VTB Group is launching a corporate fintech accelerator based on RVC’s GenerationS, the largest accelerator of start-ups in Russia and Eastern Europe. The corporate accelerator by VTB aims to find and develop technology solutions that can be implemented in the companies of the VTB Group.
At the XXII St. Petersburg International Economic Forum the agreement to lauch the accelerator was signed by Olga Dergunova, the Deputy President-Chairman of the Board of VTB Bank, and Alexander Povalko, the Director General of the RVC
The agreement gives a signal to start-ups to file applications for participation in the VTB fintech accelerator. The competition is open to project teams developing solutions for financial and off-financial sector in the areas of big data, artificial intelligence, biometrics, blockchain, the Internet of things, the digitization of business processes, etc.
The experts of the bank and GenerationS will jointly evaluate the applications, select about 40 most promising teams and help the teams finalize the technological solutions for further integration into business processes of VTB Group companies. During the accelerator the project teams will be assisted by IT specialists, financial experts, marketeers , sales and patent support consultants.
In March 2019, VTB will announce the winners, who will be given the opportunity to test-pilot their projects in the bank. Successful projects will qualify for a long-term partnership with VTB and investments.
The applications for participation are accepted from May 24 to August 31, 2018.
The application form for participation in VTB's corporate accelerator can be filled in at vtb.generation-startup.ru
RVC JSC is a governmental fund of funds, the Institute of Development of the Russia's venture investment industry. The main objectives of RVC JSC: promote creation of Russia's own venture capital industry and execute functions of the Project Office of the National Technology Initiative (NTI). The authorized capital of RVC JSC is more than 30 billion roubles. One hundred per cent of the RVC capital is owned by the Russian Federation represented by the Federal Agency for Management of State Property of the Russian Federation (Rosimushchestvo). The total number of funds formed by RVC JSC has reached 26, their total size is 35.7 billion roubles. The share of RVC JSC is 22.7 billion rubles. The number of innovative companies approved for investment by RVC funds has reached 223. The total amount of monetary funds approved for investment is 18.2 billion roubles.
GenerationS is the federal platform for the development of corporate acceleration instruments. It has been run by RVC since 2013. Every year over 20 Russian corporations become Industrial Partners to GenerationS and oversee the selection and acceleration of startups which they are interested in. As a result of the multi-stage evaluation, GenerationS members are given ample opportunities to develop their business and attract investments, gain access to resources and infrastructure of the accelerator partners.
About VTB Group
VTB Group is one of the largest financial institutions in Russia with more than 20 credit and financial institutions, including VTB Capital, VTB Insurance, VTB Pension Fund, etc. In 2017, the bank adopted a digital transformation strategy aimed at increasing quality and efficiency of business opportunities, ensuring the reliability and adaptability of the IT platform, as well as securing new competitive advantages via innovative technologies.