HatchX: Seven promising SL start-ups graduate
HatchX recently concluded its demo day with its first seven promising local fintech start-ups graduating from the programme and getting connected with several industry stakeholders.
The goal of HatchX is to help local fintech start-ups find success by offering them the necessary support to grow and expand their businesses beyond Sri Lanka.
The seven start-ups accepted were DirectPay, Smart Insure, Fipbox.com, HeliosP2P, iLoan, Algoredge and OGO Pay. An initiative by Hatch in partnership with the Lankan Angel Network (LAN) and funded by the Ford Foundation, HatchX was the first virtual startup accelerator programme in South Asia and was launched in April 2020, during the lockdown period.
The start-ups were selected based on their business maturity, positive traction and the ability to be a viable business both commercially and as an investment potential.
HatchX offered an intensive 4-month curriculum geared towards three primary components of business support, education, and investor-readiness through a programme structure, curriculum, and advisory platform specifically designed by Programme Director Nio Liyanage. Alongside this, the programme offered access to banks, financial institutions, and networks. These efforts supported the start-ups in developing their businesses in a short span of time versus over many years if they had done so traditionally without having access to these opportunities.
At the formal conclusion of the demo day, the seven start-ups showcased their potential in front of the investors and industry stakeholders. It also offered the start-ups a chance to network with stakeholders and form connections that could create new opportunities to collaborate. Hatch continues to offer support and guidance to the seven promising fintech start-ups.