FinTech start-ups to receive support from VTB24 within the framework of GenerationS
The participants of the GenerationS accelerator will receive from Bank VTB24 adequate mentor support from leading experts of the banking industry, consulting financial analysts and lawyers, as well as loans on favourable terms, free opening of an account and the ability to use other banking products.
Russia's largest start-up accelerator GenerationS, organized by RVC, and VTB24 announced a partnership to collaborate on technology start-ups Finance & Banking Technologies track. The track will combine projects in the area of financial technologies, services and e-commerce.
Entrepreneurs-beginners will be able to submit their developments to the leading industry experts and in case of successful completion of the acceleration program to obtain the necessary competencies, investments, grants and subsidies to businesses scaling. VTB 24 will participate in the work with start-ups and provide participants with access to banking services.
Nadia Cherkasova, a board member, director of the small business customers service department at VTB24: "GenerationS is a large-scale project to support technology entrepreneurs. The accelerator systematically solves important task of developing the Russian innovation market, working with start-ups, venture funds and strategic investors. VTB24 occupies a leading position in the banking industry and is focused on the search for new technologies. The attention to trends and new developments allows us to offer the best possible solutions for business customers. Within the framework of cooperation with GenerationS, this year the Bank is a partner of the Finance & Banking Technologies track. We are confident that we will see a lot of bright teams and together with RVC we will introduce new stars."
Gulnara Bikkulova, Deputy General Director — Director for Development at RVC, commented: "GenerationS helps to establish interaction of large corporations and small technology businesses. We are pleased that VTB24, for the second year in a row, becomes an active participant in this process and focuses on the innovative development of the national economy. Thanks to the suggestion of VTB24, the start-ups participating in the Finance & Banking Technologies track will have a unique opportunity to put their breakthrough ideas into life and enlarge the business".
GenerationS-2016 was officially launched in July 2016. The selection of projects is carried out on eight corporate tracks: Mining&Metals, AgroBioTech&Food, SmartCity, Сreative Industries, LifeScience, TechNet, Power&Еnergy, Finance&Banking Technologies.
Acceptance of applications from technology entrepreneurs is open on the GenerationS official website. To become a member of an accelerator, it is necessary to complete the registration process, following the link: en.generation-startup.ru/register. GenerationS Superfinal will be held in March 2017. The winners will share the prize money of 15 million rubles and the prizes from partners and will have the opportunity to continue their work with industry partners and to attract investments for the development and refinement of the product.
The global partner of GenerationS-2016 is Vilnius Tech Park (Lithuania), which will provide its assistance to the accelerator participants in bringing the projects to international markets. A partner on development, Innovation Assistance Fund, will allocate grants to the best projects of GenerationS under the EGGHEAD and START programs.
About VTB24
VTB 24 (PJSC) — One of the largest participants in the Russian banking services market. It is a part of the international financial group VTB and specializes in serving individuals, entrepreneurs and small businesses. VTB 24 (PSJC) provides a full range of business services: the estimated service, a wide range of deposits, acquiring, payroll services, lending and servicing foreign economic activity. Public participation ensures stability and a modern approach and attention to technological trends provides a convenient service. The offices of VTB 24 represented for business in 72 regions and serving more than 380 thousand companies.
About GenerationS
GenerationS is the largest accelerator of technology projects in Russia and Eastern Europe and the first federal platform for creating and developing corporate acceleration tool work. It has been held by RVC since 2013. GenerationS-2015 has received a record number of applications: 2,566 projects from 14 countries. The number of projects selected for participation in the corporate accelerators in seven directions equals 141. The customers and industrial partners of GenerationS became more than 20 Russian companies, in whose interests the selection and acceleration of projects were carried out. Then more than 60 joint projects are to be analysed. The total amount of prizes from the GenerationS-2015 partners reached 160 million rubles.
About RVC
RVC is a state fund of funds, the development institution of the Russian Federation, one of the key tools in building its own national innovation system. The authorized capital of RVC is more than 30 billion rubles. One hundred per cent of the RVC capital belongs to the Russian Federation represented by the Federal Agency for Management of State Property of the Russian Federation (Federal Property Management Agency). The total amount of funds generated by RVC has reached 21 billion rubles; meanwhile, the total size is equal to 32.3 billion rubles. The share of RVC is 19.9 billion rubles. The number of innovative companies approved for investment by the RVC funds has reached 195. The total amount of monetary funds approved for investment is 18.3 billion rubles. In 2015, RVC was entrusted to create a project office of the National Technology Initiative (NTI) - a long-term strategy of technological development of the country, aimed at the formation of new global markets by 2035.
