Citi Launches Open Innovation Challenge: A New Way to Collaborate with the Global FinTech Community
By Yolande Piazza, CEO of Citi FinTech October 25, 2018 10:30 AM
This week, we’re opening applications for the Citi Open Innovation Challenge, a 5-week virtual program run by Citi FinTech that’s designed to identify, educate, and apply the most promising tech solutions to a challenge faced by many Citi customers: “How can they be empowered by Citi to better manage their debt and improve their financial well-being?”
This challenge will culminate in a live demo presented to leaders at Citi in New York, and will conclude with the selection of at least one participant for a financial award of $50,000 and an additional 3-day design workshop.
This comprehensive program for later stage FinTechs isn’t ‘startup 101’ but rather a compelling opportunity for institutions and tech firms to expedite the onboarding and commercialization of key vendors.
We recognize that customers need help managing their money and that the demand for financial wellness solutions is increasing. This challenge is another step we’re taking to serve our customers as their always-on financial life partner.
Applicants selected to advance through the challenge will participate in the Citi FinTech Integration Program, where they will engage with our internal functions and key strategic partners through special sessions, office hours, webinars, and “Ask Me Anything” sessions to gain a deep understanding of the requirements needed to work with a large financial institution. Industry leaders will provide mentorship to help the selected FinTechs create an accelerated path to commercialization with Citi, combined with practical lessons and tools applicable to onboarding with other large corporations.
The program does not require participants to give up equity in their company or move their team for the duration of the program. The deadline to apply for the Citi Open Innovation Challenge is November 16th, 2018 and the 5-week virtual program for those selected will be January 7th – February 8th, 2019. The final week in New York for live demos to Citi leadership is February 11th – 15th, 2019.