Wall Street’s Biggest Banks Courting NYC Startups

Some of the nation’s biggest banks and venture investors have partnered with New York City Investment Fund to create the FinTech Innovation Lab.

The program is a annual twelve-week incubator to find and foster promising startups working on financial technologies.

Participating banks include all the big boys — Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America.

“What’s really great and unique about this program is that the startups involved get to work directly with the chief technology officers from the nation’s top financial institutions,” says Maria Gotsch, CEO of the NYC Investment Fund. 

Startups will need to have an alpha version of their technology to be considered. Applications are due by the end of Janurary, with the program slated to begin this May.

“For entrepreneurs targeting the financial services sector, this program is a unique opportunity to get access and feedback from potential users and funders,” commented Fred Wilson, board member of New York City Investment Fund and Managing General Partner of Union Square Ventures. “This type of market input is invaluable.”

In other words, this is a killer opportunity for startups to get on the fast track with some of the biggest players in the $14 billion market for banking and securities software.

bpopper [at] observer.com | @benpopper

Wall Street’s Biggest Banks Courting NYC Startups