French emerging manager seeder NewAlpha Asset Management, subsidiary of La Française, has launched a fintech incubator called Swave.
Swave is backed by French public authorities and led by Paris-based incubator Paris&Co. The platform will be based in Paris’ financial neighborhood La Défense and overseen by Edouard Plus.
The initiative is supported by NewAlpha, Société Générale, Crédit Municipal de Paris and Exton Consulting. A first group of more than 30 innovative start-ups will be selected to launch Swave.
Innovative companies targeted shall be involved in new finance which includes the conception of new models for banks and insurances, cyber-security, artificial intelligence/machine learning/big data, tomorrow’s finance which encompasses sustainable and circular finance.
NewAlpha AM’s request for projects eligible to Swave will end on 17 November while the selection committee is due to meet early December for an opening of the Swave platform expected on 8 December 2017.
Lior Derhy, director private equity at NewAlpha AM, said the launch of this physical incubator represents a continuation of NewAlpha’s action. He added that partnering with Paris&Co as well as with the other founding members was ideal as the Swave project demonstrates a real public and private commitment to promote the fintech sector worldwide.