10 Tech Companies Selected for 11th Annual FinTech Innovation Lab New York, run by Accenture and Partnership Fund for New York City
Accenture, in partnership with the Partnership Fund for New York City, has selected ten fintech companies for the 2021 FinTech Innovation Lab New York. This 12-week program will assist early and growth-stage tech firms in accelerating product and business development through mentorship from financial and venture capital executives. Participants address societal challenges, including climate risk and digital product improvements, using advanced technologies like AI and machine learning. The program aims to bolster New York's fintech ecosystem and aid economic recovery from the COVID-19 pandemic.
- Selection of 10 fintech companies from over 200 applications positions Accenture as a leader in fostering fintech innovation.
- Mentoring by senior executives from 44 financial institutions enhances the growth prospects of participating companies.
- Focus on societal challenges like climate risk and digital innovation aligns with current market demands.
- The program's virtual format due to COVID-19 may limit networking and collaboration opportunities.
- -
Ten emerging technology companies have been selected to participate in the 2021 FinTech Innovation Lab New York, a 12-week program founded by Accenture (NYSE: ACN) and the Partnership Fund for New York City that helps early- and growth-stage enterprise tech companies accelerate product and business development through in-depth engagement with top financial services and venture capital executives.
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 service
FAQ
What is the FinTech Innovation Lab New York?
Who are the participants in the 2021 FinTech Innovation Lab New York?
How does Accenture support fintech companies in the program?
What societal challenges do the fintech companies aim to address?
How has the COVID-19 pandemic affected the 2021 FinTech Innovation Lab?
