Hatch and LAN launches ‘HatchX’ Sri Lanka’s first fintech accelerator
Despite the volatile condition due to the pandemic, we launched ‘HatchX’ Sri Lanka’s first fintech accelerator programme virtually on April 23rd 2020.
HatchX fintech chapter is executed in partnership with Lankan Angel Network (LAN) funded by the Ford Foundation with the endorsement of the Central Bank of Sri Lanka (CBSL) and Fintech Association of Sri Lanka which will be instrumental in the startups reaching out to and collaborating with fintech ecosystems across the region.
Through HatchX, these startups can make it easier, faster and cheaper to use financial services for not just Sri Lankans but for citizens of the South Asian region to navigate sophisticated financial markets and remain globally competitive.
Jeevan Gnananm, Co-Founder of Hatch encourages startups to see the silver lining in any situation.
“Everyone is becoming receptible to more digital forms of transactions,” — Jeevan
“We consider this an opportunity not only to support these deserving startups but to ensure that all the players in the financial ecosystem see the value from the outcome of this programme,” says Randhula De Silva, CEO at Hatch. “It’s a fantastic time to be in fintech. Even though we’re unable to meet physically, this programme is sure to be as efficient and result-driven as possible,” said Chalinda Abeykoon, CEO of LAN.
What is HatchX ?
It is an intensive curriculum of four months where the selected startups will receive tailored advisory with mentors from the industry completely free-of-charge. The startups were selected based on their business maturity, positive traction and each of their abilities to be a viable business both commercially and as an investment potential. The startups will also gain access to banks, financial institutions and networks that will allow the founders to develop the business whereas traditionally it would take many years to access such opportunities.
Who are the lucky seven?
The seven startups include Digital Insurance Lanka Brokers that offer insurance solutions through telecommunication operators, Direct Pay which introduces a cashless payment system, Flipbox.com which finds the best rates for fixed deposits, Helios P2P which is a peer-to-peer lending platform, iLoan which is a blockchain-powered enabler service, MintPay which is a “buy now, pay later” service and OGO Pay which is a unified platform to connect anyone to any financial institution.
“HatchX aims to accelerate each business, improve the capabilities of the founders, accelerate the fintech ecosystem and foster investability”
Nio Liyanage, Programme Director emphasises that the founder capability, integrity and leadership were key areas that were evaluated during shortlisting.
Nio is the founder of STARTUPRIGHT and specialises in growing technology start-ups through hands-on guidance in strategy, growth and capital raising with over 10 years experience supporting 200+ startups in regions including South East Asia, Australia, and Africa, guiding numerous companies to profitability, scale and market expansion.
The press coverage of HatchX can be found on Island.lk and on Lanka business online.
