December 18, 2019 (BOSTON) - MassChallenge, a global network of zero-equity startup accelerators, today announced the 34 startups that will join the 2020 MassChallenge FinTech program.
“This year’s finalists speak to the exciting future of fintech,” said Devon Sherman, Managing Director of MassChallenge FinTech. “From ESG analytic plays to a-la-carte data marketplaces, the MCFT20 cohort represents a revolutionary approach to financial services, and we’re blown away by the vision of these entrepreneurs.”
MassChallenge FinTech accelerates outcomes-driven partnerships between startups and enterprises to fuel innovation. From January to June, startups will work 1:1 with one or more partners to tackle specific challenges facing the financial services industry, from intelligent payment processing to personalized financial planning. MassChallenge's model facilitates these partnerships to produce meaningful results while helping fintech startups scale.
The program is supported by a public-private partnership that includes founding partners Massachusetts Mutual Life Insurance Company (MassMutual), Putnam Investments, Fidelity Investments, Citizens Bank, John Hancock, and the Massachusetts Competitive Partnership (MACP), challenge partners Eastern Bank, AARP, Columbia Threadneedle Investments, Walmart, Boston Private, City of Boston, gold partners Radius Bank, Commonwealth, Goodwin Procter, SEI Ventures, and innovation support partners FinTech Sandbox, Brandeis International Business School, and the Financial Revolutionist.
MassChallenge FinTech is excited to welcome its latest Gold partners, Goodwin Procter and SEI Ventures, to provide additional support and resources to the 2020 cohort. Goodwin is a leading law firm based in Boston, Massachusetts. SEI Ventures is SEI’s corporate venture capital program, a global provider of investment processing, investment management, and investment operations solutions.
“Goodwin is delighted to partner with MassChallenge FinTech, a program that has been transformational for clients and lends enormous support to startups fueling the FinTech revolution,” said Jared Fine, Partner in the firm's Business Law Department and a member of its Technology Companies group. “The convergence of financial services and technology is real and we sit at the center of that trend representing some of the most innovative companies in alternative lending and banking, digital currencies, payments, insurance and other spaces. We’re thrilled to offer our market-leading team and expertise to participants in the program and excited about the opportunity MCFT presents for Boston and the broader FinTech ecosystem.”
"We are excited to partner with MassChallenge FinTech, as their collaborative and community mindset uniquely combines engagement with highly innovative Fintech startups – all supported by a powerful ecosystem of partners,” said Russ Kliman, Global Leader of SEI Ventures. “We look forward to building strategic relationships within the MassChallenge community with creative founders who are looking to disrupt the industry.”
In MassChallenge FinTech’s 2019 inaugural program, 70% of cohort launched a pilot or POC with a partner in under one year. "Our inaugural year achieved promising results in driving intentional partnerships between fintech startups and our enterprise partners,” said Sherman. “We’re excited to build on that success in 2020, and we continue to be inspired by our surrounding fintech community in helping MCFT make that happen.”
MASSCHALLENGE FINTECH 2020 COHORT:
Enterprise digital platform powered by Artificial Intelligence enabling institutions build secure financial future for their customers.
addapptation redesigns Salesforce.com into a simple, beautiful tool that results in a more engaged, better performing, happier workforce.
Alkymi lets business analysts automate tasks, extracting business data from email and documents with machine learning.
Automation Hero goes beyond traditional RPA by natively integrating AI to form an enterprise-ready intelligent process automation platform.
Benekiva is a stand-alone claims platform with a beneficiary first approach to claims that we have proven is easy to implement.
Boss Insights empowers lenders with customer arbitrage providing 360⁰ insights on businesses, accelerating loans and the borrower journey from months to minutes.
Bridge Financial Technology
Bridge enables a radically more efficient, insightful business model for financial advice through automation and data driven insights.
Cinchy is the revolutionary platform for Data Collaboration, the radical alternative to the 40-year-old paradigm of “buy vs. build."
Digital Assistant platform for advisors.
A platform to help teams discover and manage their financial and alternative data sets in one place.
Fenris enables insurers and financial institutions to identify their best future customers and smooth the quoting process.
Fligoo is a technology company that helps leader companies from different industries increase revenue by leveraging customer data with AI.
Genivity is an AI SaaS platform connecting health & wealth together in one place to make sure no one runs out of money in retirement.
Hydrogen accelerates digital financial innovation by enabling organizations to quickly build hundreds of solutions using ONE platform.
Inkit enables companies to automate and track their offline assets for compliance, billing, and notices via their CRM (SAP, Oracle, etc).
InterGen Data predicts when people are likely to have Life Events, what they could be, and how much of a financial impact that they could have.
LendingFront offers the most modern, complete small business lending solution in the market, built by one of the most experienced digital lending teams.
District of Columbia
Mark Labs helps asset managers to access, manage, and optimize the impact and ESG performance of their investments through data analytics and AI.
Overbond AI monitors fixed income market signals, algorithmic-all prices bonds & identifies early signals for pre-trade market surveillance.
Payitoff builds intelligent student loan repayment technology that saves borrowers thousands.
Pixm is the world's first on-device phishing prevention to eliminate human error and shut down phishing attacks at the point of click.
Private Wealth Systems
Private Wealth Systems is the plumbing that is powering the future of private wealth for the 252,000 UHNWIs that control $31.7T in wealth.
Safekeep helps financial advisors engage clients and the client's trusted network during life events that matter.
SE solves data extraction challenges across unstructured document types at scale, tackling problems of parsing, which is today manual effort.
SilverBills receives, stores & scrutinizes clients' bills & ensures bills are paid correctly. Clients receive a monthly budget & guidance.
District of Columbia
The Enterprise NLP Suite. Answers you can trust.
SortSpoke helps financial institutions extract data from unstructured documents to perform operations more effectively.
Stratyfy’s products allow FIs to combine insights from data with institutional knowledge to make informed & auditable decisions at scale.
Summer leverages technology & policy expertise to help student loan borrowers optimize their repayment plans and save money on their loans.
TelosTouch is a B2B2C platform that brings financial advisors and clients closer to make better life decisions and easily act on them.
Till is a platform to help families raise kids with better money habits.
Trust & WIll
Trust & Will is modernizing the $180B+ estate planning industry with an easy, fast, and secure way to set up your estate plan online.
Bridging the Dev and Ops pipeline with better Kubernetes cluster management tools.
Zogo helps financial institutions engage GenZ through a financial education app that pays kids to learn.
MassChallenge FinTech Founding Partners
Massachusetts Mutual Life Insurance Company (MassMutual), Putnam Investments, Fidelity Investments, John Hancock, Citizens Bank, and the Massachusetts Competitive Partnership.
MassChallenge FinTech Advisory Board
Doug Russell, MassMutual; Mohammed Dastigir, MassMutual; Sumedh Mehta, Putnam Investments; Sean Belka, Fidelity Investments; Tatyana Zakrevskaya, John Hancock; Peter DeFrancesco, John Hancock; Lamont Young, Citizens Bank; Sarah Biller, Vantage Ventures.
MassChallenge is a global network of zero-equity startup accelerators. Headquartered in the United States with locations in Boston, Israel, Mexico, Rhode Island, Switzerland, and Texas, MassChallenge is committed to strengthening the global innovation ecosystem by supporting high-potential startups across all industries, from anywhere in the world. To date, more than 2,300 MassChallenge alumni have raised more than $5 billion in funding, generated more than $2.7 billion in revenue, and created more than 136,000 total jobs. Learn more about MassChallenge at masschallenge.org.