BECU FinTech Incubator Competition
The current competition is now open. Applications are due April 17, 2023.
Who should apply
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 payments and settlements, digital lending, open banking, and more. Any startup with a relevant solution is encouraged to apply. At present, BECU is most interested in the following fintech verticals:
- AI/Process automation
- Big Data and machine learning
- Personalized advice platforms
- Payments and settlements
- Digital lending
- Open banking
- April 17, 2023 – Applications deadline
- May 2, 2023 – Finalists selected for pitching
- Mid-May – Finalists pitch to BECU
- Mid-May – Winners notified
- July, 2023 – Winners announced
Member Benefits of the BECU FinTech Incubator Program
- 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
- 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
- Office hours with a variety of mentors and advisors
- 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
Partnership Between UW CoMotion and BECU
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.
A Powerful Combination
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.
Located in CoMotion Labs technology incubator near UW’s campus, the BECU FinTech Incubator has been host to eleven fintech startups since its inception. The incubator opened with fintech startups Noonum, an AI-powered investor business intelligence research platform, and Routable, a secure invoice and bill payment platform. Since then, Routable has raised $46M with its recent Series B funding of $30M, while Noonum was accepted into the EvoNexus Silicon Valley FinTech Incubator earlier this year, a significant achievement as only 5% of applicants are accepted.
Winners of the 2019 competition were Attunely, which uses machine learning to increase yield of the accounts receivable collection process, and Finclusive, a hybrid financial/regulatory technology company. The three winning teams in 2020 included identity verification startup Cozera, credit score app flub, and mobile payment app QUUE. The 2021 winners were Stack, which teaches teens how to responsibly invest in cryptocurrencies, Pay Your Tuition Funds, which provides innovative solutions for families to finance higher education, savings and rewards app Joola, and Bumper, an investment app aimed at Gen Z teenagers. Last year Asa, Honeycomb Credit, NetGiver, and Pocketnest were awarded membership.