Theta Lake among the 11 companies to make the new FinTech Innovation Lab cohort

RegTech 100 company Theta Lake is one of the new 11 companies to make the FinTech Innovation Lab New York 12-week program.

The accelerator was created by Accenture and Partnership Fund for New York City to help early and growth-stage technology companies increase their product and business development.

Companies in this new cohort are leveraging AI, machine learning, cryptography and other technology to combat challenges around online customers engagement, detecting financial compliance risks, operational efficiencies, measuring and underwriting cyber risk, and tackling diversity and inclusion.

Theta Lake, a compliance platform for voice and video communication, was one of the companies to make the list. The RegTech startup utilises AI technology and deep learning to detect compliance risk through communications, whether it was said, shown or shared.

Earlier in the year, the company pulled in $5m for its seed round which was led by Neotribe Ventures.

Another RegTech company to make the list was Cyberwrite, which gives an easy to understand report benchmarking risks and financial impact of cyberattacks on SMEs around the world, all in real-time. This information helps business owners to purchase the right cyber policy for their business.

Other companies to make the program include, legacy system transformation software Cloudframe; digital credit card distribution platform Extend; HR management solution FairFrame; customer engagement company Genus AI; goal-based savings startup Goalsetter; automated data entry software HyperScience; data and analytics provider Inpher; stock trading solution Magma Trading; and software registry npm.

Accenture managing director David Treat said, “We’re excited to welcome these startups into the New York Lab and look forward to helping them refine their solutions.

“Simply going digital won’t be enough to differentiate financial institutions. They must embrace powerful new technologies to innovate their business models and personalize experiences for their customers, which this year’s participating companies are clearly demonstrating.”

Some of the financial institutions participating in the selection committee include American Express, AXA XL, Bank of America, Barclays, BlackRock, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase & Co, Morgan Stanley, Wells Fargo, and Zurich Insurance.

In addition to financial institutions, venture-capital firms including Anthemis Group, Bain Capital Ventures, Canaan, Contour Venture Partners, Nyca Partners, Rho Ventures, RRE Ventures and Warburg Pincus, also participated.

Over the next 12 weeks the FinTech companies will receive ‘intensive’ product and business-development advice and mentoring, from senior executives in the financial, technology and venture-capital sectors.

The companies will then present their platforms to an audience of 250 executives across banking, insurance, capital markets and venture firms.