The free 10-week program for LMI-focused fintech startups aims to make a broader community impact.
Attention, fintech startups: The Center for Accelerating Financial Equity (CAFE) has announced the launch of its flagship accelerator program.
Founded by Charlie Horn and led by managing director Kristen Castell, the CAFE Fintech Accelerator is a nonprofit, equity-free program that aims to address financial health and wellness for underserved communities. It will be based at the FinTech Innovation Hub on the STAR Campus in Newark.
‘The 10-week inaugural program officially launches on March 25, 2024, with applications open Jan. 1-31.
The hybrid program is offered at no cost for fintech startups that have products in the market to advance financial wellness for underserved low- to moderate-income (LMI) consumers. There’s a weekly commitment of 3-10 hours, with the first two days in-person. The program closes with an IRL demo day at the FinTech Innovation Hub. While startups do not have to be based in Delaware, they do need to have an impact in the state.
“As the daughter of an immigrant family, I know how important financial security is for all aspects of people’s lives – health, housing, food security, work, and families,” New York City-based Castell told Technical.ly. “That is why I am so passionate about CAFE’s mission to power fintech innovation to advance financial wellness for underserved communities. The fintech accelerator is the first step of many we will be taking to reach this mission and to transform the financial system to work better for all.”
In addition to CAFE, the GrowthSpace in the Fintech Innovation Hub, managed by Pedro Moore, will be opening for companies that want a place to work and community in Delaware.
“I’ve aligned my life around this financial inclusion mission,” Castell said in a September interview. “I love helping build companies, I love networking, meeting entrepreneurs and helping them grow and wanted to do that for my full-time job. So when I got connected down here to what’s going on with the new FinTech Innovation Hub, it was just my dream opportunity.”
CAFE provides coaching, networking, and growth opportunities to founders. Its partners include The Financial Health Network, the largest network of its kind in the US.
CAFE got off the ground with the help of two years of funding funding from the federal Small Business Administration — secured with the help of Delaware’s US Senators Tom Carper and Chris Coons.