This week has brought some fantastic news for the fintech sector! There is a lot at stake, so read on!

On Monday Fidiasz, an entrepreneurial venture capital set up by Krzysztof Domarecki, the founder and a long-time CEO of Selena (a global manufacturer and distributor of construction chemicals headquartered in Poland), announced the plan to invest a large chunk of its funds in Polish fintech startups. To help them decide, they are organising a contest in collaboration with Impact fintech’17. The lucky startups who will be chosen will get a fund of 0,5-5 million PLN each for the development of their tech and international expansion. Just as I told you, fantastic news!

Domarecki and his team are especially interested in biometrics or other client identity verification technologies, credit risk management, internet fraud prevention, AI, and machine learning in financial data analysis. So if your start-up fits those categories, why not enter the contest? You can only benefit! Applications are open only till November 30, so don’t miss your chance!

On December 1, the jury will select approximately 15 startups which will then be invited to participate in Impact fintech’17 congress in Katowice on December 6-7. There, they will present their pitches and have one-on-one meetings with Fidiasz’s representatives. In February 2018, Fidiasz will announce which companies have been chosen to receive funding.

“I have 30 years of experience on international markets and Selena, the company which I set up and developed, has been operating internationally for almost 20 years. We recognise the potential in Europe, and that’s why we have decided to create a group of five to six Polish fintech start-ups, mutually complementary in terms of the technological solutions they would be developing. With such a strong team, we could definitely make an impact on the European market,” says Domarecki.

The businessman notes that the problem with Polish start-ups is not in the quality of their product but with the choice of ineffective business models and the lack of understanding of a European client’s needs. All these make it hard for young innovative businesses to successfully enter international markets.

Back in June at Impact ‘17 in Cracow, Domarecki announced that he had set up an entrepreneurial venture capital, Fidiasz. It helps Polish startups mature into experienced, internationally-recognised companies. Fidiasz has a head-spinning budget of 200 million PLN, and some of that money can be yours!

Domarecki and his team are looking for innovative technologies, but it’s the people behind them that are the most valuable asset. If the team and their idea is solid and promising, the VC is willing to invest in a project in the initial stage of development. What is more, Fidiasz does not only offer money but also full support in all aspects of business management: marketing, expansion, HR, or strategising.

So if you are up for a bit of challenge, you can register here. Good luck!