Our client is a startup developing smart on board units for cars. They has got a hungarian subsidiary 100% owned by the american parent company.
Our client, MKB Inkubator Kft (MKB Fintechlab) is a Budapest-based fintech incubator backed by MKB Bank. MKB Bank is the 5th biggest bank in Hungary, who decided to go through digital transformation process and come up with innovative products for their customers. Besides these internal changes MKB decided to open up for startups and create an incubator.
They started planning the incubator program in the autumn 2016. It was a challenge for a strongly regulated big bank to work in an open environment of fintech startups. For banks it is unusual to deal with VC investments, there are cultural differences and they need help with startup selection and creating a curriculum with startup specific knowledge.
We started with defining goals and understanding the needs of MKB. Then we moved into the planning phase; we created a startup valuation method and designed the curriculum of the 18-week long incubator program. We selected 6 startups together with MKB and the incubator program started in March 2017. We stayed with Fintechlab and managed the program that included organizing workshops, contacting mentors, managing partnerships and following up the progress of startups that participated in the incubator.
The program ended successfully with 6 startups, who since then started cooperations with the bank. The incubator fits well in the transformation strategy of MKB, the next incubator program will start in February 2018.
About MKB Fintechlab
MKB Fintechlab is a Budapest-based fintech incubator backed by MKB Bank.
Its 12-week incubation program is focused on bringing fintech startups commercial partnerships with MKB Bank. Besides workshops and mentoring the incubator provides a sandbox which is an API platform for startups to access MKB Bank’s development and testing environment.
Invendor Ltd. is a 21th century consultancy providing tailored strategic services for innovative companies. With an industry-specific, ecosystem-based approach we help our clients disrupt their business models and perform better in today’s decentralising business environment. Be it a bank, a large corporation or a startup, we provide end-to-end, one stop shop solutions that create value to our clients. Once we have the strategy in place we select the best fitting means to support the execution of organic growth, investment or M&A driven business transformation or internationalization projects.