CHICAGO & LOS ANGELES--(BUSINESS WIRE)--Core Innovation Capital (Core) announced a deadline extension for the Core Innovators Mega Challenge. The expanded Mega Challenge - a chance to demo new financial products or services for the underbanked in America - will kick off the 8th Annual Underbanked Financial Services Forum in Miami, Florida on June 5, 2013. Nominations are now due by 11:59 p.m. EDT on April 14, 2013. Finalists will be selected and notified by the end of April.
Finalists will be invited to present their underbanked financial solutions in short show-and-tell demos on the Forum’s main stage before a live audience of industry experts and leaders. The winner will be selected in real-time by the audience to receive a prize package including $10,000 cash, broad public announcement and media exposure, and a complimentary consulting session with the acclaimed Advisory Services team of the Center for Financial Services Innovation (CFSI).
“This year’s competition is bigger and better than ever,” said Arjan Schütte, Managing Partner of Core Innovation Capital. “We expect to, once again, showcase the nation’s most promising entrepreneurs and the products or services they have designed. We want to reward these entrepreneurs who have the potential to transform the financial services industry by serving the needs of the emerging middle class in a way that is meaningful, scalable, and profitable.”
Qualified nominations for this year’s Core Innovators Mega Challenge are:
- Financial products or services targeting the underbanked in the US
- In market or in beta and can be shown in live demonstration at the Forum
- Are not products that have been previously demoed at Core Innovators Challenges (new products by companies that have presented in the past are qualified)
- Are not marketed by Core Innovation Capital’s portfolio companies
- Open only to legal residents of the 50 United States and District of Columbia and Canada who are 18 years or older
All finalists will receive one free ticket to the Forum where they will have unprecedented access to a network of industry leaders and the opportunity to attend a variety of panels, discussions, and events. Featured leaders and innovators speaking at the Forum include David Darnell, Co-Chief Operating Officer, Bank of America; Jonathan Wilk, Head of Product Marketing, JPMorgan Chase; Nigel Morris, Managing Director, QED Investors; Troy Woods, President and Chief Operating Officer, TSYS; Brett King, Founder, Moven; and Ben Knelman, Founder and CEO of the winner of last year’s Core Challenge Juntos Finanzas.
2012 winner Juntos Finanzas creates transformative mobile personal finance tools for cash-based households. Juntos’ products are designed to help families manage their cash flows and save towards goals using a simple text messaging platform that does not require any bank accounts, credit cards, or computers. Since winning the 2012 Challenge, Juntos has capitalized on the opportunities provided through Core and has continued to grow, garnering additional awards in the past year.
To learn more about the Mega Challenge and to nominate a new financial product or service, visit http://www.corevc.com/megachallenge.
For more information about the Forum, visit http://www.americanbanker.com/conferences/cfsi/.
About the Underbanked Financial Services Forum:
The Underbanked Financial Services Forum is the premier event for players across the financial services spectrum. Attendees get the latest information from industry experts and on-the-ground case studies, offering the best strategies and solutions to achieve profitable growth and long-term success. The Forum also offers an exhibit hall focused on underbanked solutions and a variety of networking formats. As awareness of the potential value and demographic diversity of the underbanked market continues to grow, the Underbanked Financial Services Forum remains the single best place to learn from and connect with industry leaders transforming the financial services landscape. To register, visit http://www.americanbanker.com/conferences/cfsi/ or join the conversation at #FreshIdeas13.
About Core Innovation Capital:
Core Innovation Capital is the only venture capital fund that invests exclusively in financial technology companies serving America’s underbanked consumer market. Its target segment consists of more than 60 million consumers, who generate over $1 trillion in annual income and spend more than $45 billion in fees and interest on financial services per year. The fund partners with proven entrepreneurs who seek above market-rate returns and share its vision to improve the lives of low- to moderate income Americans. For more information about Core Innovation Capital, visit www.corevc.com.
About CFSI:
The Center for Financial Services Innovation (CFSI) is the nation’s leading authority on financial services for underserved consumers. Through insights gained by producing original research; promoting cross-sector collaboration; advising organizations and companies by offering specialized consulting services; shaping public policy; and investing in nonprofit organizations and start-ups, CFSI delivers a deeply interconnected suite of services benefiting underserved consumers. Since 2004, CFSI has worked with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com or follow on Twitter at @CFSInnovation.