Program helps leading financial technology
entrepreneurs accelerate product and business development, and
solidifies New York City’s position as the nation’s fintech
capital
Applications are now being accepted for New York’s seventh
annual FinTech Innovation Lab, a 12-week program co-founded by
Accenture (NYSE:ACN) and the Partnership Fund for New York City
that helps early- and growth-stage financial technology (fintech)
companies accelerate product and business development by gaining
exposure to top bank and venture capital executives. Applications
are available at www.fintechinnovationlab.com and are due by
December 1, 2016. An information session will be held for
applicants on November 7.
The FinTech Innovation Lab is a program for entrepreneurs that
are developing disruptive, pioneering technologies for the
financial services sector—particularly in augmented/virtual
reality; big data, analytics, including artificial intelligence,
machine learning and IoT-generated data; digital client engagement
tools; enterprise DevOps and multichannel deployment; RegTech;
security, including identity management, biometrics and fraud
detection; blockchain; cloud; new credit/underwriting tools; and,
disruptive talent management. Chief technology officers and senior
technology executives from the 30 participating financial
institutions will select up to eight of the applying fintech
companies to participate in the Lab through a competitive
process.
Applicants must have at least a working beta version of their
technology that is ready to be tested for either the institutional
or retail market. The Lab, which begins in April 2017, will partner
the selected fintech entrepreneurs with senior-level bank
executives and leading technology entrepreneurs, who will help them
fine-tune and develop their technologies and business strategies
through a series of workshops, panel discussions, user-group
sessions, networking opportunities, one-on-one meetings, and
presentations. The Lab culminates in June 2017 with a Demo Day
presentation by this year’s cohort to an audience of venture
capitalists and financial industry executives.
Of the 30 participating financial institutions providing
mentoring and guidance, the following will serve on the selection
committee for this year’s applicants: Ally Financial; American
Express; American International Group, Inc.; Bank of America;
Barclays; BlackRock; Capital One; Citi; Credit Suisse; Deutsche
Bank; Goldman Sachs; The Guardian Life Insurance Company of
America; JPMorgan Chase & Co; Morgan Stanley; New York Life;
and Wells Fargo. Supporting venture-capital firms include Bain
Capital Ventures, Canaan Partners, Contour Venture Partners, Nyca
Partners, Rho Ventures, RRE Ventures and Warburg Pincus.
The Lab continues to introduce cutting-edge fintech companies to
top banks and insurers to help push them into open innovation.
According to a report issued by Accenture and the Partnership Fund
for New York City in June, the value of fintech investments
globally nearly doubled last year, to $22.3 billion from $12.6
billion in 2014. In New York, fintech deal values tripled to $2.3
billion; and, in the first quarter of 2016, New York surpassed
Silicon Valley in fintech venture financing for the first time.
“With the value of financial technology investments climbing
dramatically over the past decade, fintech has clearly become
mainstream," said Maria Gotsch, President and CEO of the
Partnership Fund for New York City. “Now in its seventh year, the
FinTech Innovation Lab has become embedded in the entrepreneurial
and financial services ecosystem in New York City, helping drive
job growth and building on its rich concentration of tech talent,
financial expertise and close proximity to some of the world’s
largest financial institutions. The connections made through our
program enable tech entrepreneurs to closely engage with these top
financial institutions and accelerate growth.”
“The fintech investment boom dovetails perfectly with the
surging demand by banks for new technologies like robotics,
blockchain, cloud computing and data analytics,” said Robert Gach,
managing director of Accenture Strategy Capital Markets and
co-founder of the FinTech Innovation Lab. “With fintechs,
particularly in the U.S., finding it difficult to grow on their
own, many financial institutions are now structurally ready to
adopt these innovations that can help them rebuild profit margins.
The FinTech Innovation Lab helps entrepreneurs shape their
innovations to fit the complex needs of global financial services
firms.”
Since the New York FinTech Innovation Lab was founded in 2010,
it has provided entrepreneurs from 39 technology companies with
mentoring and access to more than 30 leading bank CEOs, CTOs, CIOs,
venture capitalists and technology luminaries. Previous
participants have created nearly 400 jobs and have raised more than
$300 million in venture financing after participating in the
program; four participants have been acquired including Standard
Treasury and BillGuard last year.
Marc DaCosta, Chairman and Co-founder of Enigma and 2014 Lab
participant said, “At Enigma, the growth of our business is
predicated on both connecting with and understanding the challenges
of our clients in financial services, but also beyond into
healthcare, insurance, and manufacturing. We gained insight into
operational data opportunities in the financial services industry
through access to the FinTech Innovation Lab's active sponsor
network. Through the collaborations born from our involvement in
the Lab, we were able to hone our vast repository of public data
and our intelligent data infrastructure. The Lab was instrumental
in accelerating the maturity and applicability of the solutions we
bring to market to solve today's largest business problems.”
Tim Estes, CEO, Digital Reasoning and 2012 Lab participant
added, “Digital Reasoning’s participation in the FinTech Innovation
Lab was an inflection point for our company. By working side by
side with many of the world’s financial technology leaders, we were
able to rapidly enhance our product to meet real world use cases.
Now, we count many of the world’s most valuable financial
institutions as customers and some as investors. We credit the
FinTech lab experience as a critical enabler to being successful in
that market.”
“Being part of the Fintech Innovation Lab gave Kasisto an
important advantage through careful product refinement, support
acquiring our first customers and really helping us crispen our
value proposition,” said Kasisto CEO and 2014 Lab participant, Zor
Gorelov. “The program was a watershed during our early stage and
any young fintech startup in New York City should consider it
carefully.”
The success of the FinTech Innovation Lab in New York has led to
the founding of three other FinTech Innovation Labs around the
world -- the FinTech Innovation Lab London, which was founded in
2012, and the FinTech Innovation Lab Asia-Pacific in Hong
Kong and the FinTech Innovation Lab Dublin, which were both
established in 2014.
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $150 million
investment arm of the Partnership for New York City, New York’s
leading business organization. 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. More information about the Fund can be found at
www.pfnyc.org.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
384,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161024005238/en/
AccentureMelissa Volin, + 1
267-216-1815melissa.volin@accenture.comorPartnership Fund for NYC /
Rubenstein CommunicationsKaty Feinberg, +1
212-843-8047kfeinberg@rubenstein.com
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