Since participating in the New York Lab, now in
its 10th year, alumni companies have raised more than US$1.2
billion
Ten emerging enterprise tech companies will present their
technologies virtually to dozens of top executives within the
financial services, venture capital and technology industries today
at the 10th annual FinTech Innovation Lab New York Demo Day.
Presentations will go-live beginning at 9:00 a.m. EDT and can be
viewed here.
Founded in 2010 by Accenture (NYSE: ACN) and the Partnership
Fund for New York City, the FinTech Innovation Lab New York
provides early- and growth-stage fintech companies with access to
the world’s leading financial institutions. The Lab was established
to help make New York a leader in fintech and grow technology jobs
by leveraging the concentration of large financial services
institutions and deep domain expertise in New York.
Due to the COVID-19 pandemic, this year’s lab was conducted
virtually for the first time, with participating financial
institutions and venture capitalist firms continuing to deliver the
mentoring and feedback that has made the FinTech Innovation Lab
unique.
“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,” said Maria Gotsch,
President and CEO of the Partnership Fund for New York City 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 year’s graduates are leveraging artificial intelligence
(AI), machine learning and other technologies to tackle key
industry challenges, including workforce reskilling, student loans,
data management and analytics, automating processes, improving
customer engagement, and reducing compliance risks.
The 2020 FinTech Innovation Lab New York graduates are:
- Alkymi — which uses machine learning to extract business data
from email and documents to automate key tasks and drive real-time
decisions.
- Arthur AI — which proactively monitors AI algorithms and gives
enterprises the tools to detect AI model issues proactively, in
real time, to save money and prevent unexpected model failure.
- Broker Buddha — whose platform helps independent insurance
brokers and agents grow their commercial insurance business through
interactive, easy-to-understand online applications for
customers.
- ClauseMatch — whose document collaboration software enables
financial institutions’ global compliance and risk teams to
interact with and review centralized documents to help ensure
regulatory compliance.
- DataFleets — which uses machine learning to analyze unseen,
sensitive data to generate business insights without compromising
individuals’ data privacy.
- Knoema — which works with corporations and capital markets
firms to manage, catalog, and discover all of their subscription,
public and internal data assets.
- Sigma Ratings — whose counterparty risk platform leverages
machine learning to enable automated risk benchmarking and ongoing
monitoring of non-credit risks at scale.
- SkyHive — whose platform supports reskilling efforts through a
proprietary AI-based labor analysis that helps companies understand
their employees’ capabilities, assess future requirements, and
efficiently equip their workers with new skills.
- Summer — which helps student loan borrowers lower their debt by
using technology and industry expertise to identify and enroll them
in the best possible repayment plan for their financial
situation.
- True Flood Risk — which uses AI and street-view imagery from
licensed sources to provide insurers and local governments with
flood risk data for individual properties without the need 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,” said David Treat, 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
practice, said, “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,” said Sunny
Parikh, Senior Vice President at Partnership Fund for New York City
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.”
To date, companies that have participated in the FinTech
Innovation Lab have raised more than US$1.2 billion and completed
more than 240 pilot programs, and 12 of the companies have been
acquired.
Notable capital raises by Lab alumni include US$60 million by
HyperScience and US$50 million by Nova Credit 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 financial institution and venture capital partners
worked with the Lab from selection process to graduation, helping
refine products and services through deep engagement with the
fintechs. Executives from the following financial institutions
participated in this year’s Lab: AIG; AllianceBernstein; Ally,
American Express; Aon; AQR Capital Management; AXA XL; Bank of
America; Barclays; BlackRock; BNP Paribas; BNY Mellon; Capital One;
CIT; Citi; Credit Suisse; Deutsche Bank; Fidelity Investments;
Global 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 Travelers
Companies, Inc.; TIAA; U.S. Bank; UBS; USAA; Wells Fargo; and
Zurich North America Insurance.
Supporting venture-capital firms include: Anthemis; Bain Capital
Ventures; Canaan; Canapi Ventures; Contour Venture Partners;
FinTech Collective; Nyca Partners; Oak HC/FT; Partnership Fund for
New York City; Rho Ventures; RRE Ventures; and Warburg Pincus.
Steve Petrevski, senior vice president and general manager of
Data & Analytic Services, said: “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,” said David
Reilly, Bank of America’s chief technology officer, CIO of Global
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,” said Jeffrey Reitman, a partner 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,” said Denise Menelly, CIT's executive vice
president and head of technology 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,” said Adrianne Dicker
Kadzinski, Credit Suisse’s global 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,” said Sean Manahan, managing director
and head of technology business development 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,” said Dan Terrasi, U.S. Bank’s chief information
officer.
“Investing in the success of fintech and insurtech companies is
one way Zurich engages in new approaches and finds fantastic
opportunities for collaboration,” said Jeffrey Gallimore, vice
president and director of operations at US Commercial Insurance
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.”
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $160 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
entrepreneurs — in both the for-profit and nonprofit sectors – to
create jobs, spur new business and expand opportunities for New
Yorkers to participate in the City’s economy. As an “evergreen”
fund, realized gains are continuously reinvested. The Partnership
Fund Board is led by Co-Chairmen, Charles R. Kaye and Tarek Sherif.
Maria Gotsch, President and CEO, leads the team. 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 in strategy and consulting,
interactive, technology and operations, with digital capabilities
across all of these services. We combine unmatched experience and
specialized capabilities across more than 40 industries — powered
by the world’s largest network of Advanced Technology and
Intelligent Operations centers. With 513,000 people serving clients
in more than 120 countries, Accenture brings continuous innovation
to help clients improve their performance and create lasting value
across their enterprises. Visit us at www.accenture.com.
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Michael McGinn Accenture +1 917 452 9458 m.mcginn@accenture.com
Nick Bader Rubenstein +1 646 290 0346 press@pfnyc.org
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