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MassChallenge FinTech

Grants and In-Kind Support to USA, Canada, and International
Fintech Startups to Develop Innovative Services and Products

Agency Type:

Foundation / Corporation

Funding Source:

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MassChallenge (MC)

Deadline Date:

10/08/19 12:00 PM ET

Description:

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Grants and In-Kind Support to USA and Territories, Canada, and International fintech startups to develop innovative services and products in the area of financial technology. Winning startup companies will collaborate with established organizations and businesses to accelerate new and emerging products, thereby meeting challenges that face the financial services industry.

MassChallenge FinTech makes it easier for startups and established businesses, institutions, and organizations to drive innovation in financial services. MassChallenge FinTech matches enterprise-ready FinTech startups with industry leaders to accelerate the emerging products and services that have the power to transform the financial services ecosystem.

Finalists in the MassChallenge FinTech Program will participate in a 5-6 month accelerator program and each Finalist team is matched with one or more strategic partners (“Champions”) upon entry to the program. During the program, startups and their Champion partners collaborate to address a specific challenge facing the industry. Finalists in each competition receive free resources including mentorship, work space, strategic advice, and networking opportunities to further their businesses.

MassChallenge also awards cash grants to a subset of “Finalists” in each competition. These awards will be used toward development of the startup business.

GrantWatch ID#:

GrantWatch ID#: 185518

Number of Grants:

MassChallenge anticipates the following number: 20 - 35 Finalists; 3 - 5 Cash-Prize Winners

Estimated Size of Grant:

Benefits:

- Results-driven, 6-month partnership with one or more industry leaders
- Extensive access to FinTech Sandbox data and resources
- Bonus perks: Up to $250K in equity-free cash prizes and access to free office space

Term of Contract:

FinTech Program: January-June 2020

Additional Eligibility Criteria:

Eligibility: Enterprise-ready fintech startups (in general, have raised less than ~$10M in equity-based funding and generated less than ~$10M in revenue in the last 12 months).

MassChallenge is open to startups across any industry, from anywhere in the world.

Ineligible to Participate:

- Past MassChallenge cash-prize winners from the same competition.
- MassChallenge Participants that have participated in the same MassChallenge Accelerator Competition program two times are not eligible to enter any other MassChallenge Accelerator Competitions (but could enter a different competition such as MassChallenge HealthTech or FinTech).
- Any person who has been terminated or disqualified from any MassChallenge program anywhere in the world for any reason is disqualified from all future competitions in every location.
- Any person that is prohibited from participating because of a contractual or other legal obligation to another person or entity (such as an employer) is ineligible to enter.

Pre-Application Information:

Timeline:

- Applications Open: 10 September 2019
- Application Launch Event: 10 September 2019 at 12:00PM (noon) ET
- Applications Close: 8 October 2019
- Judging: October - December 2019
- Finalist Announcement: December 2019
- FinTech Program: January-June 2020

Application Process:

- MassChallenge uses a competition model to select startups. Prospective MassChallenge startups submit their application. First-time applicants must first register by creating a user profile. An application fee is required ($45 USD before the early bird deadline, $99 USD before the regular deadline) in order to apply.
- After submitting the application, startups will participate in one or two rounds of judging. After the first round of judging, startups are notified if they make the second round of judging. In the second round of judging, those startups pitch to a panel of judges or challenge partners in-person or via Skype (in some circumstances).
- Just applying to the accelerator program can be a valuable experience for a startup. MassChallenge ensures that every single startup receives a comprehensive read of their application by assigning each of them a panel of diverse judges that represent a range of different industries. All applicants receive feedback from expert judges on their online applications. All Semi-Finalists receive extended feedback from expert judges on their in-person pitches.

Each MassChallenge Participant is permitted to submit up to 3 applications per MassChallenge competition cycle.

Competition Rules: https://masschallenge.org/competition-rules

About the Program: http://apply.masschallenge.org/mcftchallenges2019

How to Apply: https://masschallenge.org/about-apply

FAQ: https://masschallenge.org/about-faq

About MassChallenge: https://masschallenge.org/programs-overview

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

To register and create a User Profile: https://accelerate.masschallenge.org/accounts/register/entrepreneur/
Online application portal: https://accelerate.masschallenge.org/accounts/login/?next=/

For questions, contact apply@masschallenge.org.

MassChallenge, Inc.
21 Drydock Ave, Suite 610E
Boston MA 02210

URL for Full Text (RFP):

Geographic Focus:

USA: Alabama;   Alaska;   Arizona;   Arkansas;   California;   Colorado;   Connecticut;   Delaware;   Florida;   Georgia;   Hawaii;   Idaho;   Illinois;   Indiana;   Iowa;   Kansas;   Kentucky;   Louisiana;   Maine;   Maryland;   Massachusetts;   Michigan;   Minnesota;   Mississippi;   Missouri;   Montana;   Nebraska;   Nevada;   New Hampshire;   New Jersey;   New Mexico;   New York City;   New York;   North Carolina;   North Dakota;   Ohio;   Oklahoma;   Oregon;   Pennsylvania;   Rhode Island;   South Carolina;   South Dakota;   Tennessee;   Texas;   Utah;   Vermont;   Virginia;   Washington, DC;   Washington;   West Virginia;   Wisconsin;   Wyoming

USA Territories: American Samoa (USA)   Guam (USA)   Puerto Rico (USA)   Virgin Islands (USA)   Northern Mariana Islands (USA)

USA Compact Free Associations: The Federated States of Micronesia (USA)   Marshall Islands (USA)   Republic of Palau (USA)

Canada: Alberta   British Columbia   Manitoba   New Brunswick   Newfoundland and Labrador   Northwest Territories   Nova Scotia   Nunavut   Ontario   Prince Edward Island   Quebec   Saskatchewan   Yukon

Israel

International country outside of the USA, Israel and Canada.