The FinTech Innovation Lab New York is now accepting application for its 12-week program designed to help early-and growth-stage financial technology companies accelerate their development.
The program, now in its 11th year, is co-founded by Accenture and the Partnership Fund for New York City, the $170 million investment arm of the Partnership for New York City, a prominent New York business organization. It is designed to help fintech startups grow through collaboration with financial services and venture capital firms, with a focus on disruptive enterprise technologies in banking, insurance, asset management and other financial services sectors.
Applications are due by Dec. 1, 2020 and can be accessed at www.fintechinnovationlabnyc.com.
Based on feedback from senior executives at participating financial institutions, this year’s Lab is seeking companies leveraging innovative technologies in seven major areas: cloud, cyber-tech, data, digital engagement, enterprise IT and the future of sustainability.
Through a competitive process, chief technology officers and senior technology executives from the 43 participating financial and insurance institutions will select companies to participate in the 2021 Lab, which begins in April 2021. In recent years, financial institutions have selected a mix of early-stage and more-mature companies, with average capital raised for the 2020 Lab companies reaching approximately $10 million.
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 will partner the selected fintech entrepreneurs with senior-level bank, insurance and wealth management executives, who will help them develop and refine their technologies and business strategies through a series of one-on-one meetings, panel discussions, user-group sessions and networking opportunities.
The Lab culminates in June 2021 with Demo Day, where participants will present to an audience of venture capitalists and financial industry executives. Due to the COVID-19 pandemic, the 2020 FinTech Innovation Lab was conducted virtually, with participating financial institutions and venture capitalist firms continuing to deliver the mentoring and feedback that has made the Lab unique. The 2021 Lab is expected to be conducted virtually again.
There are a number of insurers or insurance industry-focused companies among the 43 participating institutions providing mentoring and guidance for this year’s applicants. They include AIG; Aon; AXA XL; Chubb; Marsh & McLennan; The Hartford; The Travelers Companies, Inc.; USAA; 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.
Source: Accenture, Partnership Fund for New York