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British fintech Paddle launches programme for AI startups

Paddle AI programme
Image credit: Paddle

London-headquartered fintech Paddle is launching an AI programme for startups supported by $10m (£7.6m) from Founderpath’s SaaS fund.

Founderpath, a US firm providing revenue-based financing, has made the capital available for the startups that finish the six-week Paddle AI programme.

One founder will also receive a $25,000 (£19,100) cash prize from the fintech firm. AI startups on the payment provider’s programme will get access to mentorship, networking and partner benefits.

Christian Owens, founder and executive chairman of Paddle, said: “2023 has seen a generative AI boom, with companies in the space securing $1.3bn in the last few months. However, having a great product is just the first challenge in a very competitive space.”

The 25 founders selected for the first cohort will be based on their idea, minimum viable product, market traction and likely growth.

Owens in April stepped down as Paddle’s chief executive after being in the role for over a decade and was replaced by then-COO Jimmy Fitzgerald.

Last May, Paddle acquired the US subscription and retention automation software ProfitWell in a deal valuing the company at more than $200m (£160m) in cash and equity.

It came not long after Paddle raised £162m in a Series D raise and achieve a $1.4bn valuation.

Paddle’s offerings include invoicing, subscriptions, payments, in-app purchases and checkout.

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