the interest rates. As a result, Brazilians remain with a long debt burden difficult to control in the future.

A solution please!

There is a way to offer credit cheaper. Widely offered abroad by banks, the credit with collateral is not very famous in the Brazilian market. This product was not offered by the banks in Brazil because it reduces their margins (high interest rates loans are more attractive). Knowing that most of the active population in Brazil owns a car or a house, a significant part of the population could beneficiate with this product. For a consumer loan, in general you pay 4.47% to 8.14% of monthly interests to a financial institution. With BankFacil, interest rates start since 1.05% per month. Using digital channels, BankFacil assesses your information and collateral and then offers you the best conditions for the loan. Of course, using technology reduces also the general cost of the service that’s why BankFacil services are rather appealing for the customer compared to the ones’ from financial institutions. The customer does not pay anything for the service. BankFacil receives its commission from the financial organization behind the loan.

Is the market ready to adopt this product?

The target public is Brazilians who need a loan and own homes and cars but aren’t using them as collaterals. This market in Brazil represents a collective debt of R$ 178.7B ($52.2B USD) across credit card financing, personal loans and overdraft fees (source WSJ). Getting a loan in an inexpensive and easy way seems exactly what Brazilian population needs, specially now with a difficult political -economic situation.

Bankfacil_desk

BankFacil desk

Who started this project?

I had the opportunity to meet Sergio Furió, founder and CEO of BankFacil. He is Spanish and came to Brazil to follow his girlfriend, today wife. In fact, she made him discover the reality of financial services in Brazil (quite different of what he saw abroad) and with that he found out a big opportunity. It is a solution that existed and was not correctly explored in the country and today can solve a latent pain of several Brazilians.

Sergio has a background of finance and consulting. He worked for Deutsche Bank and BCG in Spain and the US before coming to Brazil. I thought that to be a foreign entrepreneur in Brazil is very difficult. But he told me that before to move in he prepared himself searching the market and looking for contacts in the country for mentoring or potential partners. Once in Brazil, and even reaching with the right people, to be an entrepreneur is not an easy path for anyone.

The company started in 2012 and it took two years to get a first investment. In 2015, the startup received the support of Redpoint e.ventures and Accion’s Frontier Investment. With 80-90 employees today, BankFacil plans at least to double the number of employees for the end of the year. I asked him if he had a purpose when he created the start-up. He told me that he looks for fairness within the financial services. Financial services products are needed by everybody and financial institutions should provide fair fees/interests to a population that needs and cares about their money.

One month ago, BankFacil was chosen to participate to the Google Launchpad Accelerator program for 6 months (San Francisco and Sao Paulo). We certainly expect some surprises from BankFacil after this experience.

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BankFacil values

A short story …

Last week, I took an Uber Pool in Sao Paulo. The person with who I was sharing the car was the wife of a startup investor. During the ride, I was telling her that her husband should have a look on fintech startups that offer the same products as banks and with lower fees/interests. We drop her first and then the Uber driver asked me to explain him better what is fintech because he needed a loan and interest rates were very high with his bank. I asked him if he was the owner of the car, he said yes. I just answered BankFacil. I gave him the site and explained him very quickly the process. When I left the car, he told me that he will definitively try it.

Solutions that bring new and transparent alternatives to deal with population money deserve to be communicated or broadcast…after all, that’s why we love fintechs.

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Addendum: On 06/16/2016, BankFacil announced that Kaszek Ventures became a new investor of the startup. Thus, BankFacil joins the fintechs Nubank, Guiabolso and Konfio that already are part of the Kaszek Ventures portfolio. Congratulations BankFacil!

Challenge accepted! Build a fintech in a weekend

On the weekend of 18th – 20th March, I had the opportunity to participate to the StartUp Weekend Fintech in Sao Paulo. As a Fintech follower, I wanted to be part of the event to experiment the steps of an entrepreneur. It is not easy. You have 54 hours to create a startup, with a team that you meet on the same day, and deliver a validated MVP on Sunday night. I was ready to spend an interesting weekend.

My first surprises came up just before that Friday night. Reading about the organization of the event, I found out that two sponsors of the event were BM&F Bovespa (Brazilian stock exchange) and XP investimentos (largest independent investment company in Brazil). The support of these two big financial organizations to the event shows the commitment to see the Fintech industry grow in the country. The Stock Exchange would be certainly happy to witness some Fintech IPOs and investors are avid to identify some Fintech unicorns in the Brazilian landscape. We are also waiting for that…

On Friday 18th, the event took place at the Brazilian stock exchange building that gathered 120 people for the 2nd startup weekend Fintech. The facilities were amazing and helped thrill the audience to get involved in the development of financial solutions during the weekend. It is not a game, it is serious work!

More than 40 pitches with ideas of businesses were presented at the beginning by people from the audience. Finally, only 18 were selected and teams were put together. The tools to overcome the weekend were the canvas and the lean methodology. Not all the audience was used to these methodologies but the facilitators took a time to explain and teach a bit about.

SWFintechSP

First of all, the organization team did a great job calling financial services expert mentors. We had people from big companies (banks, brokers) and Fintech founders (asset management…) who were available to answer all our questions and give some advices about the product, market and how to deal with the clients. Something very important for Fintech events is the presence of lawyers, experts on regulation. You can have an excellent idea or clients can validate it because you are solving their problems. But if the idea does not attend the regulation 1111 from the “financial services holly book” of the country, you cannot do anything. When you have projects involving asset management, exchange rate transactions, blockchain, insurance and more in the room, you need some experts on the deal. That’s clue in the Fintech world, experts on regulation are fundamental when building a Fintech because you have a big risk to close the startup, pay a fine or even go to prison…

Our idea evolved during the weekend. Potential users were interviewed in the street who validated the solution or gave us more insights and ideas about their problems and possible solutions. In fact, that is the magic of the event and the blood of any startup: be able to change rapidly to alleviate user pains.

At the end of the event, every team had to perform a three minutes pitch in front of a jury to present the solution. Again the jury was compounded by well recognized personalities from the investment ecosystem in Sao Paulo.

The event ended up with three winners, that in fact reflects what is disrupting in Brazil right now. …And the winners are:

  • Garanfia: an online platform that sells insurance bails to tenants considering their risk profile. Today insurance bails are sold exclusively by few big companies. This solution intends to offer a more competitive and customized product in order to offer new alternatives to the user.
  • Pague o Basico: an online platform addressed to the population with low income to pay utility bills in a convenient way (prepaid card). This Fintech focuses on financial inclusion allowing the user to feel more comfortable with its payment activities.
  • BC Stock: a platform to negotiate stocks of privately held firms using blockchain technology. This highlights the increasing curiosity of the Brazilian market for blockchain. Someone from the Fintech community suggested organizing a startup weekend only about bitcoin and blockchain. What do you think?

One of the sponsors of the event was Educity, a startup that promotes financial education using gamification. Educity won the first Fintech Startup weekend Sao Paulo in 2014. Since then, the startup grew up participating in accelerator programs, looking for mentors and some investors. They are launching their beta version now and they are very active in the Brazilian Fintech community. Why do they organize the Startup Fintech Weekend this year? To give back and share what they learnt. Their example helps to motivate all the teams to go ahead with their ideas, if they really believe it. As Educity team mentioned, now it is just the beginning, it depends how we will do the next steps to ensure the creation and success of the startup.

On Monday, the financial press of the country dedicated several articles about the event: to sum-up the event was a success. Again, this is another example that Fintech is alive in Brazil. The startup Fintech weekend allowed gather big names of the finance environment, current actors of the Fintech community, regulation experts, IT experts and 120 participants that want to dig more about disruption in financial services.

I highly advise to organize this event in the cities. It is a big opportunity to reinforce the Fintech community and welcome potential new entrants. The field work during this weekend showed a certainty, users are unsatisfied with the financial services that they use today…now it is our turn to work on the solutions.

Thank you to BM&F Bovespa, XP Investimentos, EduCity, NextBank and Techstars. Great event!

Note: I was part of the team Pague o Basico. Now, the real work is just starting but I am sure that you will hear more from the team soon.

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Fintech can also be social…

 

Press likes writing about how banks will lose their power on account of the thread of Fintech startups. Long articles are dedicated to forecast the future of the financial services industry that in addition to a strong regulation, new comers can steal a big part of the pie. Bets can start… some will back small David (fintechs) and others would prefer Goliath (banks). Who can be the winner?

 The winner is the consumer!

The mantra of any successful startup is “the consumer is the king”. Startups solve problems that the consumer suffers or create solutions that make him better off. Let’s be realistic, today none of us feels entirely satisfied with the products offered by our banks. By ignorance or risk averse, some clients remain stuck with banks that prioritize reaching financial goals at the end of the month instead of the goodwill of the client. For the year 2015, two of the biggest banks in Brazil presented records in profits. This is ironic in a country with a deteriorated economic situation where growth is negative and unemployment increases. In fact, banks earn more money when the client doesn’t know what is contracting or simply do not understand.  

To counterattack this situation, Fintech startups can play a key role empowering the consumer.

I do believe in social entrepreneurship model and its impact in our society. If you think carefully, a Fintech startup can also be considered as a social enterprise. According to the Brazilian central bank, 40% of the financial active population is unbanked in Brazil. Fintech startups, with their technology and mobility, can definitively target this market and boost the financial inclusion within the country. In all Latin America the problem is very similar opening the path to startups to attend this forgotten market. Fintech startups build social commitment when increasing access to financial services. On the other hand, Fintechs also create social impact with the “banked” people playing the “transparency” card. Usually, they offer a service that is easily understood and controlled by the client. Products or services are very similar to the ones offered by a bank except that clients pay less fees in most cases. According to Let’s Talk Payment publication, it already exists startups enabled to substitute any service of the banking value chain. In other words, Fintech startups represent choice, new alternatives that release the consumer from the monopoly of banks. With the agility of Fintech startups clients become trained and empowered vis a vis of financial products. Indeed, the Fintech ecosystem has the power to evolve society. Thus, Fintech innovations should be advertised as something that anyone and everyone can benefit from.

In Latin America, I had the opportunity to attend a conference where Thiago Alvarez, one of the founders of GuiaBolso (Brazil), presented the history of how GuiaBolso was created. During his speech, he insisted in the purpose of the company to improve the financial health of the Brazilian population. GuiaBolso is a Personal Financial Management (PFM) platform that automates budgeting and guides financial decision-making through an application. Knowing that Brazilian population struggles understanding and managing its monthly budget, GuiaBolso launches a tool that provides advice to control and save some money. GuiaBolso has become one of the most famous applications downloaded in Android and Apple in Brazil. Making Brazilians savvier with their expenses is one of the main messages of GuiaBolso and one key of their success too because the goodwill of the clients is showed above all.  

More Fintechs should follow the example of GuiaBolso and communicate more about the purpose/values of the company and the benefits that they are creating for the users. Banks should not be the worries of the Fintech, but the users.  

As a Fintech founder, as an influencer or as an user, our mission is to raise awareness about Fintech startups to reach a bigger audience. Target market should not be limited to millennials or financial/tech specialists. Fintech startups represent a real option to improve money management and that is the problem of any human being.  

 

GuiaBolso (2)

 

StartupBootcamp: A global school

Next week, StartupBootcamp will organize two Fintech Fast track events in Mexico DF and Sao Paulo.

StartupBootcamp is a global network of industry focused startup accelerators. It started in Europe, Denmark and today it is present all around the world with 13 accelerators in 10 locations (Amsterdam, Barcelona, Berlin, Copenhagen, Eindhoven, Istanbul, London, Singapore, Miami and New York). Their three month programs give direct access to an international network of the most relevant partners, investors and mentors in their sectors. It won the admiration of Forbes and The Economist, praising their training system for entrepreneurs and an incredible high net worth network.

The StartupBootcamp (SBC) Fintech is the world’s largest accelerator for Fintech Startups. The three month acceleration is opened to worldwide startups with programs in London, Singapore and New York. The accelerator is the first one to receive support from leaders in the financial technology. These include 15 corporate partners, as Mastercard, Banco Santander, DBS Banks, PWC, Rabbobank among others. Yesterday, it was announced Deutsche bank decided to join the partner club too.

I would like to talk about the SBC New York program, whose applications are now open.

The startups selected will receive mentorship from entrepreneurs, investors and partners worldwide and will have access to international markets. In each batch, 10 teams are selected for a three month program to work in the New York facilities and each one will receive USD 20 thousand in cash. The program is led by Jesse Podell, a passionate about Fintech, who travels around the world to “taste” the Fintech ecosystem in other cities.

“Entrepreneurs need to think global from day one”, is a common advice from mentors. Building startups that is global-ready from the beginning will put entrepreneurs in the best position to deploy world changing solutions ahead of the competition. Countries with a small market as Colombia (47 million people) or Chile (17 million people) for example are already practicing this quote when they conceive the product because they want to reach more users. Big countries, as Brazil (200 million) or Mexico (120 million) have the reflex to focus on their local market, ignoring the global potential. International investors feel more confident when they deal with a startup that can be easily adapted to any country. A startup can start small, locally, but it has to have in mind that it needs to grow internationally: “Shoot for the moon. Even if you miss, you’ll land among the stars”.

To be close to the moon, a startup should take every opportunity to be in touch with international accelerators, investors, partners or team members. The result of the melting-pot will bring concepts and approaches that can pivot the initial product or service. International actors definitively add constructive input because they see the problem differently and hence the solution. After all, deconstruction is what makes us to think outside the box.

Therefore, when international accelerators launch programs in the US, Germany, Singapore or Chile, for example, Latin American startups need to apply. Doing the path to be selected and joining other international participants, enrich the life of the startups and train them for new benchmarks. A first advice…Go to the StartBootcamp Fintech New York and apply.

Meanwhile, you can also apply to the StartupBootcamp Fintech fast-track events that they are organizing for the next week. (StartupBootcamp Fast Track Mexico and StartupBootcamp Fast Track Sao Paulo)sao-paulo_Fintechmexico_Fintech.png

StartBootcamp will select 10 teams to perform a pitch during one day and receive feedback and mentorship from StartBootcamp NY team and known personalities from the startup local ecosystem.

This is another opportunity to gather the Fintech community in Mexico and Brazil to share experiences, woes and threats. It is also an opportunity to have a chat with the international experts to learn more about the accelerator program or to look for similar references of your product abroad. Don’t ignore the foreigner, he will definitively bring something new.

To end, shoot to the moon now!  Latin American Fintech startups can also become global references. That’s our mission.

Brazilian Fintech warriors are here

During the last month, I have read several articles from the Brazilian press praising Fintech and key players who are disrupting the current Brazilian Financial landscape. This attention from the media is a clear example that finally and officially the Fintech warriors are here to fight.

Some years ago, most of local banks did not wanted to believe in these players that were disturbing Europe and the US. However, conversely to Europe and the US, the bank system in Brazil is very concentrated and almost 5 banks control all the financial services system of the country. With that, banks were very confident about the regulation and the Central bank actions to restraint any new entrant, especially small startups offering financial services. The reality turned out to be different and the central bank is rather curious and eager to know more about how far Fintech companies can arrive in Brazilian territory.

Even if some financial services executives may still be sceptics about the fintech revolution within the biggest Latin-American country, their organizations started to take some initiatives. Bradesco has launched the InovaBRA program in Sao Paulo to accelerate some fintech startups. They are working on their second edition now. Besides this initiative, since three years ago, there has been a team that travels constantly to New York, London and Silicon Valley to be updated about the new digital trends. Itau Bank has opened a coworking espace in order to gather several startups in a unique environment and boost partnerships and creativity. The idea is to create an entrepreneurship pole in the city. Banco de Brasil has also started to develop some initiatives boosting technology and innovation.

I do expect for the next year, new projects will emerge and more banks and insurance companies will communicate about these opportunities.

But let’s talk now about the success stories that are already disturbing the Brazilians banks.

At the top of the list, we have NuBank. This credit card that can be entirely managed by an application on your cellphone is the new love of most of millennials (80% of the users are under 35). No annuity is paid and the card has lower interest rates compared to a bank. Simplicity and continuous improvement are the key of its success. With 300 thousand people in wait list, this startup received investments from Tiger Global Management, Sequoia Capital, Kaszek Ventures and QED Investors.

For more information, please go to http://www.nubank.com.br

GuiaBolso, one of the Brazilian’s favorite. It is an application linked to your bank account to manage your personal finances, following the expenses and the incomes and even providing some financial advices when required. Today, they have more than 1,6 million users in the country. The company received investments from e.bricks, Valor Capital, Kaszek Ventures, Ribitt Capital ….

For more information, please go to http://www.guiabolso.com.br

Finally, we have Magnetis. It is and Investment online platform with automatized advisors. This technology is new in the country but with great success in the US and Europe. Periodically, the platform reassesses customer portfolio and suggests updates in order to maximize gains. This startup received investments from Monashees, Redpoint, 500startups and angel investors.

For more information, please go to www.magnetis.com.br

These are just three examples of some Brazilian fintech startups, in the next posts I will talk more about other initiatives, because the purpose of the blog is to share about what is happening here in Latin America. There are roughly 150 fintech startups registered in Brazil, according to Clayton consulting.

However, let’s admit that a Fintech company is not as any startup. To be a Fintech success story, you need strong financial services knowledge that is by far a competitive advantage when you are in front of investors. Moreover, the technological structure needs to be robust and safe to ensure accuracy and protection in any transaction. That’s why, on average a normal start-up takes 16 month to start the business but a Fintech start-up needs 22 months.

2015 is ending with the recognition of the growing power of these Brazilian financial startups. What can we expect in 2016? We want larger fintech startups, new ones with disruptive ideas, international examples arriving, blockchain and big purchases … now we are ready to go to the next level Brazil…

Happy 2016!Fintechwarrior

Accelerator programs of Banks: Let’s be friends

The press likes to write about the complex relationship between banks and fintech companies. Are they friends or enemies? It depends, so they are just “Frenemies”.

Instead of digging into this debate, I would like to talk about the friendly side of this relationship: incubator and accelerator programs led by banks.

Besides money, fintech business owners look for efficiency in their operations and opportunities to make their business grow, especially when they are at early stage. With the incubator and accelerator programs, banks become the “partner” who trains, mentors, tests, funds and supports young fintech companies.

Banks have expertise with solid departments dealing with matters where fintech startups are still learning (for example; time management, marketing research, financial planning, governance and regulations).

Let’s be aware banks also represent money. They can be future direct investors or can introduce influential capitalist people and seed investors. On the other hand, they can also become future customers with a national or even international scope.

Banks environment is the best “test kitchen”. As a fellow of an incubator/accelerator program, you will be surrounded by different type of populations ready to test your prototypes and give relevant feedbacks to improve your products.

Finally, networking is key as always. During the entire incubator / accelerator program, the fellow will be in contact with several executives from the bank but also to their network. Moreover, banks select exclusive mentors from the own organization or from the startup environment to go along the fellows during this process. Let’s remember that after the closing of the program, a fellow can always contact them for other matters and may be new opportunities can emerge.

These initiatives are quite famous among big international banks in the US, Europe and Asia. But, what is happening in Brazil?

Bradesco, one of the top banks of the country was the pioneer in Brazil to get involved in the startup world. The bank opened its doors to confront the challenges of innovation and digital revolution. Thus, it launched in 2014 the first edition of InovaBra, an accelerator program with duration of 10 months. In its first edition, 8 companies were selected out of 553 applicants. Today these companies are doing business with the bank. Some of them as Queroquitar.com.br and Qranio.com are also disrupting the current Brazilian startup ecosystem.

After these successful and inspiring stories, now it is time for the second edition.

To be part of the program, the applicant doesn’t need to be a startup that offers financial services. InovaBra is looking for disruptive startups with new business models and new user experiences that can be linked to Bradesco environment.

The accelerated startup will follow an integration process since the beginning, being in contact with several divisions of the bank and different levels of management. After that, there will be a process of experimentation and validation of the prototype to finally define the involvement with the bank.

The application for the second edition is already opened and goes until December 22th 2015.

For further information, please go to http://www.inovabra.com.br

As mentioned at the beginning of this text, to be part of an accelerator program led by a bank will be very positive. Only being part of the selection process will bring more experience to the founders, because it will be very competitive.

Entrepreneurs, click on the link and apply!

Investors keep an eye on the companies selected because they will shake the Brazilian ecosystem soon.

Inovabra