NEC members Putnam Investments , Fidelity Investments, and John Hancock, teamed up with nonprofit MassChallenge to launch an accelerator program for financial technology (“fintech”) startups. The program, MassChallenge FinTech, includes Springfield-based insurer MassMutual and Citizens Bank as founding partners.
The goal of the MassChallenge FinTech program is to match as many as 30 later-stage fintech startups with much larger counterparts. Sponsors and organizers of the program hope to find new technologies that they would otherwise have a hard time cultivating in-house and elevate Boston’s reputation as a fintech hub. The program will also provide the fintech startups who participate the opportunity to learn how to work with billion-dollar businesses and possibly score a career-establishing deal in the process.
Putnam Investments chief executive Robert Reynolds said, “Good ideas can come from anywhere, sometimes, when you’re an established business, you do innovation and put a lot of effort into it, but you’re also worried about focusing on doing the job today. There are people out there looking at it through a different lens. To me, it’s important for us to tap into that.”
The New England Council commends Putnam Investments, Fidelity Investments, John Hancock, and Citizens Bank for their commitment to supporting financial technology startups. Read more in The Boston Globe.