FitPay is the winner of the $50,000 Wearable FinTech Startup Challenge organised by Comerica Bank and RocketSpace.
Five finalists were up for top honours and after some exhaustive judging from the local judges, FitPay came out on top. The others in with a chance were UpDownLeftRight, Amitee, Bridgecrest Medical and Ascenden.
The five took part at a live pitch event hosted at RocketSpace’s tech campus on 3 December, 2015. Orange Mocha Frappuccino anyone?
President of Comerica’s Tech and Life Sciences Division Greg Belanger said: “We were very impressed with the quality of the presentations at the pitch night event. These entrepreneurs are creating technology that has the potential to add tremendous value to people’s lives.”
FitPay aims, it says, to bring payment capabilities to wearable devices by removing all of the ‘heavy lifting’ for wearable manufacturers, consumers, credit card issuers and the card networks to enable payments by delivering an all in one solution.
FitPay’s CEO & Co-Founder Michael Orlando said: “We are thrilled to have been selected as the winner of the Comerica RocketSpace Wearable FinTech Challenge from among such innovative startups. This event demonstrates Comerica’s commitment to innovation and significant support for the startup community. This will be a huge step to bring our payment platform for wearable devices to market.”
The startups were judged on innovativeness, disruption potential, scale potential, readiness for market and revenue potential. Judges were Rose Figliano, Senior Manager, Corporate Innovation Services at RocketSpace; Annie Gaus, Tech Reporter at the San Francisco Business Times; and, Tina Hui, CEO and Founder of Follow the Coin.
The challenge originates from a partnership between Comerica Bank and RocketSpace to encourage further innovation in FinTech and empower entrepreneurs to fast-track their big idea.
VP and GM of Corporate Innovation Services at RocketSpace Michaele McConomy said: “Startups are the lifeblood of innovation and are bringing new, game-changing products to market at breakneck speed. This contest was a celebration of entrepreneurship and addressed the critical foundation that any innovation team – whether you’re a startup or global corporation – must have to transform an idea into a reality.”