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  • 23 October 2019 14:37

CUA Next launches innovation program with Slingshot to accelerate financial wellbeing

The program will look to create a scaleup ecosystem of tech providers to diversify offering to members

SYDNEY, 17TH OCTOBER 2019: Credit Union Australia (CUA) has today launched a new accelerator program developed in collaboration with industry-leading corporate innovation provider Slingshot, to create an ecosystem of scaleup tech businesses.

The program labeled CUA Next brings together promising enterprise ready scaleups with a focus on financial wellbeing to work closely with Australia’s largest credit union to roll out a suite of services and add value to CUA members.

Unlike a typical accelerator program, CUA Next will focus on recruiting high-level scaleups who will get the opportunity to work as an actual vendor providing innovative financial wellbeing solutions to CUA’s member base of over 500,000 people.

Scaleups will also be able to leverage the networks of the other chosen successful entrepreneurs in the program across fintech, regtech, edtech, martech and more. These tech providers will help contribute to CUA’s goal of creating a financial wellbeing ecosystem.

CUA Next is encouraging applications from scaleups who can provide cutting-edge solutions that go beyond its current core products and services, with a particular focus on millennials and young middle-income families.

Successful applicants will be required to demonstrate how they provide: - Greater clarity around their financial situation; - More control in positively changing everyday habits; - Choice of maintaining today’s lifestyle while still attaining future financial goals or; - Aspirations or connection with their community to help build financial confidence.

CUA Chief of Transformation and Subsidiaries, Steve Chugg said CUA Next was developed to help members be in control of their finances and feel financially secure.

“Research into the financial comprehension and aspirations of younger Australians highlighted that they don’t know where to turn for meaningful advice,” Mr Chugg said.

“The CUA Next accelerator program will be key to supporting this vision, and we are committed to assisting scaleup businesses to realise their business potential sooner by partnering with a leader in the mutual sector with a proud history of innovation. Ultimately, we want to move forward and bring the best ideas to market to transform CUA’s member offering.”

Industry-leading corporate accelerator partner, Slingshot will facilitate connections between CUA and later-stage scaleup businesses, and support participants throughout the CUA Next program.

Slingshot Co-Founder, Craig Lambert, said CUA Next is an opportunity for CUA to collaborate with the best and brightest tech scaleups, who at the same time can benefit from exposure to CUA’s established member base.

“CUA is looking for a meaningful way to connect their members with the goal of financial wellbeing. Our accelerator can help them achieve this by connecting them with scaleups that also want to improve their customers' experience in financial wellbeing,” Lambert said.

“As an innovation leader in the financial services sector we value the opportunity to collaborate with partners like Slingshot to find unique ways to empower our members, and we look forward to seeing where this initiative takes us next,” Mr Chugg said.

Australian scaleup businesses are invited to submit their applications from 17 October 2019 to 20 November 2019. For more information on the CUA Next accelerator program, visit cuanext.com.au.

-ENDS-

About Slingshot: Slingshot is Australia’s leading provider of corporate innovation programs. Since 2013, Slingshot have run 24 programs with some of Australia's leading organisations like HCF, News Corp, Qantas, Lion, Clubs NSW and Caltex. Through a repeatable and scalable engagement model, Slingshot programs combine the scale, resources and insights of Corporates, with the agility and innovation of startups, scaleups and intrapreneurs to drive long lasting commercial outcomes.

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