Amazon Web Services (AWS) is launching a new FinTech accelerator in the UK aimed at supporting UK companies to build innovative solutions in the cloud.

The tech giant’s cloud division said the AWS FinTech Accelerator is open for applications to UK startups specialising in: financial inclusion and sustainability, blockchain and decentralised finance (DeFi), open and embedded finance, big data and artificial intelligence (AI)/ machine learning (ML), and FinTech as a service.

The six-week programm will give access to AWS cloud technology and credits, as well as mentorship, training, connections, and the technical guidance necessary to build both innovative solutions in the cloud, and successful companies, AWS said.

The launch comes as data from Innovate Finance suggested that the UK’s FinTech startup scene is the second-fastest growing after the US, with £11.6bn investment from VCs.

AWS said cloud technology is an enabler for FinTech startups and innovation in the sector, allowing companies to innovate and scale faster without building and maintaining their own IT infrastructure.

The Cloud giant has provided services to UK FinTechs including Monzo, Starling, Railsbank, Yapily, Curve, and Monese.

AWS said the categories of FinTech it is targeting with the accelerator are seeing significant investment from VCs and have the potential to drive innovation and transformation within the finance industry.

To be selected, companies will need to show market visibility, existing traction, and use of AWS services.

The cohort will be selected by experts from Anthemis, Breega, BlackFin Capital, Dawn Capital, Finch Capital, Outward VC, and Visa.

Successful applicants to the programme will be invited to a demo day on 27th October 2022, where they will present to the judging panel, and the winners will be announced.

Sam Edge, head of EMEA, FinTech business development, startups and venture capital at Amazon Web Services said:“The AWS FinTech Accelerator will provide startups with access to the latest cloud technologies, free credits, and business support and mentorship, while at the same time introducing them to organisations within the broader community, such as VCs, and industry partners.

“The UK is considered a global leader in FinTech and we see that continuing in the future, driven by innovation in emerging trends that will form the focus of the accelerator. Through the AWS FinTech Accelerator, we aim to offer support to the next generation of FinTechs on their scaleup journey as they push boundaries and drive innovation that transforms the finance industry. We encourage all early stage startups at pre-seed, seed, and Series A in the UK and Ireland to apply.”

Sophie Winwood, principal at Anthemis said: "We are excited to partner with AWS for their first AWS FinTech Accelerator.

She added: “We see huge opportunities across key areas of FinTech including Open Banking, embedded finance, decentralised finance, and financial inclusion. Support from value-add partners has never been more necessary, especially in the implementation of cutting-edge technologies like cloud computing. The AWS FinTech Accelerator is sure to supercharge the next cohort of FinTechs solving problems in key emerging areas.”

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