Contxto – There have been quite a few examples of startups dishing out credit cards for individual consumers. Although this time around it’s a different ecosystem player that’s helping founders foot the bill without using their own pocket money.
Rockstart, an accelerator with offices in Colombia, will release a credit card for startups. The minds behind this product are designing it to offer benefits that directly correlate to running a startup. Likewise, Rockstart hopes to launch it in August of this year.
Naturally, startups that have gone through the accelerator program will be able to access it.
Why it’s a big deal: Besides adding another perk by accelerating through Rockstart, offering a credit card is a way of giving its early-stage startups more leeway to operate.
Rockstart gives credit where it’s due
In the US, Brazilian-founded fintech Brex is serving up credit cards—mainly to startups. And while Brazilian Nubank and Mexican Klar do offer credit cards it’s only to individuals. Meanwhile, accelerators are known to procure equity capital to its participants. However a credit card usually isn’t part of the deal.
In that sense, Rockstart is setting itself apart from other programs and even some fintechs by offering a financial product to startups.
Its credit card will reportedly offer a competitive interest rate as well as discounts on services startups often rely on like Amazon Web Services and GoDaddy. Moreover, to get it off the ground, the accelerator partnered up with banking institutions in Colombia who rely on Rockstart’s criteria to offer credit to these startups.
While we’re on the subject… Rockstart is looking for its next batch of 10 early-stage startups to accelerate. Besides the credit card, selected startups have access to mentoring, networking opportunities, workshops, and funding (of course).
The program’s sweet spots include shared economy solutions, blockchain technology, fintechs, e-commerce, 3D printing, and SaaS products.
So if it’s up your alley and you want to learn more, check out the call for submissions, here.
Related articles: Tech and startups from Colombia!