Boston, MA – MassChallenge, a global network of zero-equity startup accelerators, yesterday celebrated the launch of applications for the third year of MassChallenge FinTech (MCFT21). Enterprise-ready startups are invited to apply by October 8, 2020 at 12:00PM (noon) ET.
"As we head into our third year program at MassChallenge FinTech, we’re incredibly motivated to build on the success of the 100+ enterprise-startup partnerships we’ve created since 2018 and continue to bring the big and small players together to intentionally tackle the industry’s thorniest challenges - which significantly include driving economic recovery in the wake of COVID-19 and promoting diversity in our MCFT community and broader ecosystem,” said Devon Sherman, Managing Director of MassChallenge FinTech.
MassChallenge FinTech facilitates intentional partnerships between enterprise-ready startups and corporate partners to drive results in financial services. While last year’s program went virtual at its midpoint in March due to COVID-19, MCFT saw formidable results: over 50 engagements were facilitated during MCFT20, with two-thirds of those resulting or set to result in pilots by the end of 2020. To date, MCFT has driven more than 100 engagements between fintech startups and large enterprises.
Learn more about our partners’ 2021 challenges here and apply by October 8, 2020 (12 PM NOON ET).
To be accepted into MassChallenge FinTech, startups must first receive offers to work with at least one of the program’s ten industry-leading challenge partners. From January to June 2021, selected startups will work closely with their partners in relationships that range from co-development and product validation to strategic investment and dedicated advisory. In addition, startups receive program stipends and access to support such as data resources, graduate student field projects and interns, legal experts, and more – all at zero-equity.
MassChallenge FinTech 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 AARP, Columbia Threadneedle Investments, Boston Private, City of Boston, KPMG, and BayCoast Bank; gold partners Radius Bank, Goodwin Procter, Brandeis International Business School, Commonwealth, SEI Ventures, and Wells Fargo Startup Accelerator; and innovation support partners FinTech Sandbox, Caliber Corporate Advisers, and The Financial Revolutionist.
This year, MassChallenge FinTech is excited to introduce BayCoast Bank as a Challenge Partner and welcome back Wells Fargo Startup Accelerator as a Gold Partner. MCFT is also doubling down on efforts to advance financial security for all and to support diversity and equity efforts within the entrepreneurial ecosystem. Founding Partner John Hancock, for example, is issuing a joint challenge with MCFT partner Commonwealth to improve accessibility of insurance and wealth solutions for underserved consumers.
“2020 has pushed us all to reimagine our worlds, including our financial lives. We hope to channel this critical eye and creative mindset to make a real impact with our partners and cohort in 2021,” said Sherman.
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
Mike Fanning, 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 2,400 MassChallenge alumni have raised more than $6 billion in funding, generated more than $3.2 billion in revenue, and created more than 157,000 total jobs. Learn more about MassChallenge at masschallenge.org.