Today is the official launch of STING Startup Fintech, a national entrepreneurial program with the goal of generating more companies in the banking and financial sector. Stockholm is ranked as Europe’s second-largest city in “Fintech”, closely behind London, and investments in Swedish banking and finance startups soared last year, according to a report from the Stockholm School of Economics.
Starting in September, 12-15 carefully selected teams will get the chance to develop their innovative business ideas within the Fintech area (e.g. banking, transaction, loan, insurance and payment services) through a new startup program from the incubator STING. Behind the initiative are also a number of partners, including SEB, MasterCard, NFT Ventures, the Stockholm Chamber of Commerce and Klarna. The program has a clear industry connection where experienced entrepreneurs and experts will give lectures and share their knowledge.
STING Startup Fintech is led by Jane Walerud, serial entrepreneur, business angel and early investor in for example Lensway and Klarna; and Fredrik Rosengren, serial entrepreneur and business coach at STING. The selected projects will work according to the “Lean Startup” method and use the tool “Lean Canvas” to develop their ideas.
− Anyone who has an idea in Fintech should get in touch! The teams will receive help to develop the simplest possible version of its product, the “Minimum Viable Product,” to as soon as possible be able to test it in the market. We at STING know how incredibly important it is to quickly get out and meet potential customers to get input and validate the business idea, says Fredrik Rosengren.
During seven evening workshops, entrepreneurs with an early stage Fintech idea will be coached to evaluate and develop the idea, and learn what it means to build a company. “Best Startup Project” will be selected in the finals, and the winner receives SEK 10 000 from NFT Ventures.
− Participants will be able to make an informed decision whether their business idea could work, before they have to resign from their jobs. STING also has connections with those who fund the first difficult phase when building a company, says Jane Walerud.
SEB, MasterCard, NFT Ventures, Chamber of Commerce and Klarna are some of the companies and organizations that support STING Startup Fintech. The program provides them the insight and close access to the entrepreneurs who develop new, smart financial solutions, which can lead to new partnerships and growth opportunities for the established companies.
After the program, the entrepreneurs have the opportunity to apply to STING’s incubator and accelerator programs.
Who can apply? Individuals in all parts of Sweden who have their own innovative business idea within Fintech with large international growth potential. Scalability is also an important criterion. The team should consist of two to three people.
Cost: SEK 0
First workshop: September 15
Application: By 1 September at sting.co/startup
> Learn more about STING Startup Fintech: sting.co/startup
> The report from the Stockholm School of Economics: Stockholm Fintech – An Overview of the Fintech sector in the Greater Stockholm Region