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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:
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.