Four selected fintechs are #BuiltinNYC, three in Silicon Valley, reflecting the accelerating pace of fintech innovation on the East Coast
SAN FRANCISCO, July 18, 2019 (GLOBE NEWSWIRE) -- The Financial Venture Studio (FVS) today announced the seven companies it has selected to comprise its next class for the nation’s premier program dedicated to seed-stage fintech startups. Following an extensive application and vetting process, these companies will receive an investment in capital from the Studio, and participate in a bespoke six-month, non-residential program designed to help early stage fintechs navigate critical elements of the financial services industry.
“During the application process for this fall’s class, we were struck by how much new innovation in fintech is being built in New York,” said Ryan Falvey, Managing Partner and co-founder of Financial Venture Studio. “Over the last several years of investing in fintech, this is the first time we’ve chosen more companies from New York than from the San Francisco Bay Area.”
The Fall 2019 class includes:
Flex (NY) allows people to pay rent on a schedule that works for them. By allowing their customers to pay rent every other week—on the same schedule as they are paid their wages—Flex provides an innovative solution to eliminate expensive late fees levied on rent payments.
Harvest (NY) helps consumers eliminate financial fees and bad debt, a $3 trillion problem that disproportionately affects Americans who live paycheck to paycheck. Harvest leverages artificial intelligence to identify and negotiate bank fees on behalf of consumers.
Nvstr (NY) is designed to elevate investing, whether for a first time investor or a seasoned veteran. Through technology and collaboration, users can unlock the collective experience of other smart investors, and easily build a portfolio optimized just for them.
Pillar (NY) is a personal finance app that helps its customers manage their student loans. Pillar analyzes existing loans, income, and spending within one platform to determine the fastest way to pay off student debt.
Point (CA) is the world’s first elite debit card. With a rewards system to rival elite credit cards, Point brings the exclusivity and benefits of reward cards to a new generation of purchasers who prefer debit almost exclusively.
Resolve (CA) is a free financial management platform created by a team of passionate financial advisors, debt experts and technologists to provide affordable and unbiased help for people in financial distress.
Sheltr (CA) makes home maintenance effortless for homeowners through twice-annual Home Checkups, kind of like a physical for a house. Sheltr helps its partners deepen customer engagement, create new revenue opportunities, and mitigate risk.
This is FVS’ second class of startups. Of the first six firms who graduated from the program in February 2019, four have raised subsequent capital -- with over $10 million in follow-on capital in the four months since the program ended.
Cathrine Andersen, co-founder and CEO of Roger.ai, said of her FVS class experience, “This is probably the most valuable program you can do as an early stage fintech startup anywhere in the world. Our participation took us where we wanted to get much quicker than we could have on our own.” Roger.ai raised a Series A led by QED Investors immediately following its participation in the Studio.
FVS seeks technology companies in the financial services industry who are launching products that have the ability to transform the industry. When making investments, FVS prioritizes firms that demonstrate rapid execution, strong initial product growth and user engagement. To learn more about the Financial Venture Studio’s previous cohort and our investing and development approach, visit www.finventurestudio.com.
About Financial Venture Studio
Financial Venture Studio invests in great teams who are seeking to improve how Americans conduct their financial lives. From more efficient savings to superior investments to faster payments and better information, the promise of today’s financial products has never been greater. Learn more at www.finventurestudio.com.
Financial Venture Studio