SAN FRANCISCO and DALLAS, March 11,
2022 /PRNewswire/ -- Stellar Development Foundation and
MoneyGram International, Inc. (NASDAQ: MGI) today announced a new
partnership with Techstars, a global investment business that
provides access to capital, one-on-one mentorship, and customized
programming for entrepreneurs. The program will recruit founders
across the world who are focused on driving technological
innovation in areas such as blockchain and digital payments to
further streamline cross-border payments and support financial
inclusion.
The accelerator will specifically target technologies that
facilitate the movement of money to and from Latin America. Each year for the next three
years, the program will select a class of up to 12 fintech startups
to participate in an immersive 13-week program where entrepreneurs
will work with mentors from Techstars, the Stellar Development
Foundation, and MoneyGram to solidify their value proposition and
product-market-fit. At the end of each class, the participants will
present their progress and vision to a curated group of investors
and key stakeholders in the fintech community on Demo Day.
Applications for the first class of startups will open on
Monday, July 25, 2022, and the
deadline to submit applications is Wednesday, October 12, 2022.
"Blockchain and digital assets are changing the cross-border
payments process, enabling people to almost instantly and
cost-effectively send money internationally," said Denelle Dixon, Stellar Development Foundation
CEO and Executive Director. "We believe that we can improve access
to the financial system for all participants, and we're proud to
work with MoneyGram and Techstars to empower the next generation of
innovators to build a more inclusive and accessible cross-border
payments system that takes full advantage of 21st-century
technology"
This partnership builds on the previously announced
collaboration between the Stellar Development Foundation and
MoneyGram to bridge digital and local currencies.
"We're excited about this latest expansion of our partnership
with the Stellar Development Foundation as we look to further
accelerate our strategic goals to lead cross-border payment
innovation," said Alex Holmes,
MoneyGram Chairman and CEO. "As the fintech landscape rapidly
evolves, we're committed to utilizing our combined expertise in
global digital payments, blockchain, and compliance to uncover new
opportunities for global customers and enhance the existing
financial system. Partnering with startups through our new
relationship with Techstars will further support our innovation
efforts and ultimately benefit consumers around the world."
"At Techstars, we believe great ideas are everywhere, but access
to opportunity is not, which is why our global-investment model is
to reach founders anywhere and everywhere," said Maëlle Gavet,
Techstars CEO. "As we look to reach founders in the Americas, this
program will provide early-stage blockchain and digital asset
innovators the advantages and resources they need to succeed in
building an inclusive, accessible financial system, and deliver
world-changing solutions."
With the majority of Latin Americans either unbanked or
underbanked, this region is uniquely primed for digital finance
adoption. Both the Stellar Development Foundation and MoneyGram
have deep roots working in Latin
America, with an established ecosystem to help new entrants
succeed with connections and mentorship. The Stellar network's
growing ecosystem and MoneyGram's well-established presence in
Latin America, one of its largest
remittance corridors in the world, present a unique opportunity to
effect change in the region. The new accelerator program aims to
tap into the growing group of developers of financial technology
and to provide a path to build locally-inspired solutions.
The Stellar Development Foundation, MoneyGram and Techstars will
officially launch the program in Austin at SXSW.
About the Stellar Development Foundation
The Stellar
Development Foundation (SDF) is a non-profit organization that
supports the development and growth of Stellar, an open-source
network that connects the world's financial infrastructure. Founded
in 2014, the Foundation helps maintain Stellar's codebase, supports
the technical and business communities building on the network, and
serves as a voice to regulators and institutions. The Foundation
seeks to create equitable access to the global financial system,
using the Stellar network to unlock the world's economic potential
through blockchain technology.
About Stellar
Stellar is a decentralized, fast,
scalable, and uniquely sustainable network for financial products
and services. It is both a cross-currency transaction system and a
platform for digital asset issuance, designed to connect the
world's financial infrastructure. Financial institutions worldwide
issue assets and settle payments on the Stellar network, which has
grown to over 5 million accounts.
About MoneyGram International, Inc.
MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in the evolution
of digital P2P payments, delivers innovative financial solutions to
connect the world's communities. With a purpose-driven strategy to
mobilize the movement of money, a strong culture of fintech
innovation, and leading customer-centric capabilities, MoneyGram
has grown to serve over 150 million people in the last five years.
The Company leverages its modern, mobile, and API-driven platform
and collaborates with the world's top brands to serve consumers
through its direct-to-consumer digital channel, global retail
network, and embedded finance business for enterprise customers.
MoneyGram is also a leader in pioneering cross-border payment
innovation and blockchain-enabled settlement. For more information,
please visit ir.moneygram.com, follow @MoneyGram on social media,
and explore the website and mobile app through moneygram.com.
About Techstars
The Techstars worldwide network helps
entrepreneurs succeed. Founded in 2006, Techstars began with three
simple ideas—entrepreneurs create a better future for everyone,
collaboration drives innovation, and great ideas can come from
anywhere. Now we are on a mission to enable every person on the
planet to contribute to, and benefit from, the success of
entrepreneurs. In addition to operating accelerator programs and
venture capital funds, we do this by connecting startups,
investors, corporations, and cities to help build thriving startup
communities. Techstars has invested in more than 2,900 companies
with a combined market cap of more than $179B. www.techstars.com
The Stellar Development Foundation Media
Contact
Lauren
Thorbjornsen
media@stellar.org
MoneyGram Media Contact
Sydney
Schoolfield
media@moneygram.com
Techstars Media Contact
Ali
Whitman
ali.whitman@techstars.com
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SOURCE MoneyGram