FinTech Wales wins top Welsh accelerator as its third foundry cohort is announced
FinTech Wales, the not-for-profit membership organization whose mission is to establish Wales as a leading pillar in the global Fintech landscape, was awarded Best Accelerator/Incubator at the FinTech Awards Wales (6 October)
The award is presented in recognition of an accelerator or incubator with demonstrable success in helping Fintech start-ups to launch and develop technology that has a real impact, as well as promoting ecosystem support that fosters innovation in Wales.
FinTech Wales CEO Sarah Williams-Gardener said:
“We are delighted to have been honored by the FinTech Wales Awards this year. Having launched Foundry just over 12 months ago as an equity-free accelerator program designed by founders for founders, we are proud to be judged by our results.
“We believe that the strong and collaborative Welsh Fintech cluster is now proving critical for Team GB, which ranks among the best in the world for fintech excellence. Our program has been instrumental in attracting international Fintechs to set up in Wales .
“We would like to congratulate those who were shortlisted with us as a rising tide floats all boats.”
FinTech Awards Wales creator and director at Recruit 121 Matt Hyde added
“The standard of award entries this year was superb. For this particular category we were delighted to welcome Welsh entrepreneur and investor, and founder of GoCompare, Hayley Parsons as chair of the judging panel, which demonstrates the high distinction of these awards and the great innovative the talent we have here in Wales.
“FinTech Wales’ Accelerator program is highly regarded for delivering world-class mentorship and support to help incubate, accelerate and scale start-ups within the Welsh ecosystem. The success of The Foundry cohorts has been phenomenal and the program is truly having a significant impact on the Welsh Fintech ecosystem. Hayley was particularly impressed by the results-driven leadership shown by Foundry.”
The win follows FinTech Wales’ announcement that its flagship Accelerator Programme, The FinTech Wales Foundry, has selected seven Fintech startups for its third cohort.
The foundry has already taken 16 companies through the first two programmes, supporting them to raise over £20m of investment, with revenue forecast to reach over £100m, which will in turn create hundreds of jobs in Wales. Each casting season lasts 12 weeks and is the only accelerator of its kind in Wales.
After a rigorous interview process, Foundry and its sponsors, Cardiff Capital Region, Confused.com and Principality Building Society, extended offers to seven startups from across the UK: fyio, Credit Canary, Pintech.io, Intend, GoodDriver Insurance, Cargo and Nuable.
Former graduate foundry firm, Wagonex, recently secured investment from Admiral Pioneer, Admiral Group’s venture construction business. Wagonex is a Cardiff-based technology company focused on the fast-growing subscription vehicle market and this investment will support the business as it continues to scale in the UK.
Announcing the new Foundry cohort, Sarah added:
“We are thrilled to support our third batch of Fintech founders. Having spent time with each founder, I am encouraged by their passion, energy and drive. They have all identified a problem and worked extremely hard to offer a solution that works I look forward to playing a small part in the future of startups with such promise and I’m extremely happy to introduce them to our members so we can all support each other and give back to our ecosystem.
“The FinTech Wales Foundry is something I am incredibly proud of, not least because it helps innovative businesses like Wagonex to scale up and gain well-deserved interest from leading investors like Admiral.
“It is brilliant to see our foundry members helping to establish Wales as a significant player in the Fintech sector, showing considerable resilience in a time of economic uncertainty. We are really looking forward to seeing what our next cohort can achieve.”
