Bank of America has launched a FinTech accelerator programme aimed at presenting economic opportunities to entrepreneurs from underrepresented communities.
Bank of America Breakthrough Lab is now open for applications for its September 2023 cohort.
The bank said that the six-month accelerator programme provides tailored mentorship, digital expertise, networking with industry experts and access to potential investors to Black, Hispanic-Latino, Native American and other entrepreneurs from underrepresented communities.
Bank of America first ran a pilot programme for the accelerator in 2021 with five startups from the New York area. Following its success, the pilot was expanded in 2022 and featured 17 companies from the US, UK, Mexico and France.
“The bank’s long-standing commitment to supporting economic opportunity for people and communities we serve is at the core of Bank of America Breakthrough Lab,” said Rina Arline, breakthrough lab programme director in global transaction services at Bank of America. “We’re excited to play a role in giving emerging entrepreneurs from a range of backgrounds access to the bank’s vast resources and industry networks.”
Bank of America is also running an initiative to support women-led funds. To date, the bank has reportedly committed $421 million to over 130 minority and women-led funds.
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