Plaid launches FinRise, an incubator program to support early-stage BIPOC founders

By Pavithra R

Plaid, a FinTech company democratizing financial services through technology, has announced the launch of FinRise, an incubator program to empower early-stage entrepreneurs that are Black, Indigenous or People of Color (BIPOC).

While technology has come a long way to level the playing field, many minority-owned businesses are still frequently denied access to some of the most basic resources needed to start and grow their businesses. According to the Small Business Administration, Black-owned firms were more than twice as likely to have unmet credit needs and were often subject to more scrutiny when applying for loans. 

Plaid believes in making entrepreneurship accessible to everyone- anyone with a great idea should have access to the same opportunities and resources to be successful. The firm is working to unlock financial freedom for everyone by empowering entrepreneurs and innovators. It is creating a FinTech ecosystem that consists of more voices rather than fewer.

FinRise is a nine-month program designed to support early-stage founders who are BIPOC in launching their businesses by focusing on 3 key areas of support. Entrepreneurs will participate in a 3-day virtual bootcamp with workshops on relevant technical, product, and business topics to help guide early business development.

Following the bootcamp, participants will have access to ongoing support through a nine-month period, including:

• Dedicated account manager: a day-to-day contact from Plaid who provides product best practices and helps them develop their business
• FinRise skillshare network: an internal network that founders can leverage for ongoing guidance on topics covered in the bootcamp
• Mentorship from Plaid leaders: founders in the program will be paired with Plaid leaders who can offer guidance on the early stages of company building
• A community: a space to network and learn from other entrepreneurs in the program with the opportunity to mentor future cohorts

Plaid will leverage its partnership with a network of purpose-built venture capital firms, network service providers, and accelerators, startups to offer access to networking opportunities, discounted services and ad credits, and pitch practice for this program. 

Founded in 2012, Plaid is focused on building the enabling infrastructure for financial services that provide a secure and efficient way to move financial data, reducing fraud and providing more product and service options to consumers that can improve their transparency and control over personal financial information.