BMO Harris/1871 Fintech Partnership supports Chicago's startup innovators to scale their solutions in the financial services sector
CHICAGO, Sept. 25, 2017 /CNW/ - BMO Harris Bank and 1871 have announced the three winners for the BMO Harris/1871 Fintech Partnership Program. The three-month mentorship program, launched in April 2017, has supported a number of Chicago's startup innovators who have developed industry-leading solutions for the financial services industry.
Fintech companies from across Chicagoland were invited to apply for the summer program, which included three months of mentorship with access to resources from BMO Harris Bank. It also included a membership to 1871, Chicago's 150,000 square-foot entrepreneurship and innovation hub, and cash prizes. The winners received $25,000, $15,000 and $10,000 for first, second and third place respectively.
The program culminated with pitches by the six participating startups to a panel of judges consisting of BMO executives. The winners are:
- First place: Peanut Butter: Helps employers offer Student Loan Assistance as a benefit, so companies can attract and retain college-educated talent.
- Second place: Genivity: An A.I. software platform helping advisors engage clients and retain next generation heirs through life stage, health risk, and care cost planning.
- Third place: SpringFour: Works with the financial services industry to help improve payment performance, reduce delinquencies and increase customer engagement. The platform is used by leading banks, mortgage servicers, and fintech companies to connect their customers to local, vetted nonprofit organizations that deliver financial health resources, making it possible for customers to pay again.
"Partnering with 1871 to bring this mentorship program to life allowed us not only to support Chicago's technology entrepreneurs, but also to inspire our internal teams who continuously seek new technology-centered approaches to serve our customers better," said Alexandra Dousmanis-Curtis, Group Head, U.S. Retail and Business Banking, BMO Harris Bank. "It's been an incredible journey of growth and collaboration for the startups, who have been mentored by veterans in the industry and encouraged to move their value propositions forward in the marketplace."
The BMO mentors offered customer and market feedback, along with a deep foundation of how to work with a large bank and nuances that include: processes, supplier engagement, technology due diligence, compliance and regulatory commitments. The partnership and the guidance from the BMO mentors have allowed all six startups to sharpen their great products and service offerings.
"We are incredibly pleased to see these three innovative fintech companies receive this recognition from BMO Harris Bank, and are excited to see how their relationships develop and continue going forward," said 1871 CEO Howard A. Tullman. "We have been impressed with the level of mentorship and support the companies were given throughout the program."
"BMO Harris and 1871 have been incredible partners to us, I cannot thank them enough," said David Aronson, CEO of Peanut Butter. "We are honored to be selected among the winners of this competition, and thrilled for the opportunity to continue building on our new relationships with BMO."
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through nearly 600 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$709 billion (as of July 31, 2017), and more than 45,000 employees.
1871 is the home of nearly 500 early-stage, high-growth digital startups and more than 1,500 members supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. Visit www.1871.com for more information. Located in a 150,000 square-foot space over four floors in The Merchandise Mart, 1871 has more than 600 current mentors available to its members, as well as more than 80 partner corporations, universities, education programs, accelerators, venture funds and other organizations that make its extensive matrix of resources possible. For more on our partners, visit www.1871.com/about/partners, or become a partner by reaching out to email@example.com.
SOURCE BMO Harris Bank