Tech Entrepreneurs to Debut Breakthrough Solutions at Eighth Annual FinTech Innovation Lab New York

Eleven emerging technology companies will debut their innovations at the
FinTech Innovation Lab New York’s Demo Day today at the Bank of America
Tower at Bryant Park.

Founded in 2010 by Accenture (NYSE: ACN) and the Partnership Fund for
New York City, the FinTech Innovation Lab New York provides early- and
growth-stage fintech companies with access to the world’s leading
financial institutions. The Lab was established to help make New York a
leader in fintech and grow technology jobs by leveraging the
concentration of large financial services institutions and deep domain
expertise that exists in the city. Since the New York Lab’s inception,
its alumni companies have raised more than US$665 million and completed
170 pilot programs, and four of the companies have been acquired.

The 11 companies in this year’s Lab leverage a variety of technologies –
including artificial intelligence (AI), machine learning, the internet
of things, predictive analytics and virtual reality – to address
challenges related to cybersecurity, IT infrastructure flexibility,
payment collection and risk mitigation, among other areas. The Lab was
expanded this year to include a dedicated InsurTech track.

“Interest in innovation and emerging technologies by the financial
services community continues to expand, and our new InsurTech track was
launched to address the growing demand by the insurance sector in new
solutions,” said Maria Gotsch, president and CEO of the Partnership Fund
for New York City and co-head of the FinTech Innovation Lab. “The
tremendous support by leaders of New York’s business community is what
powers the FinTech Innovation Lab and makes it so unique. Having the
innovators working in collaboration with the financial institutions and
venture community is a key part of what is driving New York City’s
leadership in fintech.”

Selected by senior technology executives from among the Lab’s 43
participating financial institutions, the companies have spent the last
12 weeks receiving intensive product and business-development advice, as
well as mentoring, from senior executives in the financial, technology
and venture-capital sectors.

“We saw yet another year of increased energy and engagement from our
partner financial institutions in the Lab,” said David Treat, a managing
director in Accenture’s Financial Services practice and co-head of the
Fintech Innovation Lab New York. “Rapidly maturing technologies
including AI, cloud, machine learning, predictive analytics and internet
of things are enabling banks and insurance companies to accelerate their
digital journeys. This year’s participating companies offer financial
services firms a wide array of innovative solutions to enable deeper
insights into their data, greater efficiency and better customer

The following 2018 FinTech Innovation Lab New York participants will
present their innovations today to an audience of more than 250
financial services executives and venture capitalists:

The selection committee for the New York FinTech Innovation Lab added
eight new insurance partners this year to support the InsurTech track,
and comprises executives from the following participating financial
institutions: Ally Financial; American Express; American International
Group, Inc.; AON; Bank of America; Barclays; BlackRock; Capital One;
Chubb; Citi; Credit Suisse; Goldman Sachs; The Guardian Life Insurance
Company of America; The Hartford; JPMorgan Chase & Co; Marsh & McLennan
Companies; MetLife; Morgan Stanley; New York Life; RBC Capital Markets;
The Travelers Companies, Inc.; USAA; Wells Fargo; XL Catlin; and Zurich.

Supporting venture-capital firms include Anthemis, Bain Capital
Ventures, Canaan, Contour Venture Partners, Nyca Partners, Rho Ventures,
RRE Ventures and Warburg Pincus.

Following the success of the FinTech Innovation Lab New York, Accenture
established three other FinTech Innovation Labs: the FinTech Innovation
Lab London, founded in 2012, and the FinTech Innovation Lab Asia-Pacific
in Hong Kong and the FinTech Innovation Lab Dublin, both founded in
2014. The FinTech Innovation Labs are now a leading venue for
introducing financial services firms to breakthrough technologies that
improve efficiency, security and customer experience. The Labs’ alumni
have raised a total of nearly US$1.2 billion in venture capital
financing since participating in the Lab.

Participating financial institutions and venture-capital firms commented
on their involvement in the FinTech Innovation Lab New York:

“Ally has been proudly supporting the New York FinTech Innovation Lab
for six years, helping to support and shape early stage companies and
technologies for the future,” said Michael Baresich, chief information
officer at Ally. “As a digital financial company, technology plays a key
role in both the development of our products and the delivery of unique
customer experiences, and events like Demo Day allow us to closely
explore the latest innovations.”

“The FinTech Innovation Lab plays a critical role in strengthening New
York’s fintech ecosystem and fostering a mutually supportive community
of investors, entrepreneurs, financial institutions and service
providers,” said Matt Harris, managing director at Bain Capital
Ventures. “No other program rivals the Lab in its breadth and depth of
industry support. We continue to be impressed by the Lab’s ability to
help financial services institutions gain access to innovation at a time
when the industry is so eager for new ideas.”

“Bank of America is proud to be a founding sponsor of the FinTech
Innovation Lab,” said David Reilly, Bank of America Global Banking &
Markets CIO. “The innovation ecosystem built through the collaboration
between financial services companies like ours and fintech startups
ultimately benefits how we service and interact with our customers and
clients,” said David Reilly, Bank of America Global Banking and Markets

“Disruption of the insurance sector is inevitable. At Chubb, we want to
continue to be part of that disruption as we strive to serve our
customer’s needs,” said Monique Shivanandan, Chubb’s Global CIO.
“Working with the start-ups and our peers in the FinTech Innovation Lab
is a way for us to be part of shaping that future. It’s key that we have
diversity of thought and talent in IT and the business.”

“Citi is proud to be a founding sponsor of the New York FinTech
Innovation Lab. We value the opportunity to engage with leading
start-ups and institutions on technologies that will advance our future
capabilities and Demo Day is a great event to see these innovations
first-hand,” said Motti Finkelstein, CTO, Global Strategy Planning and
Americas, Managing Director, Citi.

“Credit Suisse values our partnership with the FinTech Innovation Lab
program and the many interesting opportunities it has afforded us to
work with innovative startups,” added Adrianne Dicker, Global Innovation
Lead for the Credit Suisse Group Chief Information Officer.

“JPMorgan Chase is proud to partner with the New York Fin Tech
Innovation Lab in order to continue to foster the start-up ecosystem in
New York City. We are constantly looking at innovation across all areas
of emerging technology that can help create transformational business
value for our clients, our people and our Firm and we’re pleased to
mentor the breakthrough companies in this year’s lab,” said Larry
Feinsmith, Managing Director and Head of Global Technology Strategy,
Innovation & Partnerships, JPMorgan Chase & Co.

“At Morgan Stanley, we believe in a holistic approach to innovation that
is inspired by external entrepreneurs in collaboration with our internal
experts and innovators,” said Shawn Melamed, Managing Director and Head
of the Technology Business Development and Innovation Office, Morgan
Stanley. “We are honored and excited to support these promising
entrepreneurs as they build their companies here in New York, where
financial acumen adds additional fuel to fintech innovation.”

“Since its initial launch in 2011, the FinTech Innovation Lab has had a
tremendous impact on the fintech ecosystem in New York City, and has
attracted support from most financial services companies in the area. We
are delighted to see the growing interest in the sector, as well as the
increasing high quality of the participating companies,” said Habib
Kairouz, Managing Director, Rho Ventures.

“The Fintech Innovation Lab does an exceptional job at working with
startups and corporations to ensure that technology is being used to
solve a real use case and not a theoretical problem, while providing key
mentorship to early stage teams. We are glad to be a part of the program
and we’re especially delighted to see them open up an Insurance track
this time around,” added Stuart Ellman, General Partner at RRE Ventures.

“We’re focused on innovation across every aspect of our business,
particularly by leveraging data, analytics, artificial intelligence and
the internet of things,” said Bruce Gifford, Senior Vice President,
Enterprise Chief Data and Analytics Officer at Travelers. “We’re pleased
to participate in FinTech Innovation Lab New York. It’s a great
opportunity to connect with technology start-ups that can help us
continue to improve the services and experiences we provide to our
customers and partners.”

About the Partnership Fund for New York City

The Partnership Fund for New York City is the $160 million investment
arm of the Partnership for New York City, New York’s leading business
organization. The Fund’s mission is to engage the City’s business
leaders to identify and support promising entrepreneurs – in both the
for-profit and nonprofit sectors – to create jobs, spur new business and
expand opportunities for New Yorkers to participate in the City’s
economy. As an “evergreen” fund, realized gains are continuously
reinvested. The Partnership Fund Board is led by Co-Chairmen, Charles R.
Kaye and Tarek Sherif. Maria Gotsch, President and CEO, leads the team.
More information about the Fund can be found at www.pfnyc.org.

About Accenture

Accenture is a leading global professional services company, providing a
broad range of services and solutions in strategy, consulting, digital,
technology and operations. Combining unmatched experience and
specialized skills across more than 40 industries and all business
functions – underpinned by the world’s largest delivery network –
Accenture works at the intersection of business and technology to help
clients improve their performance and create sustainable value for their
stakeholders. With approximately 442,000 people serving clients in more
than 120 countries, Accenture drives innovation to improve the way the
world works and lives. Visit us at www.accenture.com.

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