Enterprise Ireland has launched this year’s Competitive Start Fund (CSF) which is aimed at supporting early stage FinTech startups, who will be in with a chance of securing a €50,000 investment.
Successful applicants will receive access to the Bank of Ireland’s innovation team, as well as desk space at the bank’s new dedicated FinTech hub, called startlab. In addition, there will be a number of talks and classes provided by industry experts.
The Irish fund is designed to enable new businesses to reach key commercial and technical milestones, such as building a prototype, securing a reference site, developing a market entry plan for exploiting international opportunities, or securing a partnership deal or strategic alliance.
Applicants must be an early stage company within the financial services sector, and must not have received equity funding of more than €100,000 prior to the competition’s closing date. The maximum support available to applicants is €50,000 in return for a 10 per cent ordinary equity stake in the startup firm.
David Tighe, head of innovation at Bank of Ireland, commented: “Our new startlab will incubate these high potential startups, and alongside desk space also provide access to a full range of tailored business supports including mentorship and support from our dedicated innovation and enterprise team.”
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