Starts Factory A, acceleration program for LatAm startups

Scotiabank and Tec de Monterrey support the program to aid entrepreneurs to improve their product and business models.

After a long selection process, juries from Scotiabank and Tecnológico de Monterrey chose 10 Latin American startups to participate in the Factory A accelerator.

The participant startups work in different sectors of innovation, such as Data Analytics, Alternative Scoring, Payments, IoT, KYC and Cybersecurity. A top 30 companies of these areas were chosen, and then ten startups were selected following the product, equipment, traction and adjustments criteria with the bank’s objectives.

Most of the selected startups come from Mexico, although there are also ventures from Chile and Colombia, as well as an international one.

An accelerator for fintech

Fintech startups were preferred by this accelerator, where the ventures range from a remittance service such as La Plataforma (Chile, USA, and Mexico), it uses blockchain technology to make international shipments and calculates the best exchange rates; to URSavings (Chile), which is an intelligent micro savings application.

Artificial Intelligence initiatives were also chosen such as Synx (Mexico), which produces Machine Learning models, and in Cybersecurity as Cibera (Mexico), which with a pentest prevents cyber attacks.

Other ventures are focused on helping people manage their finances, such as CIGE (Mexico), which offers a virtual consultant for entrepreneurs or Fingame, a game that seeks to promote healthy financial habits in people.

Other exciting projects accepted in the accelerator are “Beatrix,” a foreign exchange market for companies; Maat, a startup that uses blockchain technology to generate encrypted documents, as well as Custodian, a B2B platform to secure a fleet of cars.

The selected companies will receive help for agile development of the product and service, validation of the business model, conformation or improvement of the work team and support tools to scale the startups.

At the end of four months of acceleration, startups will participate in a DemoDay with investors.

What is FactoryA? (In Spanish