Now in its sixth year, the NY FinTech Innovation Lab is looking for another batch of fintech startups that want to disrupt Wall Street.
Co-founded by Accenture and the Partnership Fund for New York City, the 12-week program helps early fintech startups get exposure to top Wall Street banks. The group is partnered with 15 financial institutions, including American Express, Bank of America and Goldman Sachs, all of which provide mentorship and guidance to startups in the program.
Maria Gotsch, co-founder of the Innovation Lab, explained that “with most of the world’s largest financial institutions located in New York, there is no better place for a fintech company to develop its product. The FinTech Innovation Lab brings entrepreneurs into the room with financial services decision-makers, who not only give critical feedback but also potentially become customers.”
This year, the program is adding AIG to the list of institutional partners, which the group says demonstrates that insurers are also starting to recognize the value of working with fintech startups.
Partner companies work with startups to help them develop their technology and business strategies, as well as provide one-on-one meetings and presentations with senior-level bank executives at each of the 15 firms.
Since the program was founded, 31 companies have raised a total of $175 million in venture financing, and four have been acquired.