In 2018 Cutover graduated from the Fintech Innovation Lab New York, an accelerator program run by the Partnership Fund for NYC and Accenture with 43 mentor banks and insurance companies. In 2019, we raised $17 million in a series A funding round led by Index Ventures in which the Partnership Fund for NYC participated.
In a recent Fintech.TV interview, President and CEO of the Partnership Fund for NYC Maria Gotsch talked about Cutover and our approach to moving into the US regulatory environment with the help of the accelerator.
Maria said, “During the Fintech lab itself there’s actually no money involved, because we figured that we could solve the problem of them getting customers. They can raise money all day long, the venture community is happy to fund those. So one example was a company, Cutover, that came from London and so they had UK customers and they provided a tool to help with technology upgrades. So when you need to upgrade a data service or add some new software - as a bank you can’t just say to your customers “come back on Monday, sorry, no credit cards over the weekend.” You have to keep the systems running and so this technology helps you do that but do the upgrades. But working in London, in a different regulatory environment, is different from the US. So the Cutover team came over and asked a lot of questions and figured out how their technology would fit within the US regulatory environment and they have done very well, they’ve got a lot of customers. And then we invested in the company after they graduated from the program.”
Video courtesy of Fintech.TV. You can watch the full interview here.
Thanks to Maria Gotsch and the Partnership Fund for NYC for highlighting Cutover in this great interview. The interview overall is a very good summary of the great things about the Fintech Lab and the Partnership Fund for NYC