MassChallenge FinTech Accelerator Launches Backed by Citizens Bank and Fidelity

On May 29, 2018, MassChallenge announced the launch of MassChallenge FinTech, a zero-equity accelerator program designed for later-stage fintech startups. The program is headquartered in Boston and backed by sponsor banks and financial institutions including Citizens Bank, Fidelity Investments, MassMutual, Putnam Investments, John Hancock, and the Massachusetts Competitive Partnership (MACP). Selected startups will participate in a six-month accelerator running from January to June 2019, focused on co-development, product validation, and competing for up to $250,000 in cash prizes.

Citizens Bank emphasized its commitment to advancing digital banking innovation through the initiative, while Fidelity highlighted the value of collaborating with startups for fresh perspectives on business challenges. Additional partners including Eastern Bank and FinTech Sandbox were involved to broaden the fintech-bank partnership ecosystem. Applications opened in August 2018, with the program representing a significant public-private partnership model for driving embedded finance and banking innovation in the Boston fintech corridor.