This year’s participants, selected from more than 200 applications across the globe, are helping financial institutions address key societal challenges, including managing climate risk, operating more sustainably, and developing improved digital products for customers. Their solutions use technologies such as artificial intelligence (AI), machine learning and advanced data analytics.
The 2021 FinTech Innovation Lab New York participants 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, no-code insurance platform powered by 500+ insurance application programming interfaces (APIs) to automate processes and enable digital transformation at record speed.
- Delio (Cardiff, U.K.) – whose white-labeled technology and infrastructure enables the creation of connected distribution platforms and marketplaces for transforming private markets – integrating deal origination, distribution, transaction and reporting into structured and highly configurable workflows.
- Quarrio (Berkeley, Calif.) – whose conversational analytics enables sales teams to ask questions about enterprise data and receive answers within seconds.
- RightFoot (San Francisco) – whose APIs enable developers to quickly and easily add student debt repayment (and soon, any type of debt repayment) capabilities into any app.
- Safekeep (New York) – whose award-winning AI-driven claims solution increases recovery potential and reduces effort by as much as 90%.
- SPIN Analytics (London / New York) – whose explainable AI platform, RISKROBOT™, offers 10x acceleration, automated data preparation and management, model development, regulatory documentation, validation and monitoring for credit risk management in banks.
- The Climate Service (Durham, N.C.) – whose Climanomics® software as a service platform enables investors and corporations to incorporate climate risks into their strategic planning, risk management, and climate risk disclosure processes.
- Util (London) – which autonomously gathers and quantifies sustainability data about companies, products, services and portfolios at scale.
- Vesttoo (Tel Aviv) – which offers data-driven risk modeling for the L&P and P&C insurance markets, providing insurers and pension funds with affordable, strategic risk transfer to the capital markets, while investors benefit from uncorrelated, high-yield investments with remote loss possibilities.
Selected by senior technology executives from the Lab’s 44 participating financial institutions, the 10 fintech companies will spend the next 12 weeks receiving intensive product and business-development advice, as well as mentoring, from senior executives in the financial, technology and venture capital sectors. Due to the COVID-19 pandemic, the Lab will again be conducted virtually this year. The Lab has helped position New York City as a hub for fintechs and financial innovation, and as the city looks to recover from the economic impact of the pandemic, many of the fintechs’ solutions can help it emerge stronger.
“We’re excited about the innovation 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 spurred fintech’s growth in New York over the past 11 years, turning 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, a managing director in 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 as the companies refine their solutions. Digital innovation within financial services skyrocketed during the COVID-19 pandemic, and fintechs have truly led the way. Their ability to apply technology innovation in a focused, creative and unencumbered manner can help power new business models for financial services and address key societal issues, including climate change and the future of work.”
Rick Barto, a managing director in Accenture’s Insurance industry group, said, “We continue to see disruption and disintermediation across the insurance value chain, and the insurtechs in this year’s program continue to push the boundaries with their technology solutions. We look forward to seeing their progress when the program concludes.”
The 10 companies in this year’s FinTech Innovation Lab New York will highlight the progress they have made with the financial institution partners in a virtual presentation on June 24 to executives across the banking, insurance, capital markets and venture capital sectors.
Executives from the following participating financial institutions provide mentorship and assistance to the Lab: AIG; AllianceBernstein; Ally Financial; American Express; Aon; AQR Capital Management; AXA XL; Bank of America; Barclays; BlackRock; BNP Paribas; BNY Mellon; Capital One; Chubb; 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; Prudential Financial; Rabobank; RBC Capital Markets; Société Générale; Sumitomo Mitsui Banking Corporation; Synchrony; The D. E. Shaw group; The Hartford; The Travelers Companies, Inc.; TIAA; U.S. 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 to provide early- and growth-stage fintech companies with 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 firms to offer fintechs unparalleled mentorship and feedback. The Lab has helped establish New York as a fintech leader while growing technology jobs in the New York area. The Lab’s 79 alumni companies have 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 Partnership Fund for New York City
The Partnership Fund for New York City is the $170 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-chairs Tarek Sherif and Sanjay Swani. Maria Gotsch, president and CEO, leads the team. More information about the Fund can be found at www.partnershipfundnyc.org/.
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
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Contacts:
Michael McGinn
Accenture
+1 917 452 9458
m.mcginn@accenture.com
Melissa Volin
Accenture
+1 267 216 1815
melissa.volin@accenture.com
Natasha Avanessians
Partnership for New York City
navanessians@pfnyc.org
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