Program participants include Digital Asset
Holdings, EverSafe, MaxMyInterest, PierceMatrix, PYT FUNDS, Social
Alpha and Ufora
A select group of leading-edge financial services technology
(fintech) companies demonstrated their products and services to
dozens of top bank, venture-capital and technology executives today
at the fifth annual New York FinTech Innovation Lab Demo Day.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20150625005218/en/
Created by Accenture (NYSE:ACN) and the Partnership Fund for New
York City in 2010, the FinTech Innovation Lab is a 12-week
mentoring program to enhance fintech innovation and drive high-tech
job growth in New York City by connecting startups with decision
makers at some of the world’s leading financial institutions. This
year’s Demo Day was held at Bank of America’s One Bryant Park in
Manhattan.
The seven companies in this year’s lab were selected by senior
technology executives from the 15 participating financial
institutions and have spent the last 12 weeks receiving intensive
mentoring, high-level product and business-development advice, and
exposure to senior financial industry, technology and venture
capital executives. The 2015 FinTech Innovation Lab participants
are:
- Digital Asset Holdings – which
is building next-generation, cryptographically secure distributed
settlement and ledger services. The company will provide safe and
efficient settlement of conventional and digital assets that
eliminate counterparty risk and can reduce trade- processing time
from T+3 to same-day settlement.
- EverSafe – which is a technology
service focused on protecting older adults from financial abuse and
identity theft. The online service analyzes bank and
investment accounts, credit card activity, and credit reports for
suspicious activity, and enables seniors to designate trusted
advocates as “an extra set of eyes” to assist in monitoring.
- MaxMyInterest – which offers an
intelligent cash-management solution that maximizes the interest
that individuals can earn on the cash in their bank accounts. Max
employs a novel cash sweep technology that monitors interest rates
daily and automatically reallocates funds among a client’s own bank
accounts to secure the highest yield while maximizing
FDIC-insurance coverage
- PierceMatrix – which offers a
cyber-security solution that addresses third-party risk from
partners connecting into a company’s network. PierceMatrix creates
a unified defense by sharing threats, learning hacker locations,
and making security recommendations. It uses a distributed
architecture to scale and military level artificial intelligence to
automate, allowing security personnel to reduce third-party risk by
processing more alerts in less time.
- Pay Your Tuition (PYT FUNDS
INC) – which leverages its propriety technology platform to
help low and moderate income students increase their prospects for
private funding and to help address the growing funding gap for
college tuition due to rising higher education costs. Through a
combination of crowdfunding and philanthropy, PYT matches
high-performing students with traditional financial institutions,
helping students meet their education funding goals and helping
banks expand their consumer loan portfolio by funding lower risk
private education loans.
- Social Alpha – which provides
actionable insights for traders, analysts and investment managers.
Social Alpha applies large-scale machine learning and natural
language processing to online news and social media sources to
deliver real-time analysis of social media activity that is likely
to affect financial markets.
- Ufora – which leverages
sophisticated algorithms and vast hardware infrastructure to
automate the expensive engineering required to work with large
datasets, enabling analysts to address real-world complexity and
answer a firm’s most important questions in seconds instead of
months.
The FinTech Innovation Labs’ 24 alumni companies have raised a
total of $176 million in financing after participating in the
program, and one alumni company was acquired last year for $175
million. Financial services firms supporting the Lab are: Ally
Financial; American Express; Bank of America; Barclays; Capital
One; Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; The
Guardian Life Insurance Company of America; JPMorgan Chase &
Co; Morgan Stanley; New York Life; UBS; and Wells Fargo. Supporting
venture-capital firms include Bain Capital Ventures, Canaan
Partners, Contour Venture Partners, FirstMark Capital, Nyca
Partners, Rho Ventures, RRE Ventures and Warburg Pincus.
“The FinTech Innovation Lab is an extraordinary program that
enables us to grow the next generation of successful financial
technology entrepreneurs right here in New York,” said Maria
Gotsch, President and CEO of the Partnership Fund for New York
City. “The Lab continues to attract top entrepreneurs because of
its tremendous value proposition – startups are partnered with the
most important players in the financial services and technology
sectors. Our partners, senior executives, and entrepreneur mentors
help the participants identify how their products can be
game-changers and play a valuable role in accelerating the process
of bringing them to market. The Lab has put New York City on the
map as the center of the fintech industry and this year’s class is
another clear example of the incredible innovation taking place in
the five boroughs.”
“The last year has been an exciting time for fintech
innovation,” said Bob Gach, managing director of Accenture Strategy
Capital Markets and co-founder of the FinTech Innovation Lab. “As
the financial services industry continues to evolve, we are seeing
a new crop of entrepreneurs and innovative technologies that have
shifted from niche, vertically focused businesses to mainstream
platforms that can help create ecosystems that extend beyond
offering financial products. In the same vein, this year’s class
showcased exciting new products and platforms that will likely have
a significant and lasting impact on the financial marketplace.”
“Ally is a proud supporter of the FinTech Innovation Lab and the
start-up companies we mentor. As a financial services company with
a focus on digital innovation, we are committed to the FinTech Lab
and the benefits it can bring to our customers,” said Michael
Baresich, Chief Information Officer of Ally Financial, Inc.
“We are extremely proud of our ongoing relationship with the New
York FinTech Innovation Lab and the participant startups,” said
David Reilly, Bank of America Chief Technology Officer. “Our
customers and clients ultimately benefit as we collaborate and
learn from these select, standout companies. When we work together,
we’re able to create innovative solutions to our most pressing
technology needs.”
“The Fintech innovation Lab continues to provide a great
pipeline of new and innovative products for the FS sector. This
year’s graduating class is no exception, with products ranging from
distributed digital ledgers leveraging blockchain technology to
Natural Language Processing algorithms gleaning actionable insight
from Social Media. Credit Suisse is proud to be a founding sponsor
of the FIL and we look forward to continuing our participation in
London and Hong Kong later this year,” said Scot Baldry, Chief
Architect, Credit Suisse.
Philip Gilligan, Head of Group Technology & Operations
Strategy, Architecture and Innovation at Deutsche Bank, said:
“Deutsche Bank is committed to applying new technologies to enhance
its products, services and processes. Start-ups can make a valuable
contribution to this effort and the Bank is pleased to be
supporting them through the FinTech Innovation Lab initiative."
“JPMorgan Chase is continually exploring the emerging technology
ecosystem to find new, innovative solutions to challenging business
problems,” said Larry Feinsmith, Managing Director, Global
Technology Strategy and Partnerships, JPMorgan Chase & Co. “We
are looking forward to work again with the FinTech Innovation Lab
to mentor another exciting group of companies with innovative and
disruptive ideas”
Shawn Melamed, Head of Technology Business Development at Morgan
Stanley, said: “Through the FinTech Innovation Lab, entrepreneurs
benefit from months of discussions, mentoring, and exposure; but,
we also come away with renewed energy and inspiration to use
technology in fresh and inventive ways. The financial services
industry is driven by technology, and we recognize the crucial role
forums like this play in identifying and evaluating innovative
technology companies that can help us better serve our
clients.”
“Each year, we look forward to working with and supporting the
start-ups at the FinTech Innovation Lab,” said Don Desiderato,
Senior Vice President, New York Life Insurance Company. “We are
increasingly impressed with the innovations these entrepreneurs
bring to the table and are amazed at the impactful tech solutions
they offer to our business challenges.”
“Helping young companies shape their technologies to serve
critical business, risk and efficiency needs of a diversified bank
like ours is both rewarding and integral to how we do business at
Wells Fargo,” says Ravi Radhakrishnan, Wells Fargo Securities CIO
and an Executive Sponsor of the FinTech Innovation Lab.
Based on the success of the FinTech Innovation Lab in New York,
Accenture launched the FinTech Innovation Lab London in 2012 and
the FinTech Innovation Lab Asia-Pacific in Hong Kong in 2014.
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $115 million
investment arm of the Partnership for New York City
(www.pfnyc.org). The Fund’s mission is to engage the City’s
business leaders to identify and support promising NYC-based
entrepreneurs in both the for-profit and non-profit sectors to
create jobs, spur new business and expand opportunities for New
Yorkers to participate in the City’s economy. The Fund is governed
by a Board of Directors co-chaired by Charles “Chip” Kaye, co-chief
executive officer of Warburg Pincus, and Tarek Sherif, Chairman and
CEO of Medidata. Maria Gotsch serves as President and CEO of the
Fund.
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 336,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page is www.accenture.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150625005218/en/
AccentureMelissa Volin+ 1
267-216-1815melissa.volin@accenture.comorPartnership Fund for NYC /
Rubenstein CommunicationsFarrell Sklerov, + 1
212-843-8289fsklerov@rubenstein.com
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