Scotiabank and Tec de Monterrey select 10 startups for their acceleration program, FactoryA

Contxto – Tecnológico de Monterrey (Tec) and Scotiabank’s recently announced partnership, FactoryA just released the names of the 10 startups participating in its upcoming fintech accelerator program.

In Summary

Over 100 startups from Chile, Colombia, and Mexico applied to participate in this four-month incubator program in Mexico City. Despite the talent, in the end, only 10 were chosen.

FactoryA combines the innovative entrepreneurial approach of Tec with the digital banking savviness of Scotiabank. It also happens to be Latin America’s first corporate-sponsored accelerator event devoted to all things fintech.

With that said, the goal is to develop the Latin American fintech industry while promoting financial inclusion methods. Even more, it will address challenges with blockchain and Artificial Intelligence innovations while supporting startup growth.

In-Depth

After an exhaustive selection process among Tec and Scotiabank jurors, the top 30 startups were chosen based on five verticals. These included data analytics, alternative scoring, payments, IoT, KYC and cybersecurity.

On April 9, the FactoryA committee chose the top 10 according to four criteria, such as product, equipment, traction, and adjustments. Following such a selection process, here’s a list of the participants.

La Plataforma (Chile, USA and Mexico)

This intelligent remittance service uses algorithms to calculate optimal exchange rates and send money between select countries using blockchain technology.

IF (Mexico)

Entrepreneurs can make better financial decisions with assistance from this virtual robot that predicts and mitigate risks.

Synx (Mexico)

Making companies smarter, the AI platform builds and utilizes large-scale Machine Learning models for clients to scale operations.

Betriax (Colombia)

Innovative, transparent and secure, Betriax allows Latin American companies to competitively exchange international currencies. Even better, they offer some of the best rates and lowest commissions on the market.

Cibera (Mexico)

Say goodbye to cyber attacks and hacks with this cybersecurity startup.

Maat (Mexico)

Freedom, security, not to mention control over your materials, is what Maat has to offer. The encryption platform documents value chains using blockchain technology.

Fingame (Mexico)

Who said saving money couldn’t be fun? Contrary to popular opinion, this financial savings game promotes the development of good spending habits as well as fiscal knowledge among users.

Kobra (Mexico)

Kobra assists financial entities with collecting debts from customers with overdue home loans. The company achieves this by providing accounts receivable information from banks and other institutions to collectors.

URSavings (Chile)

“We make people save without realizing it“ would be an appropriate motto for this fintech startup. Thanks to its software as a service, URSavings offers smart micro savings solutions to partners.

Custodian (Mexico)

Custodian integrates technology and operative experts in order to manage fleets’ insurance by helping them track their claims and provide data analytics.

The four-month acceleration program will involve various activities not to mention networking opportunities. These include the agile development of products and services, sale support, business model development, in addition to learning new tools to improve processes and team dynamics.

Chosen startups will also attend various fintech events and receive individualized consulting from experts at Scotiabank and Tec. For the grand finale, there will be a DemoDay for investors to see these companies’ full potential as well as consider future collaborations.

-VC