10 technology companies selected for the 11th edition of the FinTech Innovation Lab in New York, managed by Accenture and Partnership Fund for New York | national news
NEW YORK – (BUSINESS WIRE) – April 7, 2021 –
Ten emerging tech companies have been selected to participate in 2021 FinTech New York Innovation Lab, a 12-week program founded by Accenture (NYSE: ACN) and the Partnership Fund for New York City that helps early-stage and growing technology companies accelerate the development of their products and businesses through deep engagement with the best financial services and executive venture capital.
This year’s attendees, selected from more than 200 applications around the world, help financial institutions address key societal challenges, including climate risk management, more sustainable operations, and the development of improved digital products for customers. Their solutions use technologies such as artificial intelligence (AI), machine learning and advanced data analysis.
The participants in the FinTech Innovation Lab New York 2021 are:
- Cinchy (Toronto, Canada) – whose Data Fabric platform is used by a growing number of the world’s most complex financial institutions to eliminate integration and data silos.
- CoverGo (Hong Kong / Singapore) – which offers a configurable, modular, codeless insurance platform powered by more than 500 insurance application programming interfaces (APIs) to automate processes and enable digital transformation to record speed.
- Delio (Cardiff, UK) – whose white label technology and infrastructure enable the creation of distribution platforms and connected markets to transform private markets – integrating the creation, distribution, transactions and reporting of ‘operations in structured and highly configurable workflows.
- Quarrio (Berkeley, Calif.) – whose conversational analytics enables sales teams to ask questions about business data and receive answers in seconds.
- Right foot (San Francisco) – whose APIs allow developers to quickly and easily add student debt repayment capabilities (and soon any type of debt repayment) into any application.
- Keep (New York) – whose award-winning AI-powered claims solution increases recovery potential and reduces effort by 90%.
- SPIN Analysis (London / New York) – whose explainable AI platform, RISKROBOT ™, offers 10x acceleration, automated data preparation and management, model development, regulatory documentation, validation and tracking for credit risk management in banks.
- The climate service (Durham, NC) – whose Climanomics® software as a service platform enables investors and businesses to integrate climate risks into their strategic planning, risk management and climate risk disclosure processes .
- Use (London) – which autonomously collects and quantifies sustainability data on large-scale companies, products, services and portfolios.
- Vesttoo (Tel Aviv) – which offers data-driven risk modeling for the L&P and P&C insurance markets, offering insurers and pension funds affordable strategic risk transfer to capital markets, while investors benefit from high yielding uncorrelated investments with the potential for long-term losses.
Selected by senior technology executives from the Lab’s 44 participating financial institutions, the 10 financial technology companies will spend the next 12 weeks receiving intensive product and business development advice, as well as mentoring, share of senior executives in finance, technology and venture capital. Due to the COVID-19 pandemic, the lab will be conducted again virtually this year. The lab has helped position New York City as a hub for fintech and financial innovation, and as the city seeks to recover from the economic impact of the pandemic, many fintech solutions may l ‘help them come out stronger.
“We’re excited about the innovation that this competitive class of fintech companies is bringing to New York City,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City and co-founder of the FinTech Innovation Lab. “The lab has fueled the growth of fintech in New York for the past 11 years, transforming the city into a hub for talent and innovation, and now the industry is poised to play a major role in its recovery. .
David Treat, Managing Director of Accenture’s Financial Services Group and Co-Chair of the FinTech Innovation Lab New York, said, “We welcome this year’s class to the New York Lab and look forward to providing our mentorship and guidance. advice as companies refine their solutions. Digital innovation in financial services has exploded during the COVID-19 pandemic, and fintechs have really led the way. Their ability to apply technological innovation in a targeted, creative and smooth way can help fuel new business models for financial services and address key societal issues, including climate change and the future of work. “
Rick Barto, Managing Director of Accenture’s Insurance Industry Group, said: “We continue to see disruption and disintermediation in the insurance value chain, and this year’s program insurtechs continue to push back. the limits with their technological solutions. We look forward to seeing their progress at the end of the program. “
The 10 companies participating in this year’s FinTech Innovation Lab New York will highlight the progress they have made with partner financial institutions in a virtual presentation on June 24 to executives from the banking, insurance, financial markets and venture capital.
Executives from the following participating financial institutions provide mentoring and laboratory assistance: AIG; AllianceBernstein; Ally Financial; American Express; Aon; AQR Capital Management; AXA XL; Bank of America; Barclays; Black rock; BNP Paribas; BNY Mellon; Capital One; Chubb; CIT; Citi; Swiss credit; German Bank; Fidelity Investments; Global Atlantic; Goldman Sachs; Guardian Life; JPMorgan Chase; KeyBank; Marsh McLennan; MasterCard; Morgan Stanley; New York Life; NFP; Prudential Financial; Rabobank; RBC Capital Markets; Societe Generale; Sumitomo Mitsui Banking Corporation; Synchrony; The DE Shaw group; The Hartford; The Travelers Companies, Inc .; TIAA; US Bank; UBS; USAA; Wells Fargo; and Zurich North America.
Supporting venture capital firms include: Anthemis; Bain Capital Ventures; Canaan; Canapi Ventures; Contour Venture Partners; FinTech collective; Nyca partners; Oak HC / FT; Rho Ventures; RRE Ventures; and Warburg Pincus.
About the FinTech Innovation Lab
The FinTech innovation lab is a 12-week accelerator program designed to provide early-stage and growing FinTech companies access to the world’s leading financial institutions. Founded in 2010 by the Partnership Fund for New York City and Accenture, the Lab partners with 44 leading financial services companies to provide fintechs with unparalleled mentorship and feedback. The lab has helped establish New York City as a leader in FinTech while developing tech jobs in the New York City area. The Lab’s 79 alumni companies raised $ 1.4 billion and created more than 1,200 jobs after participating in the program, and 18 of those companies have since been acquired.
About the New York City Partnership Fund
The Partnership Fund for New York City is the $ 170 million investment arm of the Partnership for New York City, New York’s premier business organization. The mission of the Fund is to engage city business leaders in identifying and supporting promising entrepreneurs – in the for-profit and non-profit sectors – in order to create jobs, stimulate new businesses and develop. ” expand opportunities for New Yorkers to participate in the city’s economy. As a “permanent” fund, the gains made are constantly reinvested. The Partnership Fund Board is chaired by Co-Chairs Tarek Sherif and Sanjay Swani. Maria Gotsch, President and CEO, leads the team. For more information on the Fund, please see www.partnershipfundnyc.org/.
Accenture is a global professional services company with industry-leading digital, cloud and security capabilities. Combining unparalleled experience and specialized skills in more than 40 industries, we offer strategy and consulting, interactivity, technology and operations services, all powered by the world’s largest network of advanced technology centers. and smart operations. Our 537,000 employees deliver on the promise of technology and human ingenuity every day, serving customers in more than 120 countries. We embrace the power of change to create value and shared success for our customers, employees, shareholders, partners and communities. Visit us at www.accenture.com.
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PUB: 04/07/2021 07:59 a.m. / DISC: 04/07/2021 07:59 a.m.
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