MassChallenge, a global network of zero-equity startup accelerators, has released its first ever cohort that will participate in the accelerator’s inaugural fintech program.
The cohort includes 21 startups that from January to June will work with MassChallenge FinTech partners to tackle challenges in the industry. At the end of the program, MassChallenge FinTech will award a total of $250,000 in cash prizes, all at zero cost and for zero equity.
Startups in this year’s cohort will work with these partners to solve challenges around important areas such as AI-powered research assistance, big data for small businesses, and student finances.
“Our inaugural cohort represents trailblazing technologies that advance financial services, from AI-powered onboarding platforms to modern giving solutions,” said Devon Sherman, Program Director of MassChallenge FinTech. “We look forward to structuring and driving meaningful, outcome-driven partnerships between startups and enterprises that tackle some of the industry’s biggest pain points and opportunities.”
Headquartered in the United States with locations in Boston, Israel, Mexico, Switzerland, Texas and the UK, 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 1,500 MassChallenge alumni have raised more than $3 billion in funding, generated more than $2 billion in revenue and created more than 80,000 total jobs.
MassChallenge FinTech is supported by a public-private partnership that includes founding partners Massachusetts Mutual Life Insurance Company, Putnam Investments, Fidelity Investments, Citizens Bank, John Hancock and the Massachusetts Competitive Partnership.
Challenge partners include Eastern Bank, AARP, Columbia Threadneedle Investments, Walmart and the MBTA, while community partners include FinTech Sandbox, Wells Fargo Startup Accelerator and the Brandeis International Business School.
“To us, innovation means looking for new tools, new technologies and new ways of working that can enhance the businesses we’re already in or give us insights into creating new opportunities,” Steve Dorval, head of innovation and advice at John Hancock, said in a statement. “Connecting with the startup community through MassChallenge FinTech is an opportunity for us to engage with intelligent, passionate people that are solving important problems. We will see how these ideas complement or compete with what we do, and take away key learnings and share our experience and expertise. We’re looking to partner with startups and grow the Boston Fintech ecosystem to help create and enhance services for the participants, advisers and customers today and in the future. We can’t wait to get started.”
2019 MassChallenge FinTech Inaugural Cohort:
