HatchX, Sri Lanka’s first fintech accelerator, launched virtually

Despite the volatile condition in the country and the world due to the COVID-19 pandemic, Sri Lanka’s first fintech accelerator program, HatchX, launched virtually on 23 April. 

This is also the first virtual accelerator to be launched in the South Asian region overall during the COVID-19 pandemic.

HatchX fintech chapter is executed in partnership with Lankan Angel Network (LAN), funded by the Ford Foundation, with the endorsement of the Central Bank of Sri Lanka (CBSL) and Fintech Association of Sri Lanka, which will be instrumental in the start-ups reaching out to and collaborating with fintech ecosystems across the region. Through HatchX, these start-ups can make it easier, faster, and cheaper to use financial services for not just Sri Lankans, but for citizens of the South Asian region, to navigate sophisticated financial markets and remain globally competitive.

“Everyone is becoming receptive to more digital forms of transactions,” said Hatch Co-Founder Jeevan Gnanam, who encouraged start-ups to see the silver lining in any situation.

“We consider this an opportunity not only to support these deserving start-ups, but to ensure that all the players in the financial ecosystem see the value of innovation through the outcome of this program,” said Hatch CEO Randhula De Silva.

“It’s a fantastic time to be in fintech. Even though we are unable to meet physically, this program is sure to be as efficient and result-driven as possible,” said LAN CEO Chalinda Abeykoon. 

Seven fintech start-ups in Sri Lanka will go through an intensive curriculum of four months and receive tailored advisory with mentors from the industry, completely free-of-charge. They are early-stage fintech start-ups that are at a level of business maturity and positive traction, while being viable businesses both commercially and as an investment potential. The start-ups will also gain access to banks, financial institutions, and networks that will allow the founders to develop the business, whereas traditionally it would take many years to access such opportunities.

The seven start-ups include: Digital Insurance Lanka Brokers, which offer insurance solutions through telecommunication operators; Direct Pay, which introduces a cashless payment system; Flipbox.com, which finds the best rates for fixed deposits; Helios P2P, which is a peer-to-peer lending platform; iLoan, which is a blockchain-powered enabler service; MintPay, which is a “buy now, pay later” service; and OGO Pay, which is a unified platform to connect anyone to any financial institution.

“HatchX aims to rapidly accelerate each business, improve the capabilities of the founders and innovate the fintech landscape, while enhancing overall investability,” said Program Director Nio Liyanage, emphasising that business viability, potential impact, and leadership qualities of the founders were key areas evaluated during selection. As founder of business-building boutique STARTUPRIGHT.net, Liyanage specialises in growing technology start-ups to solve big problems through hands-on guidance and has supported 200+ companies and built dozens of accelerators in regions including South East Asia, Australia, and Africa over the last 10+ years.

Set against the commercial background of Fort, Hatch is an accelerator for start-ups to experiment on ideas, acquire knowledge, share lessons, and thrive successfully together. In addition to hosting entrepreneurs in its premises, Hatch empowers businesses with coaching and mentoring programs to build a brighter entrepreneurial horizon in Sri Lanka.