CBA’s x15 Ventures is offering $150,000 in funding for a fintech startup helping young people with their finances

- September 9, 2020 < 1 MIN READ
The Commonwealth Bank’s VC fund, x15 ventures, is holding a second Xccelerate fintech pitch event, with the winning idea landing $150,000 from CBA.

The virtual pitch on November 3-4, and applications for Xccelerate are open until September 27. You can apply here.

The shortlisted startups will be notified by October 23.

x15 ventures is running Xccelerate in partnership with Microsoft, Innovation Bay and KMPG. Square Peg and Zetta are also on board.

x15 ventures Managing Director, Toby Norton-Smith, said they’re looking for digital services that support positive financial habits to address daily money management, offer new ways to live in or own a home sooner; or help casual, freelance and gig workers to thrive and the theme for the second event is about helping  younger Australians with their finances.

“While this is the case for Australians of all demographics, young Australians mostly work in industries that have been severely affected by the coronavirus pandemic, like hospitality and travel, and are less likely to have a sizeable savings buffer to fall back on,” he said.

“This is why we’re encouraging startups and entrepreneurs to come forward with businesses that could help tackle this challenge, and help young Australians get ahead.

In addition to $150,000 funding from CBA, the winning team will receive targeted advice from x15 and CBA leaders to enhance their business, as well as access to expertise and resources from Microsoft, KPMG, Square Peg and Zetta.

Startup givvable won the inaugural Xccelerate2020 in July, landing a prize worth more than $300,000 from CBA and Microsoft.

They are already working with the x15 team to develop their service further, and pilot with CBA and its business customers.