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CBA calls for FinTech startups helping small businesses recover from COVID-19

CBA, Commonwealth Bank, AustraliaX15 Ventures, a Commonwealth Bank of Australia (CBA) powered investment vehicle is launching Xccelerate 2020, a virtual pitch event which will see start-ups competing for funding, mentoring and support for their ideas. Themed on improving the financial wellbeing of small businesses, Xccelerate will look for ideas which will help businesses bounce back during the economic recovery from the coronavirus pandemic.

X15 Ventures Managing Director, Toby Norton-Smith stated, “X15 allows us to open the door and partner more easily with entrepreneurs to help them achieve rapid growth from seed right through to launch phase. While the businesses will be developed as a start-up, they will have the scale and reach of CBA behind them to achieve growth. Xccelerate 2020 will support Australia’s best start-ups to help small and micro businesses bounce back in 2020.

“Given the economic setback caused by the coronavirus pandemic, we are inviting driven, experienced entrepreneurs looking to scale their business or a new business idea. The event is part of our commitment to partner with the fintech community to bring new products and services to market that will benefit primarily retail and small business customers.”

The inaugural program will see 15 shortlisted entrepreneurs and start-up teams develop, refine and then pitch their businesses to X15’s Innovation Investment Committee on July 23, 2020. The winning ideas will receive seed funding of up to $150,000, as well as access to global resources and tailored advice from CBA partners in technology, risk, cyber, payments and data science fields.

CBA’s Group Executive for Business Banking Mike Vacy-Lyle said Xccelerate is another way the bank is continuing to support small businesses, particularly in these difficult times.

“We have hundreds of thousands of small business customers right across Australia, and we want to help them in whatever ways we can. The X15 Ventures Xccelerate 2020 event presents a great opportunity for us to help some of Australia’s brightest start-ups develop solutions that could make a big difference to the lives of small businesses across the country.”

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