Amazon Web Services (AWS) has announced the launching of its first Global Fintech Accelerator, giving fintech founders the support and mentorship they need to bring smarter financial services solutions to the market by leveraging the power of AI/ML and the cloud.

The AWS Global Fintech Accelerator will select 150 fintech startups harnessing the power of artificial intelligence and machine learning technology from across North America (NAMER), Europe, Middle East, Africa (EMEA), and Latin America (LATAM).

Selected startups will join a six-week remote programme between September 18 and October 23, where they will receive one-on-one business and technical mentorship covering funding, scaling, and go-to-market strategies, as well as AWS technical fundamentals, cloud and AI/ML adoption, and much more.

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Cohort members will also receive a package of tailored benefits, including up to US$25,000 in AWS Activate credits and a range of other benefits provided by accelerator partners across fintech, venture capital (VC), and financial services.

At the end of the six weeks, the top 15 companies in the programme will be invited to participate in a demo day with a curated list of VCs, financial services institutions, potential customers, and other key market players. They will receive up to US$75,000 in additional AWS Activate credits.

“We are making big bets on the potential of generative AI to significantly change every customer experience out there, especially as it relates to financial services,” said Howard Wright, vice president (VP) and global head of startups at AWS.

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“In the long term, we expect generative AI to usher in the era of self-driving money, when every consumer with a smartphone can have access to an affordable, trusted financial advisor that will help them improve their financial health. These solutions will leverage what the cloud does best: it democratizes access for everyone.”

Applications for the AWS Global Fintech Accelerator are open here until August 14.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry