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July 25, 2012

Other Financing Options for Financial Technology

For early stage tech firms focused on the finance industry, they can get picked to be part of a group of six that get client and financing help. Instead of waiting for tech entrepreneurs to bootstrap themselves into relevancy, the banks are using FinTech Lab to cherry pick the most promising ideas and turn them into functioning companies, faster.
 FinTech Innovation Lab gets financial technology start ups showcased, and this year's crop of six winners are promising a gamut that runs from CIA-inspired security and role-playing-game-like training programs.
The lab was started last year as a way to compete with financial technology growth happening in Silicon Valley and bring a new breed of innovation to the nation's financial nexis. The new class of six companies  are aiming to create a future that's all about gamifying typically dry financial data and making big data programs have Sherlock-like deduction powers. Big New York banks and venture firms are mentoring them.
"You have obviously tremendous domain expertise in financial services," said Maria Gotsch, president and CEO of the New York City Investment Fund, which, along with Accenture, co-organizes the program and its demo day event that occurred Wednesday. "The sector that is going through some restructuring right now. Any time there is restructuring there is time for new ideas."
The program aims not only create jobs, but also ushers in a new era of security and technology in the nation's financial hub.
Jacoline Loewen
Business Development
Loewen and Partners
Author of Money Magnet, Attract Investors to Your Business
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