It is a truly historic day not only for German but also for the entire European fintech community. Plug and Play brings Silicon Valley to Frankfurt!

Fintech Europe is an accelerator program which was launched by TechQuartier and Plug & Play in spring 2018. The opening ceremony and the first batch selection day took place on the 29th of May.

The platform is open for fintechs from the entire globe and corporate partners who are seeking promising cooperation. Currently, there are 6 corporate partners – Aareal Bank, BNP Paribas, Deutsche Bank, Danske Bank, DZ Bank, nets. There are more to come.

What does Fintech Europe offer to startups?

  1. Dedicated office space in TechQuartier, in Frankfurt downtown – in the heart of the European financial centre
  2. Network with business angels, mentors, corporates and other startups
  3. Last but not least – no equity stake is taken!

Saeed Amidi, founder and CEO of Plug & Play shared his personal story with the participants of the batch. His parents lost 98% of their wealth in Iran and came to California. Saeed went into real estate and bottled water business. It went fine, but he had an a-ha moment when Paypal negotiated down the rent they could not afford in Palo Alto… “What the hell am I doing in the water business?” – and Plug & Play idea was born.

Frankfurt is the 29th location of Plug & Play worldwide. “This city has all right ingredients to build the best fintech platform in the world” (Saeed Amidi)

When asked about his motivation, Saeed mentions: “Other than making money which I enjoy, I enjoy being part of the journey. I also enjoy playing golf 3 times a week.”

If you are on the corporate side, Plug & Play’s founder and CEO’s main advice is to “embrace, not fight disruption and innovation”. “You and your organization will shine”.

14 Startups had a chance to pitch their solutions for the 1st batch: Moxtra, Giromatch, Alcmeon, Valoo, Handcheque, Viasema, Onfido, Token, Voxo, OpenLegacy, AlgoDynamix, Duco, DreamQuark, OptioPay.

I will cover my favourites in the next posts.

Stay tuned!

Saeed Amidi and Olga Galkina at TechQuartier Frankfurt

 

 

 

 

 

 

 

 

Impressions from the event:

 

 

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