Australian startup FinSuite has been selected as one of eight companies to participate in the 2014 FinTech Innovation Lab Asia-Pacific accelerator program.
The lab was launched by Accenture in June, in collaboration with some of the world’s biggest financial intuitions and supported by Cyberport and Airbnb.
The program nurtures early-stage companies from around the world that are developing new technologies for the financial services sector with a particular focus on the Asia-Pacific region.
FinSuite has developed patented technology that aims to reduce the cost and time required to analyse business structures and financials on loan applications. It’s created two solutions utilising that technology, one which provides a mobile platform for capturing and presenting a structure of a group of entities and how they are related to each other. Another, known as BizAnalyser is able to read a PDF document containing financial statements and recreate the contents, categorise each line item and produce a set of reports on the company and its performance.
The startup has grown organically, without the help of any investment. Co-founder Bart Jesman told StartupSmart that taking part in the program will help expose them to potential investors and break into markets outside of Australia.
“The key for us here in Australia is the Australian market is quite small, it’s the big four banks and then the small banks,” Jesman says.
“So there’s a need to expand internationally. This program will give us exposure and enable us to work in a collaborative manner with international banks.”
Financial institutions supporting the program include Bank of America Merrill Lynch, Bank of China, Barclays, China Construction Bank, Credit Suisse, DBS, HSBC, J.P Morgan, Morgan Stanley, Ping An and UBS.
In a statement announcing the participants, Accenture senior managing director financial services, Sushil Saluja, says the quality of applications was high.
“Our goal with the lab is to help foster innovation in financial services using technology, reflecting our commitment at Accenture to spearhead innovative technological solutions that make a real difference in the everyday lives of people,” he says.
Other 2014 FinTech Innovation Lab Asia-Pacific participants include Advanced Merchant Payments, AtCipher.com, Beijing Wecash Wonder Technology Co. Ltd, I Think Security Ltd, iDGate, Jocata Financial Advisory and Technology Services and QxBranch.
“The solutions proposed by the 2014 lab applicants selected help provide better data security, analysis and risk assessments to assist financial institutions across Asia-Pacific in improving the quality of service for financial services customers,” Saluja says.