NEW YORK–(BUSINESS WIRE)–Ten rising enterprise tech corporations will current their applied sciences nearly to dozens of prime executives throughout the monetary providers, enterprise capital and know-how industries immediately on the 10th annual FinTech Innovation Lab New York Demo Day. Displays will go-live starting at 9:00 a.m. EDT and may be considered right here.
Based in 2010 by Accenture (NYSE: ACN) and the Partnership Fund for New York Metropolis, the FinTech Innovation Lab New York gives early- and growth-stage fintech corporations with entry to the world’s main monetary establishments. The Lab was established to assist make New York a frontrunner in fintech and develop know-how jobs by leveraging the focus of enormous monetary providers establishments and deep area experience in New York.
As a result of COVID-19 pandemic, this yr’s lab was carried out nearly for the primary time, with collaborating monetary establishments and enterprise capitalist companies persevering with to ship the mentoring and suggestions that has made the FinTech Innovation Lab distinctive.
“The FinTech Innovation Lab has played a key role over the last decade in making New York City a leading center for innovation in financial services. As New York starts to re-open, the innovation and energy of entrepreneurs that are building cutting-edge solutions to address key industry priorities will play an important role in the recovery of our local economy,” mentioned Maria Gotsch, President and CEO of the Partnership Fund for New York Metropolis and co-founder and co-chair of the FinTech Innovation Lab. “Thanks to the executives at our partner financial institutions and venture capital firms who remained committed to the Lab during these challenging times.”
This yr’s graduates are leveraging synthetic intelligence (AI), machine studying and different applied sciences to deal with key business challenges, together with workforce reskilling, scholar loans, information administration and analytics, automating processes, bettering buyer engagement, and decreasing compliance dangers.
The 2020 FinTech Innovation Lab New York graduates are:
- Alkymi — which makes use of machine studying to extract enterprise information from electronic mail and paperwork to automate key duties and drive real-time selections.
- Arthur AI — which proactively displays AI algorithms and offers enterprises the instruments to detect AI model points proactively, in actual time, to economize and forestall sudden model failure.
- Dealer Buddha — whose platform helps unbiased insurance coverage brokers and brokers develop their industrial insurance coverage enterprise by way of interactive, easy-to-understand on-line functions for patrons.
- ClauseMatch — whose doc collaboration software program allows monetary establishments’ world compliance and danger groups to work together with and evaluation centralized paperwork to assist guarantee regulatory compliance.
- DataFleets — which makes use of machine studying to investigate unseen, delicate information to generate enterprise insights with out compromising people’ information privateness.
- Knoema — which works with firms and capital markets companies to handle, catalog, and uncover all of their subscription, public and inside information belongings.
- Sigma Scores — whose counterparty danger platform leverages machine studying to allow automated danger benchmarking and ongoing monitoring of non-credit dangers at scale.
- SkyHive — whose platform helps reskilling efforts by way of a proprietary AI-based labor evaluation that helps corporations perceive their workers’ capabilities, assess future necessities, and effectively equip their employees with new expertise.
- Summer season — which helps scholar loan debtors decrease their debt through the use of know-how and business experience to determine and enroll them in the very best reimbursement plan for his or her monetary scenario.
- True Flood Threat — which makes use of AI and street-view imagery from licensed sources to supply insurers and native governments with flood danger information for particular person properties with out the necessity for time-consuming on-site inspections.
“The participating fintechs remained laser-focused during this period of remarkable economic and societal uncertainty and made great progress over the last 12 weeks working under the guidance of our partner financial institutions,” mentioned David Deal with, a senior managing director at Accenture and co-chair of the FinTech Innovation Lab New York. “The adage, ‘necessity is the mother of invention’ is as important as ever before. The fintechs’ ingenuity, creativity and technologies will be invaluable as financial services firms continue to innovate and modernize during and beyond these challenging times.”
Rick Barto, a managing director in Accenture’s Insurance coverage observe, mentioned, “Insurance remains ripe for innovation. The insurtechs in this year’s program are addressing critical issues, including more accurately assessing risk, automating back-office processes to unlock costs savings and improving the customer experience. We are pleased with their progress throughout the program.”
“With the lack of in-person opportunities in the current environment, the Lab’s established relationships with senior executives from our financial institution partners proved to be very valuable for the companies in this year’s class,” mentioned Sunny Parikh, Senior Vice President at Partnership Fund for New York Metropolis and co-head of the FinTech Innovation Lab. “Through the collaboration, the 10 companies have refined and identified new use cases, piloted their solutions and are well positioned to develop long-term relationships with participating banks and insurance companies.”
Thus far, corporations which have participated within the FinTech Innovation Lab have raised greater than US$1.2 billion and accomplished greater than 240 pilot applications, and 12 of the businesses have been acquired.
Notable capital raises by Lab alumni embody US$60 million by HyperScience and US$50 million by Nova Credit score in 2020, US$110 million by Dashlane in 2019, US$95 million by Enigma and US$40 million by pymetrics in 2018 and US$60 million by Digital Asset in 2016.
The Lab’s monetary establishment and enterprise capital companions labored with the Lab from choice course of to commencement, serving to refine services and products by way of deep engagement with the fintechs. Executives from the next monetary establishments participated on this yr’s Lab: AIG; AllianceBernstein; Ally, American Categorical; Aon; AQR Capital Administration; AXA XL; Bank of America; Barclays; BlackRock; BNP Paribas; BNY Mellon; Capital One; CIT; Citi; Credit score Suisse; Deutsche Bank; Constancy Investments; World Atlantic; Goldman Sachs; Guardian Life; JPMorgan Chase; KeyBank; Marsh & McLennan; Mastercard; Morgan Stanley; New York Life; NFP; Rabobank; RBC Capital Markets; Société Générale; Synchrony; The D. E. Shaw group; The Hartford; The Vacationers Firms, Inc.; TIAA; U.S. Bank; UBS; USAA; Wells Fargo; and Zurich North America Insurance coverage.
Supporting venture-capital companies embody: Anthemis; Bain Capital Ventures; Canaan; Canapi Ventures; Contour Enterprise Companions; FinTech Collective; Nyca Companions; Oak HC/FT; Partnership Fund for New York Metropolis; Rho Ventures; RRE Ventures; and Warburg Pincus.
Steve Petrevski, senior vice chairman and common supervisor of Information & Analytic Companies, mentioned: “Aon’s collaboration with the FinTech Innovation Lab is a great source of innovative ideas and capabilities. By bringing together an ecosystem with our senior business leaders, catalyzed by NYC entrepreneurs, we will identify solutions to fulfil our clients’ strategic goals across risk, retirement and health.”
“The Lab’s mission — to ignite the local economy and enable job growth by identifying and supporting promising New York City-based entrepreneurs — is now more important than ever,” mentioned David Reilly, Bank of America’s chief know-how officer, CIO of World Banking and Markets. “Bank of America is proud to be a founding member of such a vital program in which every party that participates is more knowledgeable than before.”
“The FinTech Innovation Lab has always been a program where fintech companies can build momentum in their enterprise go-to-market and product strategy, and this year’s class is no exception,” mentioned Jeffrey Reitman, a companion at Canapi Ventures. “We are excited by all of the innovation and expect many of the graduating companies to emerge as leaders in their respective focus areas.”
“CIT is proud to again serve as a mentor to startups in the Fintech Innovation Lab,” mentioned Denise Menelly, CIT’s govt vice chairman and head of know-how and operations. “As the financial industry continues to evolve, the collaboration between financial firms and fintechs is crucial to remaining agile and delivering leading capabilities to our stakeholders.”
“Credit Suisse is excited to continue to support the FinTech Innovation Lab and startups on the rise,” mentioned Adrianne Dicker Kadzinski, Credit score Suisse’s world innovation lead. “By mentoring the next generation of entrepreneurs, we are able to positively shape the future of technology and innovation.”
“It is our pleasure to support the FinTech Innovation Lab for the tenth consecutive year,” mentioned Sean Manahan, managing director and head of know-how enterprise growth at Morgan Stanley. “Providing mentorship and advice to the emerging companies that participate in the program perfectly aligns with our focus on partnering with early stage companies to drive new opportunities for our clients and business.”
“U.S. Bank invests heavily in technology and innovation to create the right experiences for our customers so they can bank when and where they want. Working with The FinTech Innovation Lab is a natural fit,” mentioned Dan Terrasi, U.S. Bank’s chief info officer.
“Investing in the success of fintech and insurtech companies is one way Zurich engages in new approaches and finds fantastic opportunities for collaboration,” mentioned Jeffrey Gallimore, vice chairman and director of operations at US Business Insurance coverage Zurich North America. “One of the keys is recognizing there is room for innovation across the entire insurance value chain; and opportunity to bring something new and exciting to the forefront for our customers.”
In regards to the Partnership Fund for New York Metropolis
The Partnership Fund for New York Metropolis is the $160 million funding arm of the Partnership for New York Metropolis, New York’s main enterprise group. The Fund’s mission is to have interaction the Metropolis’s enterprise leaders to determine and help promising entrepreneurs — in each the for-profit and nonprofit sectors – to create jobs, spur new enterprise and increase alternatives for New Yorkers to take part within the Metropolis’s economic system. As an “evergreen” fund, realized beneficial properties are repeatedly reinvested. The Partnership Fund Board is led by Co-Chairmen, Charles R. Kaye and Tarek Sherif. Maria Gotsch, President and CEO, leads the group. Extra details about the Fund may be discovered at www.pfnyc.org.
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