News Column

Finalists Announced for Fourth Annual Core Innovators Challenge

May 7, 2014

Core to Name Most Disruptive Financial Service for Emerging Middle Class at EMERGE Forum

LOS ANGELES--(BUSINESS WIRE)-- Core Innovation Capital (Core) today introduced the four finalists for the fourth annual Core Innovators Challenge, the nation’s largest and most prestigious competition for technologies serving the Emerging Middle Class. These entrepreneurs will compete to be named the most promising new idea for this market at EMERGE: The Forum on Consumer Financial Services Innovation hosted by the Center for Financial Services Innovation (CFSI) and SourceMedia in Los Angeles, June 4-6, 2014.

Finalists were selected from a diverse group of applications, and will compete in a live demo format for $10,000 in prize money before an audience of hundreds of financial services industry executives, investors, and practitioners that will vote for the best new innovation.

“Core is committed to finding and funding the innovators building successful, scalable solutions that meet the financial needs of the Emerging Middle Class,” said Arjan SchÜtte, founder and managing partner of Core. “The Innovators Challenge is a unique way to actively uncover the most compelling of these new ideas and then introduce them to the leaders of the financial services community. We are excited about the quality of this year’s class and look forward to the competition.”

The fourth annual Core Innovators Challenge finalists are:

  • Blossom improves the experience for investing, managing, and cashing out of digital currencies like Bitcoin. Blossom's Bitcoin by Mobile service allows people interested in digital currency to buy Bitcoin in seconds, without entering any personal financial details, by charging the purchase to their mobile phone bill.
  • Dealstruck is the only peer-to-peer lending platform for small-to-midsize businesses that offers asset-based term loans and working capital lines of credit, often at a lower interest rate than competitors. The company leverages flexible underwriting features to help borrowers reach funding goals quickly and easily, as well as allowing investors the freedom to choose specific investments.
  • Entrepreneurial Finance Lab (EFL) applies psychometrics to credit scoring in emerging markets. Unlike other credit innovations that leverage non-traditional data sources like social networks and call detail records, EFL's methodology requires only an introductory reading level, not a computer or a mobile phone. Today EFL operates across Latin America, Africa, and South Asia.
  • Moneyworks helps consumers deal with debt and optimize their overall financial health by managing money on their behalf. The product automatically pays all of a user’s bills and debts, so that the user can focus on controlling discretionary spending. The product is distributed through channel partners engaging financially distressed users including Credit Counselors, Employee Assistance Programs, and Student Debt organizations.

    The 80 million underserved Americans that earn more than one trillion dollars in annual income make up the Emerging Middle Class. Core is an Impact Alignment venture fund investing in entrepreneurs that serve the Emerging Middle Class by applying free-market solutions to the world’s most demanding social challenges.

    To learn more about or attend EMERGE for the Core Innovators Challenge sponsored by Mastercard, please visit: http://www.americanbanker.com/conferences/cfsi/. For more information about Core, please visit: http://www.corevc.com.

    About EMERGE: The Forum on Consumer Financial Services Innovation:

    EMERGE brings together over 700 leaders and innovators transforming the financial services industry—bank and credit union executives, federal and state policymakers, technology entrepreneurs, nonprofit providers, consumer advocates, retailers, and investors. Through case studies, interactive sessions, and tracks organized around specific consumer behaviors, the EMERGE agenda brings consumer data and stories to life. With a proven history of building new connections and spotlighting the most innovative trends, attendees get the latest information and the cutting-edge strategies they need to build profitable solutions that actively contribute to the financial health of consumers. To register, visit http://www.americanbanker.com/conferences/cfsi/ and join the conversation at #EMERGECFSI.

    About Core Innovation Capital:

    Core Innovation Capital is a leading investor in financial technologies serving the Emerging Middle Class, the 80 million Americans that generate over $1 trillion in annual income and spend more than $89 billion in fees and interest on financial services. Core partners with proven entrepreneurs and invests in disruptive financial technologies that measurably improve the lives of the Emerging Middle Class. The Core Impact Alignment investment thesis leverages social impact to create above-market financial return. For more information about Core Innovation Capital, visit www.corevc.com or follow @CoreEMC.





    Cosmo PR

    Michael Azzano

    504.899.7570

    michael@cosmo-pr.com

    Source: Core Innovation Capital


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