Commonwealth Bank’s venture-scaling arm, x15ventures, is inviting founders who are innovating the future of payments to participate in its next ‘Xccelerate’ programme.
The Xccelerate 2022 programme is designed to assist early-stage ventures in understanding the process of partnering with CBA and culminates in an Investment Pitch Night where participants present to representatives from x15, CBA, and other corporate investors as well as dedicated VCs.
Applications opened on Monday, August 1, 2022, and will close on Thursday, September 1, 2022, with a special emphasis on start-ups that are pioneering advancements in the Australian payments landscape.
Shortlisted candidates will have the opportunity for a 30-minute virtual meeting with a member of the x15 Portfolio team to explore their venture in more detail. From there, 15 to 20 teams will be chosen to participate in the Xccelerate Community Day on September 13.
Toby Norton-Smith, managing director of x15ventures, stated, “Xccelerate 2022 is an investment programme tailored for founders looking to grow their businesses with enterprise partners. Early investment allows ventures to strengthen their relationship with CBA, paving the way for further investment opportunities and providing avenues for distribution, integration, and other strategic advantages.”
“Payments are foundational, presenting both opportunities and challenges for start-ups. While the potential for delivering innovative solutions is vast, the stakes for success are equally high. This is why forming enterprise partnerships can help mitigate some risks for founders. We eagerly await high-quality applications.”
The three-part Xccelerate programme will guide early-stage teams in navigating enterprise sales and building strategic partnerships, connecting them with experts in fields such as risk, legal, cyber, and marketing, as well as aiding them in securing funding that can facilitate strategic partnerships with CBA via x15.
Laura Faulconer, portfolio director at x15ventures, noted, “This year, we are particularly interested in teams innovating within the payments ecosystem, whether that’s in enhancing payment efficiency, addressing cash flow issues for small businesses, or creating value-added services at the point-of-sale.”
“After two years of offering Xccelerate as a virtual-only event, we are thrilled to provide this year’s applicants with the opportunity to participate in a series of in-person workshops, mentoring sessions, and panel discussions.”
Past Xccelerate alumni include givvable (winner in 2020), OwnHome (winner of the second cohort in 2020), and last year’s top team Splashup.