As mentioned in the release:
“Fintechs will receive advice from senior executives at the world’s leading financial institutions. 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.”
The announcement also mentioned that this year’s participants, chosen from over 200 applications throughout the world, are assisting financial services providers with addressing various societal challenges, such as effectively managing climate risk, operating in a more sustainable manner, and creating enhanced digital products for clients. Their solutions use technologies like AI, machine learning and data analytics.
The 2021 FinTech Innovation Lab New York participants include:
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.”
Chosen by senior tech professionals from the Lab’s 44 participating financial institutions, the 10 Fintechs will reportedly be spending 12 weeks receiving relevant product and business-development advice, along with mentoring, from senior executives in the financial, technology and venture capital space.
Because of the COVID-19 crisis, the Lab will be carried out 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,” the release noted.
Maria Gotsch, president and CEO of the Partnership Fund for New York City, and co-founder of the FinTech Innovation Lab, remarked:
“We’re excited about the innovation this competitive class of fintech companies is bringing to New York City. 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, stated:
“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, noted:
“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,” the announcement confirmed.