Tenity, a leading FinTech and InsurTech innovation ecosystem and early-stage investor with hubs across Europe and Asia, today announced the agreement to fully acquire Hackquarters, a long-established London- and Istanbul-based startup accelerator and corporate innovation partner with a strong footprint in the FinTech space.
This strategic acquisition is an important step in the company’s growth strategy, creating powerful synergies in innovation program delivery and geographic reach. The integration of Tenity and Hackquarters will further solidify the combined company’s ecosystem of hubs, scaling delivery across Europe, MENA, and APAC.
Tenity’s and Hackquarters' vast experience and successes bring a stronger value proposition to all stakeholders. The company will offer an enriched network, presenting startups with greater opportunities and a broader geographic canvas. Corporations will benefit from an enhanced partner network, comprehensive innovation solutions, and a vast startup ecosystem. Investors can anticipate a surge in deal flow and a strengthened geographic footprint. Public institutions and associations will witness a positive ripple effect on local economies, job creation, and innovation potential.
The combined innovation ecosystem will count six hubs across Europe and Asia, working with close to 70 Corporate Partners, 1100+ alumni startups with US$1 billion combined funding raised, 150+ startup programs run, 230+ collaborations facilitated, and a 1000+ strong mentor network.
“The landscape of corporate accelerators and incubators in Europe is highly fragmented, presenting unique challenges for corporates looking for the right partner,” said Andreas Iten, CEO and Co-Founder of Tenity. “With the acquisition of Hackquarters, we see a remarkable opportunity to create additional value for our ecosystem and partners. Together, we can create synergies across geographies, foster knowledge transfer, and generate a powerful network effect. We are confident that Hackquarters is the perfect partner to achieve these goals.”
Kaan Akin, Founder and CEO of Hackquarters, will transition into a vital leadership within Tenity as Managing Partner. Akin brings a wealth of knowledge and experience to the team that will play a crucial role in realizing the company’s vision for a thriving, interconnected network of hubs.
“I am thrilled to join Tenity and continue to drive forward our shared vision,” said Akin. “Our combined strength presents a fantastic opportunity to accelerate the delivery of innovative solutions to our corporate partners and startups."
Financial services and FinTech play a significant role in the global economy, and their impact is expected to grow steadily. As per BCG’s data, the FinTech sector currently accounts for 2% of the global financial services revenue, which stands at $12.5 trillion. By 2030, this figure is projected to increase to 7%, with banking FinTech potentially making up close to 25% of all banking valuations worldwide. Leveraging its team of experts and knowledge in FinTech and innovation, the combined entity aims to be a notable contributor to innovation in FinTech and beyond, across the EMEA and APAC region.
Read the original press release here.
