PROVO, Utah–Asa, a company that said it seeks to connect financial institutions with consumer-facing fintechs in what it described as a secure, compliant and easy to implement marketplace, has been accepted into a fintech incubator hosted by Seattle-based BECU and CoMotion, the innovation arm of the University of Washington.
The year-long program kicked off with a welcome event on July 6.
BECU partnered with CoMotion at the University of Washington (UW) to launch the FinTech Incubator in 2018.
“The collaboration combines CoMotion's strengths in incubation, partnership, innovation, company formation and technology commercialization with BECU’s expertise in financial services, data analysis and member experience,” according to the organizations.
The purpose of the incubator is to support rising fintech startups, providing mentorship and partnership opportunities to its members, the organizations added.
The ‘Right Tools’
“At BECU, we aim to provide our members with the right tools and resources they need to reach their financial goals and meet their growing financial needs,” said Mike Zell, BECU’s senior vice president of Digital. “By partnering with UW CoMotion, we support startups who will help foster innovation in the financial services industry and increase the financial well-being of our communities for the long-term.”
Asa said it is “paving a new path forward” in financial services, introducing the collaborative banking model.
“This framework powers growth and opportunity for financial institutions and fintechs while also accelerating financial empowerment by putting the customer in control of their data and finances,” the company said. “With Asa, customers can have the modern technology they crave and the local financial institution they know and trust.”
‘Skyrocketing Demand’
Added Landon Glenn, CEO and founder of Asa, "The industry continues to grapple with how to keep up with skyrocketing demand for innovation in a safe, secure and affordable way. With Asa’s collaborative banking model, financial institutions and fintechs are finally able to join forces, connecting customers with a marketplace of fintechs without ever having to share sensitive data or credentials. Such a model is a win for the bank, fintech and end customer. We are proud to be accepted into the BECU FinTech Incubator, and we look forward to continuing this momentum and growth."
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