Global technology platform and digital payments leader PayPal Holdings, Inc. and Southeast Asia's leading venture capital firm Alpha JWC Ventures announced today that Alpha JWC will invest up to $5M in 2018 participants of PayPal Incubator, a FinTech startup incubation program in Southeast Asia.
Launched in 2016, the unique nine-month PayPal Incubator program offers participating startups the opportunity to operate in a specially designed co-working space in PayPal Singapore's Development Center. Participants receive coaching and mentorship from PayPal executives, participate in networking opportunities and gain valuable connections to outside funders. It is the first FinTech incubation program in the Southeast Asia where startups sit side-by-side with the company's staff, making PayPal's business and engineering resources easily available to participants. Since its inception, the PayPal Incubator has successfully nurtured six FinTech startups -- Axinan, Chynge, InvoiceInterchange, Jumper.ai, PolicyPal and TenX.
Alpha JWC has committed to invest in select PayPal Incubator participants in 2018 with up to $5 million in funding.
To receive the funding, applicants will go through a selection panel made up of Alpha JWC and PayPal senior executives in Singapore and San Jose. Startups that demonstrate potential in transforming cutting-edge ideas to create tangible impact will be offered a place in the PayPal Incubator and funding commensurate with their business needs.
Investment firm Holdun has also announced the launch of its Holt Fintech Accelerator last month. The accelerator, which is aimed globally, will support the next generator of entrepreneur talents operating in the fintech industry. Holt Accelerator is currently engaged in a global search for the next 400 rising stars in fintech to take part in the program, and it encourages all interested candidates to submit their applications through the Holt Accelerator website by July 29th for a chance to participate.