Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Trading Technology

07:00 AM
Becca Lipman
Becca Lipman
Commentary
Connect Directly
Facebook
Google+
Twitter
RSS
E-Mail
50%
50%

New York FinTech Innovation Lab Calls for New Entrepreneurial Applicants

Wells Fargo joins 14 other major financial institutions providing mentoring and guidance to the six chosen startups.

Wells Fargo is the latest addition to the group of mentors supporting the Accenture and Partnership Fund for NYC FinTech Innovation Lab program. Now in its fifth year, the 12-week program has helped early and growth-stage financial technology companies develop their business by giving them access to C-suite executives and real-world applications at some of the world's largest institutions.

The lab is gaining momentum among startups and banks. Wells Fargo joins an impressive list of supporting institutions with presence in New York City, including American Express, Barclays, Bank of America, Capital One, Goldman Sachs, Citi, Credit Suisse ,and JPMorgan Chase.

The program connects qualified fintech companies with the institution it feels will be the best fit. The executives and institutions commit to the development and fine tuning of an entrepreneur's technology before knowing (and with little input into) which startup will be assigned to them.

Incubator programs like the one co-founded by Accenture and Partnership Fund for NYC have become more popular in recent years as financial firms have looked to smaller firms for cutting-edge ideas to stay ahead of competitors. The number of sponsors and entrepreneurial applicants have likewise increased. According to a 2014 Accenture and PFNYC report, global investment in fintech companies has grown four times faster than venture investing overall. And investment has been growing rapidly in New York's fintech sector, which received $472.1 million of venture and private equity investment in the first three quarters of the year -- more than was invested during all of 2013.

"The FinTech Innovation Lab promotes a unique collaboration between financial institutions and startups that ultimately forms strategic partnerships for both parties," said Cris Conde, former CEO of SunGard and executive-in-residence of the FinTech Innovation Lab, said in a press release. "The program is designed to help these entrepreneurial companies turn their innovations into the products and services that participating banks need the most to address their customers' challenges and needs."

FinTech Innovation Labs in New York, and now in London and Hong Kong, have featured entrepreneurs in the areas of big data and analytics, mobile and wireless, payments, risk management, security, and social media and collaboration technologies. Applications for the 2015 FinTech Innovation Lab are available at www.fintechinnovationlab.com and are due Dec. 5.

Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio
More Commentary
A Wild Ride Comes to an End
Covering the financial services technology space for the past 15 years has been a thrilling ride with many ups as downs.
The End of an Era: Farewell to an Icon
After more than two decades of writing for Wall Street & Technology, I am leaving the media brand. It's time to reflect on our mutual history and the road ahead.
Beyond Bitcoin: Why Counterparty Has Won Support From Overstock's Chairman
The combined excitement over the currency and the Blockchain has kept the market capitalization above $4 billion for more than a year. This has attracted both imitators and innovators.
Asset Managers Set Sights on Defragmenting Back-Office Data
Defragmenting back-office data and technology will be a top focus for asset managers in 2015.
4 Mobile Security Predictions for 2015
As we look ahead, mobility is the perfect breeding ground for attacks in 2015.
Register for Wall Street & Technology Newsletters
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.