INV Fintech, Bank Innovation’s sister accelerator, announced its seventh accelerator class today, which kicks off this week with eight startups covering a wide range of the fintech space.
The startups were selected for participation after a rigorous review process by INV Fintech and its partners, which include Fiserv, TIAA, BB&T, Associated Bank, SECU, and more. The accelerator’s ecosystem includes dozens of mentors and VCs, as well.
The startups are:
Alpharank sells a Core Growth Platform called HUMAN that discovers hidden patterns in core transaction data. Financial institutions can leverage these patterns to identify and acquire deposits from new prospects with whom they don’t have a relationship.
BankingON’s mobile banking platform enables credit unions and community banks to offer mobile technology that is on par with the biggest banks. Through superior user experience, BankingON is helping 100,000+ mobile banking end-users ease financial stress through its innovative & intuitive application. The company wants to reach a significant part of the 7,000+ credit union industry in the United States, which serves 110 million people.
Diro can verify any person or document online directly from the original source. The breakthrough technology allows global anti-impersonation checks. It allows capture of provable, reportable and auditable KYC documents from any 3rd party or government source in 200+ countries.
Fraud.net has built a unified digital risk management platform that allows companies to extract immediate value and gain transparency, confidence, and clarity. Combining the powers of artificial intelligence and collaboration, Fraud.net helps financial institutions eliminate fraud and supercharge their operations with real-time, data-enriched visual analytics.
Gerald is building a credit/financial data bureau for the insurance industry by aggregating and transforming insurance payments data into actionable insights. Typically, when insurance companies underwrite insurance policies, they leverage credit reports from the top credit bureaus. However, these reports, while useful, do not provide insights on the behaviors of the insured with respect to insurance. Gerald’s global customer index of individuals and businesses will provide the underwriting basis for every single insurance policy.
Live.Give.Save is a woman-owned technology company that created Spave®, the first and only mobile app that makes saving and giving as easy as spending, so that every dollar spent is an investment in oneself and in a better world. Spave is a consumer app available in the App Store now, however, the technology is enterprise-ready for licensing to banks, credit unions and employee benefit companies via an API.
Payment Rails is the best payouts platform for businesses paying the on-demand economy. The white-label SaaS platform supports payouts to 200+ countries, direct to bank accounts and PayPal accounts. With built-in features like W-9/W-8 tax compliance, bank account validation, live FX rates, and instant payments – Payment Rails is the plug-and-play platform to automate and manage all your payouts. Payment Rails’ customers include freelancer platforms, two-sided marketplaces, accommodation platforms, ride-share platforms, influencer and partner marketing platforms, and growing businesses with domestic or international payout needs.
ROSCA helps people rehabilitate their credit. The company partners with banks to provide their “credit-challenged” customers access to borrowing, saving, and investing – on ROSCA’s platform. ROSCA reports all payment data to credit bureaus and funnels raw payment data back to the banks on a real time basis. Armed with new information, banks can re-score/re-bucket creditworthy customers. The customers “graduate” back to banks who eagerly extend to them on-balance sheet credit
“We are excited about this new cohort, our largest to date,” said Rodrigo Suarez, INV Fintech’s Principal. “We see significant growth potential in these startups, and multiple opportunities for mutually beneficial collaborations with established financial institutions.”
INV Fintech is a virtual accelerator, allowing it to host companies from across the U.S. and globally. Each company will be mentored by INV Fintech and its partners for a five-month period.
“Our goal extends beyond facilitating productive business interactions between our financial institution partners and our startups,” Suarez said. “We are here to revolutionize the financial services industry, and are thrilled to pursue that goal with our class seven cohort and our broader ecosystem.”
To learn more about joining INV Fintech as a mentor or financial institution member, click here.