Nykredit, Danske Bank, Accelerace, and Copenhagen FinTech have joined forces to create a new ambitious accelerator dedicated to fintechs. It has already raised funds from the Danish Industry Foundation. The goal is to open up the Nordic markets to foreign companies and attract fresh talents to the Danish fintech ecosystem.
Denmark will soon become the home of a unique fintech accelerator designed specifically to attract global talent to the Nordic fintech ecosystem. Copenhagen FinTech has joined forces with Accelerace to create an inclusive incubation and acceleration environment to support the international focus of the accelerator. Two large banks, Nykredit and Danske Bank, have partnered in on the Copenhagen FinTech Accelerator, which has also been funded with more than one million Danish kroner over the course of the next 2,5 years from the Danish Industry Foundation as part of a larger global fintech alliance project under the auspices of Copenhagen FinTech.
“One of the most interesting aspects of the project is that the boundaries between the different sectors are fusing. As soon as a company reaches a certain size it will have to contain both a finance department, insurance, daily banking and so on. I 2018, The Danish Industry Foundation came up with a new strategy that broadens the understanding of the term industrial. We expect that much of the technology that fintechs are early adopters of will be part of the industry as well. It makes more and more sense that fintech and the classical industry blend,” says Ole Østrup, Chief of Communication in the Danish Industry Foundation, which supports the acceleration program through the initiative “Global FinTech Alliances for Growth”.
Copenhagen Fintech, which proposed the idea to the Danish Industry Foundation, was initially founded to grow the Danish fintech ecosystem. The organization built the incubator Copenhagen Fintech Lab but had more in mind from the beginning; the ambition to create an application-based program targeting both Danish and International startups to attract more foreign talent and growth companies, says Simon Schou, Chief Innovation Officer in Copenhagen FinTech.
“We needed a program with international scale. With the new Copenhagen Fintech Accelerator, we are taking the next step in our vision of creating a strong fintech innovation environment in Denmark. We want to accelerate startups faster, and we hope to be able to supplement the pool of talent in the Danish ecosystem. Denmark can become a gateway to attract foreign talents to all of the Nordics,” he says.
A unique combination of complimentary offers
Rapidly, Copenhagen FinTech established a collaboration with Accelerace. Where Copenhagen FinTech has an incubation environment and a deep network into Danish fintech, Accelerace has a proven and successful mentor model and a model to create sustainable corporate startup collaborations.
“Accelerace has ascertained that within the realm of tech, fintech is the sector moving the fastest. There is a recognized need from the end users. A need for innovation in the infrastructure and the services that the banks provide. The banks are aware of this and have been aware of it for years. That means, that they know more about what it takes to collaborate with startups than many other established lines of businesses and that sets the bar high for both the future partnerships and for the work in Copenhagen Fintech Accelerator,” says Anders Handlos Grauslund, Business Accelerator and Investment Manager in Accelerace. He continues:
“The combination of complimentary offers makes this a unique accelerator. To the companies, we can offer a place to work from, a network, a corps of mentors, a solid accelerator program, and the opportunity of getting a preseed investment or the possibility of collaborating with one of our strong partners.”
Two of the biggest banks in Denmark are partnering with Copenhagen Fintech Accelerator
Both Nykredit and Danske Bank are partners in Copenhagen Fintech Accelerator. Together the two banks span almost every service that anyone anywhere in Denmark will ever need from a financial institution. And both banks agree that they need new ideas from startups to be on top of their game in a national as well as a Nordic context.
“We want to be part of turning Denmark and the Nordics into a whole as an area that takes the lead in generating new innovative fintech companies. The better the ecosystem is, the better the banks will be. We see the initiative as an opportunity to support this formation and invest in it so we, too, can integrate the best solutions into our business and deliver the best services to our customers,” says Jon Schäffer, Head of Strategic Partnerships in Danske Bank.
Over the course of the latter five years, the banks have come to realize that they cannot develop new solutions fast enough of a high enough caliber without agile partners that comes with new inspiration and perspectives to the established corporates. But It is also of great importance to the banks to provide value to the environment.
“First and foremost, we see this project as a great opportunity to strengthen our network and establish new dialogues with fintechs, that think of and have different views on some of the challenges we try to solve in Nykredit. This also means that we want to go actively into the project as a sounding board to the companies and continue working with that or the fintechs that comes up with the strongest solutions to fit our needs,” says Morten Møller Madsen, Executive Vice President in Nykredit.
The accelerator is part of a project under the alliance collaboration “Global FinTech Alliances for Growth”. Read more about it at https://fintechlab.global/
About Copenhagen FinTech Accelerator:
The goal of Copenhagen FinTech Accelerator is to level up the value proposition for fintechs to attract international talent and to unite the Nordic ecosystem by creating a second-to-none fintech ecosystem accelerator with world-class mentoring and corporate partnerships to fuel innovation and create growth.
Copenhagen FinTech Accelerator is built on four pillars; a world-class accelerator, strong Nordic corporate partnerships, a dedicated seed fund, and a unique co-working space.
The accelerator is sprint based and will run from November 2018 until June 2019 and will accelerate six startups in the first batch.
About the Danish Industry Foundation:
The Danish Industry Foundation is a private philanthropic foundation. The Foundation’s objective is to promote the competitiveness of Danish industry. This is done through projects, programs and various types of initiatives.
Since its establishment in 1898, The Foundation has undergone several mergers and adaptations. In 2009, however, it divested itself of its commercial activities and became The Danish Industry Foundation as we know it today.
The Foundation’s equity amounts to approximately 650 Million Euros and each year new projects are initiated for up to 30 Million Euros in total.
Read more at www.thedanishindustryfoundation.com
About Copenhagen FinTech:
Copenhagen FinTech is a public-private member-based organization working to create growth and innovation in Danish fintech. The organization was established in 2016 and have more than 150 partners, sponsors, and members.
More info: Simon Schou, Chief Innovation Officer, Copenhagen FinTech
Phone +45 24 79 11 28
Email [email protected]
Accelerace is one of the world’s top 10 seed-accelerators and won the award for best accelerator program in the Nordics in 2017 by Nordic Startup Awards. Since 2008 Accelerace has spotted, trained and invested in more than 500 of the most promising Danish and international start-ups and growth companies. As part of the Scale-up Denmark initiative, Accelerace is scaling up start-ups within tech, food tech, cleantech, life sciences, and health care technologies through guidance and mentoring from skilled serial entrepreneurs, camps and network. Accelerace has invested in more than 69 promising startups, who have been through the Accelerace program and have started partnerships with The Novo Nordisk Foundation. Arla, NRGI, Elia & Enel. In 2018 Accelerace raised an investment of 10 million DKK from the Danish Growth Fund, The Faerch Foundation, and Symbion.
Read more on www.accelerace.io
About Danske Bank:
Danske Bank is a Nordic bank with strong local roots and bridges to the rest of the world. For more than 145 years, we have helped people and businesses in the Nordics realize their ambitions. Today, we serve personal, business and institutional customers and in addition to banking services, we offer life insurance and pension, mortgage credit, wealth management, real estate, and leasing services.
We aim to create long-term value for all our stakeholders – our customers, shareholders and the societies we are part of – and our vision is to be recognized as the most trusted financial partner by making important financial decisions and daily banking easy.
Danske Bank is headquartered in Copenhagen and is listed on Nasdaq Copenhagen.
For more information visit danskebank.com
Nykredit is one of Denmark’s leading financial services groups activities ranging from mortgage lending and banking to insurance, pension, estate agency. For more than 165 years, Nykredit has helped Danish families buy their homes and Danish businesses grow. Nykredit is created by the customer – for the customers. And as something truly special, Nykredit is predominantly owned by a union representing the customers.
The newest unit in Nykredit is the Digital Innovation working in the crossroads of IT, digital, and marketing. Here, the interdisciplinary team keep a close eye on the newest trends within technology and collaborate with Copenhagen FinTech.
For more information visit https://design.nykredit.dk/digital-innovation/#vi-arbejder