Financial Education Startups Among Fintech Innovation Lab’s Showcased Companies

by | 07/08/14 | Commentary, Insight, Uncategorized

The financial education industry is humming as FinTech Innovation Lab’s Demo Day included companies that have developed and launched innovations that are widely expected to help take financial literacy to the next level. The lab includes a groundbreaking mentoring program devised by Accenture and the Partnership Fund for New York City, with many of the world’s leading financial institutions supporting it to foster the growth and innovation of financial technology products and solutions.

Among the showcased startups was RevolutionCredit, which is the first B2B credit data and decisioning platform to combine behavioral data and gamified financial education to benefit both consumers and financial institutions. The company has developed a pioneering method of assessing consumer credit worthiness, while improving customer acquisition and retention, and decreasing loan losses. The RevolutionCredit solution enables creditors to detect consumers who will perform one to two credit score bands better than their credit score would otherwise suggest.

The startups and entrepreneurs included in this year’s Demo Day were selected by a panel of judges who are chief technology officers from fifteen financial institutions. All startup company participants completed twelve weeks of mentoring, engaged in a range of product and sales consultations, and gained access to professionals with expertise in technology, financing and operations so that the entrepreneurs could sharpen their skills in those areas.

Given the fast growth of financial education on the economic, social and political agendas in many developed and developing countries, it is not surprising to see more startup companies being formed and, indeed, being showcased at events such as Demo Day.

With large financial services companies supporting the Lab and other fintech ventures, such Ally Financial, American Express, Bank of America, Barclays, Capital One, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Guardian Life, JPMorgan Chase, Morgan Stanley, New York Life, State Street Corporation, UBS, Bain Capital Ventures, Contour Venture Partners, Rho Ventures, RRE Ventures and Warburg Pincus, the financial education industry can expect to see more fintech solutions focused on economic and financial literacy in the months and years ahead.

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