FinTech Innovation Lab, which was founded two years ago to support NY’s leadership in financial services, has been producing more immediate effects. The lab was a joint effort by the New York City Investment Fund and Accenture, according to Crain’s NY Business. Three executives from the six companies of the 2012 graduating class announced that they are planning to expand their presence either partially or fully into NYC. The six participants were chosen from an applicant pool of 70. The program is competitive and lasts about three months, and offers a crash course for early and growth-stage tech companies targeting the financial industries.
Adam Sodowick is founder and CEO of True Office, one of the three companies in the program that made the announcement. True Office creates mobile games that can be used in compliance training. Sodowick told Crain’s NY that, “We were based fully in Boston. Now we’re based fully in New York, purely as a result of this.” He also stated that NY made sense as the home for True Office because of its high concentration of financial services and pharmaceutical companies, as well as its talent pool of gaming-oriented developers. True Office currently has 14 employees, with 7 of which are now based in its Meatpacking District offices, and Sodowick plans to keep expanding here.
Centrifuge, based in VA, used the FinTech program to speed up its expansion into the financial services. It is already testing out its big data analytics products with seven banks, and the company is expected to have an office in NY within six months, according to CEO Renee Lorton.