Payitoff, a white-label platform that provides automated guidance on student loan repayment, won the 2020 Bank Innovation Ignite DEMOvation contest. With the win, Payitoff has been awarded an advertising package on Bank Innovation worth $10,000. Rodrigo Suarez, principal of INV Fintech, moderated the startup pitch competition.
“We liked that the company was addressing a real, identified pain point and building a solution to attack that head-on,” said Eric Byunn, partner at Centana Growth Partners and one of the two DEMOvation judges. Deborah Barta, another judge who is senior vice president of innovation and startup engagement at Mastercard, added it will be interesting to see how Payitoff scales its products to a wider audience.
Banks can use Payitoff’s API-based tool to analyze customers’ student debt and make sure they are on the best repayment plan, saving customers money and helping banks develop deeper relationships with their customers. The audience picked the top three startups and the judges picked the final winner. The other two startups that were selected as finalists at Ignite were:
Boss Insights works with financial institutions to speed up the commercial lending process. Its technology allows borrowers to connect their accounting, human resources and customer relationship management software when applying for a bank loan. Boss Insights also helps banks offer recommendations on insurance, cash management and foreign exchange needs.
Gravity AI is a vendor marketplace that helps institutions browse and research various AI vendor solutions. Banks can test different solutions and switch them out as they see fit. Its platform breaks down vendor solutions by the problems they solve and different versions of the technology. Institutions can download and test the products directly in the Gravity AI platform.