Ten emerging technology companies have been selected to participate in the FinTech Innovation Lab New York 2024, a 12-week program founded and run by Accenture and the Partnership Fund for New York City that helps early and growth-stage fintechs develop the product – and accelerate business development through intensive collaboration with leading financial service providers and venture capital managers.
This year’s class, selected from more than 250 applicants worldwide, is the most AI-focused group in the lab’s history, with nearly all companies making extensive use of the in-demand technology. Their solutions focus on solving some of the financial industry’s most pressing problems – including cybersecurity, fraud prevention, and using data and analytics to improve customer experiences and business outcomes.
The participants of the FinTech Innovation Lab New York 2024 are:
• Addition Wealth (New York) – a financial wellness platform that makes personalized financial expertise more comprehensive and accessible.
• Alt/Finance (New York) – an AI-powered platform that provides real-time insights into luxury collectibles transactions to help analysts, investors and insurers manage alternative assets.
• Boss Insights (Toronto) – a leading provider of open financial data and AI-powered insights that enables fintechs and financial institutions to qualify, engage and support business customers at scale
• DynamoFL (San Francisco) – a company that enables companies to integrate privacy, security and compliance into their generative AI applications to meet new regulatory requirements.
• Hyperplane (Palo Alto, CA) – a data intelligence platform that enables financial institutions to develop personalized experiences and predictive models using proprietary large language models.
• LastMile AI (New York) – a developer tooling platform that helps software developers, not just machine learning experts, build and produce generative AI applications.
• Muse (New York) – an API-based platform that provides financial institutions with customized, scenario-based tax and financial insights to better serve their customers.
• Qumis (Chicago) – an enabling AI platform that can quickly analyze insurance policies and retrieve relevant information for claims, mediation and compliance.
• Reality Defender (New York) – a cybersecurity company that detects AI-generated audio, images, video and text files used by malicious actors to defraud banks, insurance companies and government organizations.
• Stacklet (Arlington, VA) – a company that provides cloud governance solutions that provide organizations with actionable insights and guidance for good governance in the cloud.
Steve Murphy, Financial Services Leader at Accenture and Executive Sponsor of FinTech Innovation Lab New York, commented: “It is always a privilege to experience the energy and creativity of New York’s class. These companies are leaders in technological innovation and development products that will support some of the most important initiatives of global financial institutions. With increasing demand for industry-specific AI solutions from banks, insurers and venture capitalists, the 2024 Lab course offers a unique opportunity to collaborate with industry leaders and refine their offerings and build the connections necessary to succeed in a highly competitive market.”
Maria Gotsch, President and CEO of the Partnership Fund for New York City and co-founder of the FinTech Innovation Lab New York, added: “The FinTech Innovation Lab has brought together a cohort of companies at the forefront of new technologies at a time exploring York’s core industries the responsible implementation of AI while protecting against its potential misuse. This year, we’re excited to see how these companies will help financial services leaders leverage AI to protect critical infrastructure, drive compliance, and deliver more inclusive, secure products in the marketplace.”
At the end of the lab, the ten companies will give in-person presentations on their progress to executives from the banking, insurance, capital markets and venture capital sectors at the end of June.
Since its founding in 2010, FinTech Innovation Lab New York has supported entrepreneurs from 109 technology companies. These program graduates have created more than 3,000 jobs and raised more than $2.6 billion in venture funding, including 26 acquisitions.