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Citizens Bank backs new MassChallenge fintech accelerator

Fintech

Boston-headquartered MassChallenge, a network offering accelerators for high potential startups, has announced that it is set to launch its new startup programme, MassChallenge FinTech.

The financial technology accelerator programme will be used to help fintech startups bring their solutions and products to market more quickly that have the potential to transform the financial services industry.

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“Given Boston's strong reputation in financial services, our entrepreneurial talent, and collaborative business ecosystem, I am excited to see MassChallenge's FinTech accelerator produce strong and innovative technology,” said Mayor Martin Walsh.

The programme is backed by a number of key industry players including Citizens Bank, Massachusetts Mutual Life Insurance Company (MassMutual), Fidelity Investments and Putnam Investments.

“This partnership with MassChallenge is a step forward in our ongoing effort to seize the great potential of digital banking,” said Beth Johnson, CMO and Head of Virtual Channels at Citizens Bank.

“Collaborating with emerging companies is a channel for us to push the boundaries, think of new ways to innovate and learn from companies that do things differently,” said Amy Danforth, Executive Vice President of Enterprise Services at Fidelity Investments.

Those selected for the programme will participate in a six-month long accelerator, partnering with leading industry names, such as Eastern Bank, across a range of activities, with each enterprise having the opportunity to win £250,000 for their businesses.

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