The European Union (EU) is confronting a number of issues that have the potential to redefine the European financial landscape: from Brexit and MiFID II and PSD2 to increased global compliance requirements and new regulations on consumer protection and data ownership.
These changes mean that EU businesses face the prospect of changing regulatory environment, which in turn impacts the accessibility and affordability of financial services for consumers and SMEs.
While the regulations will ultimately lead to a more transparent consumer-driven financial market – not just in the EU but globally – many of these changes have been difficult and expensive for financial institutions and SMEs alike.
The magnitude of these changes means that in spite of the raft of FinTech advances over the last decade, both providers and consumers of financial services will need to spend time, effort and money to adapt. This creates an enormous opportunity for entrepreneurs and innovators to create and scale solutions that help address everything from reducing compliance costs to improving banking data security, ultimately paving the way for a healthier financial system. Regulators and supervisors themselves can benefit from these changes and Fintech.
While some regulations increase compliance requirements and costs for financial institutions and consumers, other regulations are liberating customer data and opening up a cross-section of services for increased competition and innovation, ultimately lowering the cost to both consumers and businesses. For example, new standards around digital identities and data ownership are transforming the landscape for consumers, changing the way they bank online, transfer money, pay for goods and services, and manage their digital IDs.
We are looking for program applicants!
Village Capital, PayPal, and Middlegame Ventures are collaborating to launch Fintech Europe 2018, a venture development program for entrepreneurs creating technological solutions that help financial institutions, financial markets, regulators and consumers interact with financial products and services in the digital age. Fintech Europe’s goal is to foster a new generation of fully compliant financial solutions tailored for the digital age centered on the financial health of institutions, consumers, and businesses.
We are focused on companies using one or more of the following strategies in Europe:
- Apply innovative technologies including blockchain, cloud computing, artificial intelligence, IoT, biometric tech, and machine learning to problems facing the financial system
- Leverage 3rd party data sources to increase financial services and distribute benefits
- Enable financial institutions to improve their compliance functions (e.g., KYC or AML) or help institutions build more inclusive digital identities
- Promote financial stability by empowering financial institutions to better comply and governments to better monitor European and/or global compliance and regulatory standards
Workshop 1: April 16 – 19 (Berlin)
Workshop 2: May 14 – 17 (Luxembourg)
Workshop 3: June 18 – 21 (Luxembourg)
Eligibility – all companies must:
- Have raised no more than $5M in outside investment
- Have meaningful customer or business validation (not limited to revenue, can also be successful pilot studies, number of active or waitlisted users, and/or strategic partnerships)
- Have a minimum viable product (MVP)
- Currently be operating in/have ability to expand business in the European Union.
Benefits of joining the program:
During the Spring of 2018, Village Capital, PayPal and Middlegame Ventures will scale and support innovative Fintech ventures to foster a new generation of fully compliant financial solutions tailored for the digital age and centered on the financial health of retail and commercial consumers.
Network Building: Selected startups will participate in tailored engagements with key statkeholders, strategic partners and investors, as well as work deeply with relevant peers. Our process has been completed over 50 times, is proven to build more successful companies, and is recommended by 96% of our 500 alumni. At the end of the program, the top selected ventures will be eligible to receive $100,000 USD investment in from MiddleGame Ventures.
Partnership development: Fintech startups often rely on partnerships with large institutions, like banks, retailers, and other distributors to achieve scale. We will streamline this process, helping startups connect with decision-makers at large institutions that are seeking solutions around financial health. We will do this through:
- Pre-committed advisory board members and ecosystem allies who are looking to partner with Vilcap companies
- Business development sessions that bring in over 100 potential customers, partners, and stakeholders including experts