New York City and Accenture fintech innovation lab calls for applicants

22 October 2013

New York's fourth annual FinTech Innovation Lab is open for applications.

The lab, which was co-founded by Accenture and the Partnership Fund for New York City, has said all applications are due by 6 December 2013.

It is a 12-week course that helps financial technology innovators in the early and growing stages of product development accelerate their operations by gaining exposure to top-level financial industry executives and venture capitalists.

According to CB Insights, there was more venture and private-equity investment in New York's fintech sector in the first half of 2013 than in the whole of 2012, which was the biggest year on recent record.

Annual venture investment in the global fintech sector has nearly tripled since 2008, with more than $9 billion invested over five years.

James D Robinson III, co-founder and general partner of RRE Ventures, which supports the innovation lab, said: "It is often a struggle for ventures to penetrate large, heavily-regulated institutions and to meet the product standards and procurement processes necessary to be ready for prime-time at banks."

By Asim Shah

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