Since participating in the New York Lab, now in its 10th year, alumni companies have raised more than US$1.2 billion
NEW YORK--(BUSINESS WIRE)--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.
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.