Ten emerging technology companies have been selected to participate in the 2024 FinTech Innovation Lab New York, a 12-week program founded and run by Accenture and the Partnership Fund for New York City that helps early- and growth-stage fintechs accelerate product and business development through in-depth engagement with top financial services and venture capital executives.
This year’s class, selected from more than 250 applicants globally, stands out as the most AI-focused group in the Lab’s history, with almost all of the companies significantly utilizing the in-demand technology. Their solutions are focused on solving some of the financial industry’s most pressing issues — including cybersecurity, fraud prevention, and using data and analytics to improve the customer experience and business outcomes.
The 2024 FinTech Innovation Lab New York participants are:
• Addition Wealth (New York) - a financial wellness platform that makes personalized financial expertise more inclusive and accessible.
• Alt/Finance (New York) - an AI-powered platform that delivers real-time insights on luxury collectibles transactions to help analysts, investors and insurers manage alternative assets.
• Boss Insights (Toronto) - a leading open finance data and AI-based insights provider that enables fintechs and financial institutions to qualify, engage and support business clients at scale
• DynamoFL (San Francisco) - a company that enables enterprises to embed privacy, security, and compliance into their generative AI applications to meet emerging regulatory requirements.
• Hyperplane (Palo Alto, CA) - a data intelligence platform that enables financial institutions to develop personalized experiences and predictive models through proprietary large language models.
• LastMile AI (New York) – a developer tooling platform that helps software engineers, not just machine learning experts, to build and productionize generative AI applications.
• Muse (New York) - an API-based platform that provides financial institutions with custom, scenario-based tax and financial insights to better serve their clients.
• Qumis (Chicago) - an assistive-AI platform that can quickly analyze insurance policies and pull relevant information for claims, brokering and compliance.
• Reality Defender (New York) - a cybersecurity company that detects AI-generated audio, images, video and text being used by bad actors to defraud banking, insurance, and government organizations.
• Stacklet (Arlington, VA) - a company that provides cloud governance solutions that deliver actionable insights and guardrails to organizations to be well-managed in the cloud.
Steve Murphy, Accenture's Financial Services industry solutions lead and executive sponsor of the FinTech Innovation Lab New York, commented, "It's always a privilege to witness the energy and creativity of the New York class. These companies are leading the way in technology innovation, developing products that will support some of the most important initiatives of global financial institutions. Given the increasing demand for industry-specific AI solutions from banks, insurers and venture capitalists, the 2024 Lab class has a unique opportunity to collaborate with industry leaders, refine their offerings, and build the connections needed to succeed in a highly competitive market."
Maria Gotsch, president and CEO of the Partnership Fund for New York City and co-founder of the FinTech Innovation Lab New York, added: "The FinTech Innovation Lab has gathered a cohort of companies at the forefront of emerging technology at a time when New York's core industries are exploring the responsible implementation of AI while guarding against its potential misuse. This year, we are excited to see how these companies will help financial services leaders leverage AI to safeguard critical infrastructure, drive compliance and bring more inclusive, secure products to market."
The lab will conclude with the 10 companies delivering in-person presentations on their progress to executives across the banking, insurance, capital markets and venture capital sectors in late June.
Since its founding in 2010, the FinTech Innovation Lab New York has assisted entrepreneurs from 109 technology companies. These program graduates have created more than 3,000 jobs and raised more than US$2.6 billion in venture financing, and 26 of them have been acquired.