Bringing financial, technology innovation to Switzerland, venture capital firm Polytech Ventures announced the launch of the country’s first fintech focused accelerator program, Fusion, earlier this year. With the program founded, Fusion has opened the application period for its first class.
Based in Geneva, among the central aims of Fusion is to help create a stronger fintech ecosystem in the city as well as the greater Switzerland. In this regard, Fusion has created a twelve month long program, with contrasts to the three to six month durations of most accelerators.
FXPRIMUS Celebrates 10-Year Anniversary with a Grand Gala in Kuala LumpurGo to article >>
Commenting to Finance Magnates about the value of the program versus other accelerators, Sébastien Flury, Program Director at Fusion, stated that Fusion’s directors “have large industry networks among banks and financial companies.” He added that Fusion would also be assisting startups to raise capital as well as close commercial deals while they are part of the program.
In relation to the local financial industry and its reception to fintech startups, Flury explained that they are becoming more open to collaborate after “after a long time sleeping on their assets”. As a result, Flury believed that financial firms “recognize they have to reinvent themselves,” providing an opportunity for fintech startups.
Overall, the program aims to accept eight to ten startups of which Fusion announced that it wouldn’t be taking equity in exchange for participation in the program. Among applying firms, Flury explained that they expected startups to be beyond the ‘idea’ stage and to have an MVP or prototype available.