Hamburg seeks to start fintech accelerator by next October
The German city of Hamburg, together with the local financial sector, is looking to set up an accelerator for fintechs, insur-techs, regtechs and blockchain technology in the coming months, next October at the latest.
The accelerator will be financed half by the city and half by Hamburg-based financial companies. At the start of July, the city selected local company NMA Venture Capital to run and operate the fintech accelerator for a €9m contract, of which €8m will be available in tranches to finance calls and acquisitions and the remaining €1m will support management of the fintech accelerator hub.
Hamburg's forthcoming fintech accelerator is planned to last during four years initially, according to a document seen by Asset News. The document specified that in the third year after the fintech hub's start, and no later than 2024, an external evaluation will be carried out with regard to the successes achieved by the accelerator to date.
Hamburg is emerging as a new startup destination in Europe. In its latest Europe's start-up hubs' annual top 30, startup-focused media EU Startups ranked Hamburg in 15th position.