Published on February 24, 2014
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In order to accelerate the pace of innovation in financial technology, Accenture and the Partnership Fund for New York City, the economic development arm of the Partnership for New York City, cofounded the FinTech Innovation Lab in 2010 with the support of a dozen leading financial services industry CTOs. The Lab has created a new venue that gives top tech entrepreneurs direct access to Wall Street’s IT leaders, and enables financial industry leaders to engage in the latest innovations from around the country and around the world, while contributing to the development of New York’s tech sector. The logic of seeding a “fintech” ecosystem in the back yard of the world’s leading financial center is clear. New York City’s commitment to growing its tech sector, and Wall Street’s strong IT workforce and focus on reinventing itself for a ‘new normal’ creates a fertile ground for tech entrepreneurship, venture investment, and innovation. CB Insights’ latest data suggests this idea is gaining momentum. Not only is venture investment in the fintech sector on the rise globally, but 2013 is on track to be one of the best years yet for fintech in New York. As we complete the third year of our Lab and round the corner to our next call for applicants this fall, we are encouraged by the investment growth in fintech and look forward to the innovations it will yield in the years to come. Sincerely, Maria Gotsch President & CEO Partnership Fund for New York City Bob Gach Global Managing Director, Capital Markets Accenture 2 2
The FinTech Innovation Lab is an annual program run by the Partnership Fund for New York City and Accenture for early and growth stage companies that have developed cutting edge technology products targeted at financial services customers. www.fintechinnovationlab.com The Partnership Fund for New York City, the economic development arm of the business organization Partnership for New York City, is a $110 million civic-minded investment fund dedicated to help build a stronger and more diversified local economy for New York City. fund.pfnyc.org Accenture is a global management consulting, technology services and outsourcing company, with approximately 266,000 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. www.accenture.com CB Insights is a National Science Foundation-backed data company building predictive algorithms that provide forward looking intelligence on corporate strategy, emerging technology trends and M&A. www.cbinsights.com 3 3
Note: 2013 figures through June 30, 2013 7 7
Note: 2013 figures through June 30, 2013 8 8
Note: 2013 figures through June 30, 2013 9 9
Note: 2013 figures through June 30, 2013 10 10
Note: 2013 figures through June 30, 2013 17 19
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