Since 2010 new companies and entrepreneurs in the financial services technology space have been competing to join to the FinTech Innovation Lab, a New York City-based startup incubator. The winning companies move to New York City for 12 weeks to accelerate their growth and product delivery at the lab, which is a joint program of the Partnership Fund for New York City, Accenture and a number of financial institutions operating in New York.
The program grants the startups access to meetings with senior financial services executives and fintech entrepreneurs, who help with mentoring, product feedback and networking.
“There is so much potential for today’s explosion in digital technology, and our program offers ways to build deeper customer relationships and find ways to grow. This way we can turn great ideas into viable innovations at a low cost,” Robert Gach, a global managing director at Accenture, said yesterday at a presentation introducing this year’s winners for the FinTech Innovation Lab.
[For More on Innovation in Banking: How to Self-Assess Your Bank's Innovation Capabilities]
The program had its first acquisition of one of its startups this year when InkTank, a 2013 winner, was acquired by open-source giant Red Hat for $175 million. This year the program received applications from 84 different companies. Six winners were selected from the applicants, including LMRKTS LLC, a portfolio compression tool for reducing counter-party risk. Here’s a look at the five other winners.
All photos are courtesy of Accenture.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio