FinTech Innovation Lab New York accepting applicants for 2021
A program founded by Accenture and the Partnership Fund for New York City to strengthen New York’s fintech community seeks companies leveraging cloud, cyber-tech and sustainability technologies.
Applications are now being accepted for the FinTech Innovation Lab New York, a 12-week program co-founded by Accenture and the Partnership Fund for New York City that helps early- and growth-stage financial technology companies accelerate product and business development through in-depth collaboration with top financial services and venture capital firms.
The FinTech Innovation Lab is designed for entrepreneurs developing disruptive enterprise technologies for the financial services industry, including the banking, insurance and asset management sectors. Now in its 11th year, the Lab has helped establish New York City as a fintech hub for enterprise technology innovation. Applications for the 2021 class are available at www.fintechinnovationlabnyc.com and due by Tuesday, December 1, 2020.
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 — cloud management and migration at speed, security, multi-cloud, and cloud user interface / user experience;
- Cyber-Tech — cyber resiliency, security, and fraud detection;
- Data — predictive analytics, synthetic data, and alternative sources to inform business decision making, governance, visualization, enhancements and automation;
- Digital Engagement — digital client and partner engagement including customer acquisition and experience, and product customization;
- Enterprise IT — solutions addressing information technology and engineering needs including DevOps, engineering efficiencies and automation, and application portfolio rationalization and management;
- Future of Work — collaboration among stakeholders in the remote work environment, including virtual deal management, talent development and organizational management; and
- Sustainability — environmental, social and corporate governance (ESG); financial health and inclusion; organizational culture; and diversity and inclusion programs.
Maria Gotsch, co-founder of the FinTech Innovation Lab and president and CEO of the Partnership Fund for New York City
The fintech sector will be critical to the city’s economic recovery, driving innovation and growth that will create high-quality jobs. The Lab continues to play a major role in supporting this important industry, shepherding startups into maturity. During these unprecedented times, the support from our corporate partners has been an invaluable asset in sustaining the Lab and ensuring that New York remains a leader in all aspects of financial services.
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 US$10 million.
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.
Among the 43 participating institutions providing mentoring and guidance for this year’s applicants are:
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; Mizuho Americas; 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. 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.
