What is the FinTech Innovation Lab, and why was it created?
The FinTech Innovation Lab is a 12-week mentorship program for early- and growth-stage companies in the financial services sector. We give them the platform they need to develop, test and prove their value propositions to the world’s leading banks, which volunteer their time and effort to the program. After several years in New York City, the program has been expanded to London, Dublin and Asia Pacific.
At the Partnership Fund, we focus on investing in low-income neighborhoods and large civic projects in New York City. We also look for opportunities to catalyze the growth of new tech sectors where the city has a competitive advantage.
In 2010, when you still had to explain what financial technology or “fintech” was, we and our partners at Accenture identified it as a logical sector for New York. The city had a burgeoning tech sector and the largest concentration of financial institutions. However, when we asked chief information officers (CIOs) and chief technology officers (CTOs) at six major New York City banks where they look for technology, all of them said the West Coast and Boston. No one was looking in their own back yard.
The FinTech Innovation Lab was envisioned as a way for large New York financial institutions to support the growth of enterprise or business-to-business (B2B) technology in the city, and identify cutting-edge technologies for banks.