x15ventures, a Commonwealth Bank-powered investment vehicle has launched its second Xccelerate pitch event, this time with a focus on helping young Australians get ahead financially.

The virtual pitch event, which will be held on 3-4 November 2020 in partnership with Microsoft, Innovation Bay and KMPG, will once again see start-ups and seasoned entrepreneurs battle it out in front of expert judges to receive $150,000 in funding and ongoing support to grow their business.

x15ventures Managing Director, Toby Norton-Smith, said the theme of the upcoming Xccelerate event reflects the need to help young Australians with their finances at a time when they’re facing unprecedented challenges and uncertainty about the future.

“While this is the case for Australians of all demographics, young Australians mostly work in industries that have been severely affected by the coronavirus pandemic, like hospitality and travel, and are less likely to have a sizeable savings buffer to fall back on.

“This is why we’re encouraging start-ups and entrepreneurs to come forward with businesses that could help tackle this challenge, and help young Australians get ahead.

“We’re looking for innovative digital services that support positive financial habits to address daily money management, offer new ways to live in or own a home sooner; or help casual, freelance and gig workers to thrive.

“We’re pleased to be once again partnering with Innovation Bay, Microsoft, KPMG and our new strategic partners Square Peg and Zetta to bring the best and brightest start-ups and entrepreneurs together.”

In addition to $150,000 funding from CBA, the winning team will receive targeted advice from x15 and CBA leaders to enhance their business, as well as access to expertise and resources from x15’s strategic partners Microsoft, KPMG, Square Peg and Zetta.

Start-up givvable was named winner of the inaugural Xccelerate2020 event held in July this year, taking home a total prize value of more than $300,000 from CBA and Microsoft. They are already working with the x15 team to develop their service further, and pilot with CBA and its business customers.

Applications are now open for the upcoming Xccelerate pitch event until 27 September, with the shortlisted entrants to be notified by 23rd October. For more information and to enter Xccelerate 2020 visit https://innovationbay.com/xccelerate2020.

About Xccelerate 2020

Xccelerate is a fast-tracked program for experienced entrepreneurs and start-up teams to achieve rapid growth through x15ventures funding and support, including leveraging CBA group assets and strategic partners. Earlier this year, the program has invited applicants to pitch ideas that would improve the financial wellbeing of small businesses. Out of a shortlist of 9 ideas, four were invited to pitch in front of a panel of judges, with x15ventures and Microsoft independently choosing a winner for their respective grants.

About X15 Ventures

x15ventures is a wholly-owned subsidiary of CBA, with funding provided from CBA’s $1 billion annual technology investment envelope, its own delivery model, and a dedicated management team. x15ventures is working with leading global businesses including Microsoft, KPMG, to deliver ongoing expertise and support for digital innovators. The CBA venture building entity is building the next generation of solutions for our 15 million customers and beyond, by unlocking new value from CommBank’s assets through partnership with the tech and innovation community. x15ventures partners with seasoned entrepreneurs, offering them support, guidance and access to CBA’s customer base and distribution networks. For more, please visit https://www.x15ventures.com.au/