BMO Harris Bank, which has a local presence in Wisconsin, announced a nationwide call for applications for its women-led fintech startups accelerator program, WMN-FINtech.
Applications are now open for the May cohort through April 19.
Returning for a second year, the WMN-FINtech industry program is designed to help “bridge the gender gap in the startup and tech community,” and guide female entrepreneurs as they seek to promote their fintech startups and bring them to market, according to the announcement.
The WMN-FINtech program is a collaboration between BMO Harris Bank and 1871, a Chicago-based incubator for early stage, growth stage, and corporate startups. In a phone call, accelerator representatives explained the program evolved out of an existing mentorship partnership following discussions about the fintech industry’s issues with gender diversity.
“Our mission at 1871 is to build a stronger, more equitable tech environment by increasing the probability of success for businesses and shortening the time frame to reach that success,” 1871 CEO Betsy Ziegler said in the release. “BMO Harris Bank shares our commitment and vision, and we’re proud to continue our longtime partnership with them to better support women entrepreneurs working in the financial sector.”
Roughly 20 percent of global startups raising their first round of funding were led by a female founder in 2019, and less than 5 percent of fintech companies are currently headed by women.
“We’ve seen the stats and studies that talk about disparities in funding, disparities in the workforce, and in its leadership ranks,” said Ben Schack, BMO Harris Bank head of U.S. digital partnerships. “BMO has been increasing its focus on women-owned businesses, and from a partnership perspective, we believe in the notion of ‘better together.’ There are a lot of innovative early-stage companies that have great products and solutions that enhance value not only for us, but also for themselves.”
Last year, the WMN-FINtech program accepted five startups into its inaugural program. BMO is exploring opportunities to work with a few of the companies that participated, though it’s too early to discuss specific details, Schack said.
While the pandemic forced the group to adopt a virtual format during last year’s cohort, the flexibility of the arrangement allowed the cohort greater access to national mentors and executives, explained Stephanie Miller, vice president of corporate innovation at 1871. This next cohort will also start off virtually and include expanded resources to support women entrepreneurs, she added.
Eligible applicants for this year’s WMN-FINtech include startups with a female founder or co-founder, are based in the United States, and demonstrate a fintech focus including developments in open banking and B2B fintech.
Upon acceptance, the program participants will receive:
● A three-month program where they will receive guidance from industry experts and executives at BMO Harris Bank
● A four-month membership and working space at 1871
● Curriculum focused on enterprise sales cycles, vendor management, information security, and risk and regulatory requirements
● Access to 1871’s PYROS platform, a 12-week series of workshops, seminars, and one-on-one mentoring
The roughly five to seven selected startups will also receive the chance to participate in a showcase to pitch BMO Harris and other notable executives, where they’ll get the opportunity to gather feedback and potentially float a pilot of their fintech products through the financial services provider.
“One of the best things about WMN-FINtech is the learning that results on both sides,” Schack said of the accelerator program. “For BMO, it’s an opportunity to continue supporting innovative, customer-centric technologies that have the power to transform the banking experience."
To learn more about the WMN-FINtech accelerator program or to apply, visit here.
