Bank of America has launched a new fintech accelerator program for marginalized entrepreneurs.
The six-month Breakthrough Lab program provides Black, Hispanic-Latino, Native American, and other entrepreneurs from underrepresented communities with mentorship, digital expertise, networking opportunities with industry experts, and access to potential investors in order to help them scale their early-stage technology-related businesses.
Pre-seed companies with fintech or tech-enabled inclusion-promoting ideas in areas such as healthtech, wealthtech, edtech, and housing are eligible to apply.
Successful applicants will receive 94 hours of live instruction on a broad spectrum of business management topics and tech support, and will be exposed to investors and capital providers.
The programme, which aims to expand financial inclusion and increase the number of small fintech businesses, runs from September to March of next year.
The programme’s director within the bank’s global transaction services division, Rina Arline, explains that the accelerator will provide aspiring entrepreneurs from diverse backgrounds with access to the bank’s “vast resources and industry networks.” – FF