The DCU FinTech Innovation Center announces Summer 2018 Cohort
Newest seed-stage cohorts will work, learn, collaborate, grow in Innovation Center
BOSTON, MA (June 21, 2018) — The DCU FinTech Innovation Center (the “Center”), the leading program focused exclusively on fostering pre-seed and seed-stage financial technology companies in New England, announced today the 10 new start-up ventures in the Center’s latest cohort. The not-for-profit Center, fully funded by Digital Federal Credit Union, better known as DCU, is dedicated to accelerating the development of new FinTech products and driving the local FinTech ecosystem and banking industry forward.
Twice a year, the Center identifies the most promising financial technology startups in the product market fit stage and provides them with everything they need for go-to-market success: a professional network and community, mentorship, as well as one year of free office space at the Center.
The 2018 Summer Cohort includes:
- Edmit – Personal Finance – Data-driven advising to help make smarter college choices
- Envel – Financial Health – An AI bank that automates management of finances in real-time
- Hound Software – Robotics/Process Automation – AI smart workflows to make customer journeys more efficient
- KingsCrowd – Personal Finance – Startup investment research and analytics for everyone
- Legicash – Blockchain – A scaling protocol to increase efficiency of the blockchain.
- PayByCar – In-vehicle Commerce – In-vehicle payment solution using toll transponders
- Posh Development – AI/Emerging tech and enterprise chatbot platform
- Reggora – Residential Lending – A cloud-based real estate appraisal platform
- Token Labs – Blockchain – Enables global peer-to-peer payments using digital currency
- Tunnel – Blockchain – Next-generation cryptocurrency protocol and payment system
Alumni of the Center have achieved considerable traction through the invaluable network that the Center provides. In just under two years, graduates have raised, collectively, in excess of $200 million in capital for their platforms, ICO’s, equity crowd-funding and traditional venture capital. Additionally, they’ve also launched successful pilots, and partnered with some of the nation’s leading innovation, startup, and financial institutions.
“When we founded the DCU FinTech Innovation Center four years ago, there was no one central body bringing together FinTech startups under one roof,” said David Araujo, DCU’s SVP, Technology and Innovation. “This is now the fourth cohort since the relaunch to come through these doors and we’re so pleased to see not only the continued success of the Center, but also the early successes that these startups have achieved and attribute, in part, to their participation in this program.”
Eight startups recently graduated from the Center having achieved significant success. These graduates include: Coalesce.ai, ILA Capital, Keel, MakeCents, MatchUpBox, Skydeo, Tengu, and Virtual Cove.
“Our ultimate goal is to help these startups prepare for broader commercial success once they leave the Center by connecting them with world-class financial institutions, mentors, customers and investors,” said Vasilios Roussos, managing director of the Center. “In this past year, we have seen an increase in pilots and partnerships as we continue to follow a process of engagement that truly builds a foundation for all of these startups and assists them in gaining market traction.”
Coalesce.ai, a pioneer of AI in the financial sector has reached several milestones since joining the Center last year, most importantly the launching of several pilots in the coming months with DCU, the company’s first in the banking and credit union industry.
“Being part of the DCU FinTech community has made a fundamental difference to our business,” said Coalesce.ai founder and CEO Greg Woolf. “Not only did we benefit from exposure to a community of entrepreneurs and partners through the Center, but we were also able to use their network of experts in helping to identify and implement product features that will be valuable to financial service firms.”
Member companies in the space focus on AI/Machine Learning, Bitcoin, Blockchain, Contextual Banking, Credit Ratings, Cryptocurrency, Data & Analytics, Digital Currency, Financial Education, Financial Health, Mobile Banking, Online Lending, P2P Lending, Payments, Personal Finance, Robotics/Process Automation, among others.
The Innovation Center also plays a role for DCU executive leadership to gain insights into how pioneering minds are creating new technologies and rethinking traditional solutions.
Continued Araujo, “We look at each cohort that comes through the Center as an opportunity to be educated and get exposed to the newer technologies that are out there. And that kind of education simply can’t be quantified.”
About DCU FinTech Innovation Center
The DCU FinTech Innovation Center is the leading sponsor of FinTech startups in Boston and is dedicated to fostering FinTech startups and the Boston FinTech community. The Center focuses on helping startups gain initial customer traction and provides seed-stage FinTech startups with one year of free mentorship, workspace, community and a professional network. The Center is fully funded by DCU, is supported by DCU executives and is operated by Workbar.
For additional information, visit http://www.dcufintech.org.
DCU is a not-for-profit financial cooperative based in Massachusetts that serves over 700,000 members across all 50 states. DCU offers a full range of financial services to consumers and businesses, including banking, lending, financial management, insurance and realty.
For additional information, visit www.dcu.org.