BECU FinTech Incubator Competition

DEADLINE FRIDAY, APRIL 16, 2021

In fall 2018, BECU, Washington’s largest community credit union, partnered with CoMotion, to create a fintech hub in the Seattle region, which included the launch of the “BECU FinTech Incubator powered by UW CoMotion”.  Housed in CoMotion Labs at Startup Hall, the collaboration combines BECU’s expertise in broad-based financial services, data analysis, and customer experiences with CoMotion’s strengths in incubation, partnership, innovation, company formation, and technology commercialization.

The technology strengths and resources of greater Seattle and the UW ecosystem make a powerful combination that is poised to build the next generation of financial services innovations. This focus on financial services innovation will benefit a large section of the community at a time when technology and disruption are simultaneously beneficial and potentially polarizing.

CoMotion is driven by an inclusive notion of innovation that consists of interdisciplinarity, teaming, leading meaningful change, and building products and deliverables that create impact. The fintech area is inherently interdisciplinary, and the emphasis of BECU on financial health and inclusion make the partnership additionally synergistic.

BECU launched the incubator with two Fintech startups, Noonum and Routable. Shortly after, Attunely and Fincluziv joined as they were the first two winners of the Fintech Incubator Competition. Last year, startups Quue, Flub and Cozera were selected to join the incubator. For the third year in a row, BECU and CoMotion are holding a Fintech Incubator Competition with the goal of identifying talent and promising technologies.

BECU is interested in a wide array of fintech startups with solutions that would support their members’ financial health, improve BECU’s data capture and analysis, and make their back-office processes more efficient. These include mobile payments, digital wallets, robo-investing, budgeting apps and more. Any startup with a relevant solution is encouraged to apply. At present, fintech verticals BECU is most interested in include:

• AI/Process Automation
• Big Data/Machine Learning
• Digital lending
• Payments and settlements
• Personalized Advice Platforms
• Lending and crowdfunding platforms

• Applications accepted between January 4 and April 16
• Top applicants are invited to pitch to our team in mid-May
• Applicants will be notified of the decision by the end of May
• New cohort begins early July
• Companies will participate for one full year in the BECU FinTech Incubator powered by UW CoMotion

See chart below for more detail about the benefits BECU Fintech Incubator members enjoy.

*Italicized items listed below will be active once in-person meetings resume.

• One-year membership to CoMotion Labs co-working space, including dedicated desks, access to conference rooms, and event space 
• Access to the University of Washington mentor database and mentors from BECU 
• Connections to other experts throughout BECU that are relevant to startup needs 
• Startups with a live product that matches BECU needs will have the opportunity to explore partnering on conducting user research or running a proof-of-concept 
• Pitchbook access and membership
• Connections to UW faculty and ability to hire UW student interns or graduates
• Opportunity to participate in the annual Startup Career Fair and UW pitch event

• 1:1’s with BECU team members and availability for check-ins on special topics
• Quarterly Fintech Incubator community events*
• Ability to list BECU FinTech Incubator and BECU logo on startup marketing materials
• Ability to request connections to BECU network of vendors, partners, and expertise

• CEO/CTO Roundtables*
• Fundamentals for Startups— weekly lecture and Q&A series on a variety of topics relevant to startups featuring regional experts
• Hosted Happy Hours, networking opportunities and social events*
• Yoga*

DEADLINE FRIDAY, APRIL 16, 2021