TACOMA, Wash. – Sound Credit Union has announced the winner of its 2023 FinTech Incubator Challenge and the app that took home top honors.
The credit union conducted the challenge in partnership with the Milgard Center for Business Analytics at the University of Washington Tacoma (UWT).
Prasanth Chaitanya Gupta Arisetty was named the winner. Arisetty is the founder of Spendalyze, an app that tracks and analyzes transactions across all bank accounts and provides personalized offers to assist users with financial management.
About the Competition
As CUToday.info reported earlier, in 2021, Sound and UWT launched this competition seeking financial technology (FinTech) innovators interested in creating financial tools that would help consumers to manage their finances, while at the same time assist them in building financial confidence. Applicants submitted their ideas, then Sound and UWT selected three finalists who presented to a panel of judges in late June, the credit union said. Finalists in the competition shared their concept to a panel of judges made up of representatives from Sound’s executive management team, leaders from UWT, and local community partners, Quincy Henry - co-owner and chief experience officer at Campfire Coffee, as well as Dennis Joyce with Tacoma Venture Fund.
According to Sound CU, Spendalyze captured the attention of the judges.
‘User-Friendly Experience’
“This tool creates a user friendly experience for consumers to view all of their transactions from across bank accounts, manage subscriptions and assists in preventing fraud,” said Charlene Henson, SVP/chief retail officer. “The app also focuses on analyzing the transactions using machine learning and then provide personalized offers based on user spending by connecting users with the local merchants thereby benefiting both parties.”
Arisetty received $10,000 in total cash prizes from Sound and a renewable six-month membership for CoMotion Labs in Seattle.
“Overall, my experience at the Fintech Incubator Challenge was truly transformative, propelling me closer to my entrepreneurial goals and solidifying my passion for the fintech industry,” said Arisetty.
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