Fintech and insurtech are today strategic sectors worldwide and they are strongly growing also in Italy, which however always suffers from a gap compared to other nations. The global market exceeds €137 billion per year, reports EconomyUp, with over €58 billion in Europe and €373 million in Italy.
Of course, the untapped potential is very high and to this end the new accelerator for insurtech and fintech startups by CDP Venture Capital Sgr – Fondo Nazionale Innovazione, created in collaboration with Digital Magics, Startupbootcamp and Fintech District, has been created. The accelerator starts with an initial endowment of €1.65 million, fully subscribed by CDP Venture Capital Sgr, which has also approved a further €2 million for subsequent follow-on post-acceleration.
The acceleration program will run for three years, with the overall objective of supporting the growth of about 50 startups. 16 startups will be selected each year, 8 thereof in the fintech field and 8 in the insurtech field.
The selected startups will have access to an initial funding and will benefit from a 13-week acceleration program supported by mentors, corporate and investors. At the end of this path, the best among these entities will be further rewarded with investment tickets up to €200,000.
The target of the program will be Italian startups and innovative SMEs, as well as international realities that wish to develop their business in our country, opening branches in Italy.
The accelerator will be based in CDP’s new local office in Milan, and is part of a broader project aimed at increasingly strengthening the commitment of Cdp Group in Lombardy.
“The unveiling of the new territorial office in Milan reinforces CDP’s historical connection with Milan, yet is also the occasion to launch an important tool to support startups. The Fintech Accelerator is an initiative to enhance the country’s main financial center, which is expected to increasingly become a leading center of digital innovation at European level, making it even more attractive both in economic and human capital terms,” said the Chairman of Cassa Depositi e Prestiti, Giovanni Gorno Tempini.
The launch is also part of the overall strategy of the National Innovation Fund, to create a network of 20 accelerators on the Italian territory focused on districts with high technological specialization and that has already led to the launch of Motor Valley Accelerator, a program dedicated to the automotive sector and located in the district of Modena, and WeSportUp, an accelerator dedicated to sport and health, both opening their selection processes in the first months of 2021.
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