Plaid Launches FinRise Incubator For Entrepreneurs Of Color

Plaid announced that it has launched a program called FinRise, an incubator aimed at making entrepreneurship more accessible to people of color.

“We want to unlock financial freedom for everyone by empowering entrepreneurs and innovators. We want to create a FinTech ecosystem that consists of more voices rather than fewer,” said Plaid in a statement announcing the program.

According to the company, FinRise is intended for early-stage entrepreneurs who identify as Black, Indigenous or People of Color. The company created the program after being inspired by the Black Lives Matter movement.

FinRise will be a nine-month program designed to assist aspiring entrepreneurs by focusing on three key areas of support: access to funding, resources to accelerate growth and ongoing mentorship.

Plaid said it will help entrepreneurs access capital and services through its network of VC firms, service providers and accelerators. The program will also offer networking opportunities, discounted services and ad credits. Additionally, FinRise will offer a three-day virtual boot camp that will feature workshops on a wide variety of technical, product and business topics.

Plaid’s first boot camp is scheduled for the spring. The deadline for applications is Feb. 21.

After completing the FinRise boot camp, entrepreneurs will be able to access additional services for up to nine months, such as a dedicated account manager, a skillshare network and mentorship from Plaid executives. FinRise will also offer a community where entrepreneurs can learn from one another and have the opportunity to mentor future cohorts, Plaid said.

The FinRise announcement comes as Plaid prepares to significantly expand its global reach. Earlier this month, the San Francisco-based FinTech said it was looking to double the number of its employees in London and Amsterdam from around 40 to 80 by the end of the year. Plaid told Bloomberg that the company is focusing on Europe because of the high demand for payment services in the region.