The accelerator has been set up by the banking software provider to back underrepresented minority founders.

Plaid, a US-based financial technology provider, has set up FinRise, a nine-month incubator for early-stage fintech founders from underrepresented backgrounds.

The accelerator is looking at startups led by black, indigenous and people of colour. 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, according to the Small Business Administration.

FinRise’s partners for the accelerator include impact-focused venture capital firms Accion Venture Lab, Kapor Capital –…

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James Mawson

James Mawson is founder and chief executive of Global Venturing.