Bank of America is launching a fintech accelerator that aims to attract entrepreneurs from underrepresented communities.
The Bank of America Breakthrough Lab will involve a six-month programme providing tailored mentorship, digital expertise, networking with industry experts and access to potential investors.
The bank is inviting founders of early-stage startups from Black, Hispanic-Latino, Native American and other underrepresented communities to apply by 8 June for the September cohort.
Participants should be pre-seed stage companies with ideas related to fintech or tech-enabled ideas promoting inclusion such as HealthTech, WealthTech, EdTech, and housing.
BofA stresses that, while it is the "aspirational goal" to increase access for underrepresented groups, all eligible entrepreneurs regardless of background are encouraged to apply.
Rina Arline, Breakthrough Lab Programme director, global transaction services, BofA, says: "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."