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BNP Paribas re-opens fintech accelerator

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By Finextra

BNP Paribas has embarked on an Open Innovation and joint creation initiative with fintechs with a view to building the bank of tomorrow, the basic aim being to provide customers with an ever-more-satisfying and secure banking experience.

Following the great success of Season 1, and the launch of PayCar, a complete and secured payment solution for buying and selling used cars, L’Atelier BNP Paribas is now launching Season 2 of its Fintech & Corporate Accelerator programme.

The 4-month programme is designed to:

enable the Bank’s various businesses to embark on, or bring to fruition, an Open Innovation project with specific strategic objectives such as the search for new sources of growth or the optimisation of internal processes

provide the selected startups with optimal conditions in which to find the right ‘market fit’, including tailored business and technical support, introductions to BNP Paribas Group businesses and departments, and free-of-charge hosting at the WAI[i] premises in Paris – all intended to help them achieve an initial level of revenue in France and/or abroad

Explains Emmanuel Touboul, Head of Accelerator Programmes at L’Atelier BNP Paribas: “What we’re offering startups is unique in the financial sector. The programme, which focuses directly on business development, has been designed with the sole aim of creating value both for the startups and BNP Paribas group businesses and in fine for our clients. We provide our chosen startups with intensive support on a 1 – 1 basis, as every project is entirely unique. We can help whether the primary need is to find financing, build revenue or test their business model. We and the various BNP Paribas Group businesses are looking forward to receiving new applications for the Accelerator.”

Starting in March 2017, 10 selected startups will be working in tandem with various Group entities.

Applications from startups developing innovations in various fields such as as digital banking solutions, asset management, vehicle fleet management and car leasing, and working with technologies including inter alia artificial intelligence, machine learning, automatic processing of natural language and data analysis, are welcome until the closing date of 15 January.

Accelerator Programme: key dates

October – November 2016: BNP Paribas businesses specify strategic areas for development; eight businesses chosen to work with startups on the programme

December 2016 – 15 January 2017: call for projects

Mid-February 2017: startups selected by the jury; 10 startup/business pairings created

March – June 2017: 4-month accelerator programme, from setting up the experimental framework through to practical development

June 2017: Demo Day, assessment of results to date and the drawing up of action plans

PayCar: the success story of Season 1

After commencing an incubation process at the Fintech Accelerator by L’Atelier BNP Paribas in March this year, PayCar then worked closely for a period of four months with BNP Paribas Cardif, the Group’s insurance arm. PayCar came up with a valuable solution designed to complement existing products and services, thus ensuring a comprehensive service for sellers and purchasers of second-hand vehicles. The customer can now for instance make use of digital bank cheques issued by our Retail Bank, take out car insurance with BNP Paribas Cardif, and obtain a consumer loan from BNP Paribas Personal Finance. This first-of-a-kind collaboration entered a new phase in November this year when these three BNP Paribas businesses participated in PayCar’s first funding round, taking a €1.3 million stake in the fledgling company.

First appeared at Finextra

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