Entrepreneurs Showcase Cutting-Edge Financial Technology Solutions at Demo Day

NEW YORK — A select group of innovative technology companies demonstrated their products and services to dozens of top executives in financial services, venture capital and technology today at the third annual FinTech Innovation Lab “Demo Day” in New York. The Lab is a program for entrepreneurs currently developing innovative technologies targeted to the financial services sector, particularly in the areas of data analytics, technology infrastructure, payments, and security.

The goal of the Lab – established in 2010 by Accenture (NYSE: ACN) and the Partnership Fund for New York City – is to enhance New York’s role as a leading hub for technology innovation in a variety of sectors, including the financial-services industry; to spur job creation in New York; and to give entrepreneurs an accelerated path to growing their business within financial services. This year’s Demo Day was held at the Credit Suisse headquarters in Manhattan.

The graduates from this year’s Lab – Centripetal Networks, Dashlane, Inktank, Narrative Science, OpenFin and ScrollMotion – were selected to participate from among more than 100 early- and growth-stage companies that applied. The six companies, chosen in March by the chief technology officers and other senior technology executives from leading financial services institutions, have spent the last 12 weeks receiving product feedback and mentorship from executives at the world’s biggest banks, leading technology entrepreneurs and venture capital firms.

The 2013 FinTech Innovation Lab graduates [include]:

  • Centripetal Networks – which has created a highly scalable and advanced cyber security solution, including a network-based security appliance and other applications and services. The company partners with leading university research centers, network scientists, mathematicians and government agencies to build the underlying components and algorithms.
  • Dashlane – whose self-named Dashlane product is a secure digital wallet and password manager for nearly every device. It uses advanced real-time semantic analysis to autofill forms on virtually any webpage, enabling keyboard-less checkouts, registrations and logins. The digital wallet stores nearly any payment type and can be used on any website with any major operating system with no merchant integration required.
  • Inktank – which provides data storage solutions based on the emerging open-source storage platform Ceph. Launched by some of Ceph's leading developers, Inktank helps organizations leverage Ceph to lower storage costs by freeing them from restrictive and expensive proprietary storage systems.

Through the mentorship program the six companies developed relationships with key decision-makers at leading banks and gained in-depth knowledge about their customers’ needs, helping them more quickly develop their products and services. The Lab featured workshops on topics such as navigating bank procurement processes, integrating with bank technology systems and running successful pilot programs at financial institutions.

“The FinTech Innovation Lab allows inspiring entrepreneurs far more effective product development and feedback from the upper echelons of their target market, accelerating company growth and job creation,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “By growing the FinTech industry in New York City, we will further cement New York’s reputation as the leader of innovation in the financial services sector, as well as reinforce our newfound reputation as a hub of technology development and talent.”

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 261,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page iswww.accenture.com.

Release: Herald Online

Image: Courtesy Dashlane