SWIFT starts search for the world’s most promising innovation in financial services

Brussels - 7 December 2011

First global Innotribe Startup Challenge gives companies poised to transform the industry access to top-tier investors and customers

SWIFT, the financial messaging provider for more than 9,700 financial institutions and corporations in 209 countries, today announced the launch of the Innotribe Startup Challenge 2012, a year-round competition that will introduce financial industry decision makers and early-stage investors to the innovations and emerging companies that are poised to transform the industry.

This year’s Challenge is expected to attract hundreds of startups and later-stage innovators from around the world. For the first time, the Challenge will now include three Regional Showcases in the US, Asia and Europe. Dozens of startup industry professionals will select the 15 most compelling companies in each region to present to the world’s most influential financial institutions at Sibos – SWIFT’s annual conference – in Osaka in 2012.

Kosta Peric, Head of Innovation, SWIFT said: “The Innotribe Startup Challenge is an unparalleled opportunity for the young, most innovative parts of our industry to engage with senior decision makers from financial institutions and early-stage investment firms. Bringing innovators and investors together to help create and promote products that the whole industry can benefit from is exactly what Innotribe is all about.”

The Innotribe Startup Challenge is open to both startups and later-stage companies delivering technology-based innovations in financial technology, financial services and related fields. To be eligible, startups must have a working prototype and less than $1 million in revenue or investment. Later-stage companies must introduce innovations that are still ‘under the radar’.

In 2011, over 200 financial technology and service start-ups applied to the Challenge. Mike Gault, CEO of this year’s winner, Singapore-based GuardTime, said: “The Innotribe Startup Challenge was fantastic experience for GuardTime. The program was incredibly well run, delivered great feedback and relationships, and we generated more than 50 leads.”

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