Boston, MA – MassChallenge, a global network of zero-equity startup accelerators, yesterday celebrated the launch of applications for the second program of MassChallenge FinTech (MCFT20). Enterprise-ready startups – in general, those that have raised less than $10M in equity-based funding and generated less than $10M in revenue in the last 12 months – are invited to apply by October 8, 2019 at 12:00PM (noon) ET.
“Last year’s cohort was extremely impressive, developing cutting-edge, technology-first solutions and working with our partners to tackle everything from charitable giving to chatbots,” said Devon Sherman, Managing Director of MassChallenge FinTech. “We saw applicants from over 25 countries and a wide range of subindustries in 2018, and we’re excited to see this year’s applicants ready to make some serious impact through MCFT.”
Launched in May 2018, MassChallenge FinTech accelerates outcomes-driven partnerships between startups and enterprises to fuel innovation in financial services. To be accepted into MassChallenge FinTech’s 2020 program, startups must first receive offers to work with at least one of the program’s eleven industry-leading challenge partners. From January to June 2020, 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 get access to FinTech Sandbox’s data resources, graduate student support from Brandeis International Business School, and a global mentor network of industry experts.
With enterprise-readiness support from MCFT, these partnerships have accelerated in significantly less time than industry average: During the first year of the program, nearly half of partnerships led to proofs of concept in under six months, with 70% of partnerships resulting in proofs of concept in under one year.
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 Eastern Bank, AARP, Columbia Threadneedle Investments, and Walmart; gold partner Radius Bank; and innovation support partners FinTech Sandbox, Brandeis International Business School, and The Financial Revolutionist.
This month, MassChallenge FinTech recently announced its newest challenge partners, Boston Private and the City of Boston. Boston Private, a leading provider of fully integrated wealth management, trust, and commercial and private banking services, will partner with MassChallenge FinTech startups to enhance existing efforts to improve the customer experience in financial services.
“We are honored to be a part of MassChallenge FinTech, a program that shows that when startups and enterprises collaborate, we can do great things,” said Anthony DeChellis, CEO of Boston Private. ”We’re excited to bring our expertise and resources to our fintech partners and work together to create a differentiated client experience that best serves the needs and preferences of wealth creators.”
In addition, Commonwealth, a partner in BlackRock’s Emergency Savings Initiative, recently joined MassChallenge FinTech as its newest Gold Partner, focusing on harnessing fintech to address the US savings crisis. A Boston-based not-for-profit that strengthens the financial opportunity and security of financially vulnerable people by discovering ideas, piloting solutions and driving innovations to scale, Commonwealth will work with MassChallenge FinTech to further its commitment to social impact in financial services.
“Fintech is shaping the future of the financial system, and MassChallenge FinTech is helping shape the future of fintech. With so much at stake for regular working Americans in how the financial system operates – the tools it brings to market, the financial challenges it addresses – we’re thrilled to be a partner,” said Timothy Flacke, Executive Director of Commonwealth. “We look forward to lending our expertise and consumer insights to entrepreneurs and corporations that want their customers and workers to have savings and be financially secure.”
MassChallenge FinTech is looking forward to its second year. “As MCFT grows, we’re thinking even more critically about the future of financial services and partnering with organizations that share this forward-thinking, collaborative mindset,” said Sherman. “We’re beyond excited to match our partners this year with top startups from across the globe. We cannot wait to see what the 2020 program holds.”
Learn more about our 2020 challenges here. To submit your application for MassChallenge FinTech, visit masschallenge.org/about-apply and apply by October 8th.
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, FinTech Sandbox.
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.