Bancolombia Becomes Partner of Plug and Play Fintech Program in Silicon Valley

Bancolombia joined a leading fintech-focused startup program in Silicon Valley last month, partnering with the Plug and Play network that seeks to connect early-stage companies with larger firms.

The organization, which has been operating since 20106, will run two 12-week financial services accelerator programs this year, known as Plug and Play Fintech. Each will feature 25 startups in the space that will vie for a chance at funding as they refine their business models and pursue growth alongside mentorship from industry veterans.

The Medellín-based financial institution, which is the largest bank in the Andean country, was the first Colombian company to join the program, according to Plug and Play. Fintech division founder Scott Robinson said that securing a partner agreement with the company will help the group expand its mission in Latin America.

Other leading partners include Deutsche Bank, Credit Suisse, Deloitte, MUFG, US Bank, Cathay Financial, USAA, and Banco do Brasil.

The move was another in Bancolombia’s increasing push to embrace new technology and digital transformation. The company recently announced that it would invest $140 million USD this year into digital services, cyber-security, and artificial intelligence-related innovation. It has also launched a customer service chatbot, “Tabot,” and its investor robo-advisor, “Invesbot.”

“We open the doors to be on the radar of entrepreneurs, incubators, accelerators, and capital funds that look to emerging markets, because they see in Latin America and Colombia a real opportunity for growth for their business models,” said Gabriel Di Lelle, innovation and digital transformation vice president of Bancolombia.

Photo: Bancolombia headquarters in Medellín, Colombia. (Credit: Bancolombia)