After sourcing over 820 start-ups, Plug and Play’s Financial Technology Platform of Innovation has accepted 23 start-ups into its third batch of the program, of which 4 are based on blockchain technology. This Innovation Platform runs twice a year for 20-30 FinTech-focused start-ups that are chosen by Plug and Play’s venture team, VC partners, and corporate partners. The start-ups will pitch their developed ideas to corporate partners and investors at Plug and Play’s FinTech, Retail, and Materials EXPO on 25th May 2016.
The current corporate partners of the program include Assurant, Banco Original, Bank of the West, BNP Paribas, Capital One, Credit Suisse, Deloitte, Deutsche Bank, Finstar Labs, Intuit, JCB, MUFG, Santander, Sumitomo, TD Bank, USAA, and U.S. Bank. These corporate partners will work side by side with the start-ups for three months through mentor sessions, structured deal review, pilots, investments and even acquisitions. Amongst the start-ups chosen this time are four blockchain technology-based companies.
BlockNotary Video Interview is a blockchain-based KYC solution designed to help businesses reduce costs and risks by aiming to provide a trustful and pleasant customer experience. It combines the ubiquity of mobile devices, richness of video format and immutability of the blockchain to remotely verify customer identity, accelerate customer service and reduce the possibility of fraud.
Token is developing the architecture, protocols, paradigms, and secure identity system for next generation payments. It allows application developers to use a single, secure, simple, standard open API to move money and allows banks to issue digital currency. It has been designed by a team of bankers and tech experts for compliance and compatibility.
BlockSeer is a data science company with a focus on blockchain analytics and forensics. Its analysis tools are used by law enforcement (including the Secret Service, IRS, and FBI) and financial institutions.
Skuchain has utilised blockchain technology in order to build patent-pending solutions for supply chain and trade financing. It aims to replace complex and cumbersome trade transactions which involve numerous entities including buyers, sellers, logistics providers, banks, customs, and other third parties.
Scott Robinson, Founder & Director of Plug and Play FinTech, remarked: “With our latest additions of globally leading financial institutional partners, our ecosystem continues to scale with opportunities for growth on behalf of our startups both in Silicon Valley and in markets across the world. This unprecedented level of support will result in new levels of innovation from our startups.”