Eastern Bank Becomes Challenge Partner of MassChallenge FinTechMay 29, 2018
Plans To Leverage New Technologies To Benefit Customers and Communities
BOSTON, May 29, 2018 – Eastern Bank, America’s oldest and largest mutual bank, today announced its participation as a “Challenge Partner” to participate in the MassChallenge FinTech program. MassChallenge FinTech is a new accelerator to support and grow startups in the financial technology (FinTech) industry. It will match FinTech startups with industry leaders to accelerate the emerging products and services that have the power to transform the financial services ecosystem.
“Boston is home to a thriving FinTech community and MassChallenge FinTech serves as a powerful connector to all kinds of emerging ideas,” said Bob Rivers, Chair and CEO of Eastern Bank. “We recognize the importance of small businesses to our local economy and this is a natural way to support them through a program that will also add new momentum to how we think about our customer experience.”
In May 2017, Eastern successfully spun out a new technology company, Numerated Growth Technologies, which offers a fully digital small business lending platform that gives customers the opportunity to obtain a loan in less than five minutes.
“We're very excited to have Eastern Bank join MassChallenge FinTech as a Challenge Partner,” said Devon Sherman, Program Director of MassChallenge FinTech. “Together, we'll work to create new opportunities for customers and communities by connecting exceptional FinTech startups with Eastern Bank's network.”
As a Challenge Partner, Eastern will help accelerate innovation in the financial services industry by making it easier for startups and established businesses, institutions and organizations to work together. Startups selected for MassChallenge FinTech will participate in a six-month, vertical-specific accelerator where they will work closely with a leading partner on a range of activities from co-development and product validation to strategic investment and advisor introductions. At the end of the program, the enterprise-ready startups have the opportunity to win zero equity cash prizes.
Ashley Nagle Eknaian, who joined Eastern Bank in February 2018 as Chief Digital Strategist to lead its tech lab and collaborations with the FinTech community, added, “As a local bank celebrating 200 years in Massachusetts, we believe it’s important to support Boston’s FinTech ecosystem and the job growth and economic development it creates in our own backyard. MassChallenge excels at creating networks that stretch the imagination, and we’re excited to cultivate new products and services that push our thinking on how we serve our customers and communities.”
The MassChallenge FinTech program will run from January 2019 through June 2019. Applications for the first cohort open in August 2018.
About MassChallenge and MassChallenge FinTech
MassChallenge is committed to strengthening the global innovation ecosystem by supporting high-potential startups across all industries. To date, more than 1,500 MassChallenge alumni have raised more than $3 billion in funding, generated more than $2 billion in revenue, and created more than 80,000 total jobs. MassChallenge FinTech Founding Partners are MassMutual, Putnam Investments, Fidelity Investments and the Massachusetts Competitive Partnership. Eastern Bank is a MassChallenge FinTech Challenge Partner. More information about MassChallenge FinTech is available at masschallenge.org/FinTech.
About Eastern Bank
Founded in 1818 and celebrating its 200th anniversary in 2018, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with $11 billion in assets and over 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $110 million in charitable giving since 1999. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram.
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