Australian banking group Westpac has joined forces with local fintech innovation hub Stone & Chalk and data-sharing platform Data Republic to establish data accelerator FUELD.
FUELD will give startups the chance to participate in a three-month programme, offering them access to data sets on the Data Republic platform and data aggregated by Westpac.
Startups at the accelerator will be supported by Amazon Web Services’ infrastructure, and mentorship of Westpac’s venture capital firm Reinventure.
The accelerator programme will be headed by former CEO of Fishburners, Murray Hurps.
Westpac co-head of business development Macgregor Duncan said: “FUELD is an Australian-first, giving entrepreneurs access to the scale and depth of Westpac data, as well as the support and mentorship of established organisations. We anticipate the outcomes of FUELD will offer customers tailored solutions, as well as offering data innovation which can be applied more broadly to a wide range of customers and industries.”
Macgregor expects the new accelerator to allow large data-sets to be used to create new data products that can be used to address specific industry issues.
Stone & Chalk CEO Alex Scandurra added: “Never before have startups had the opportunity to work closely with a large potential corporate customer and have access to such rich data sets with which to rapidly develop, test and commercially launch a new product. The exciting prospect of FUELD is, once problem statements are defined, they can be solved in a matter of months, executed back into the business, and commercialised to ensure the future success of the startup.”