The students, Sylvester Wee and Akshay Amin, aimed to address “credit card overload” by developing a product that consolidates all of a user’s credit cards into one physical card. Further, the duo developed an algorithm to manage spending and a separate function for credit reporting and recommendations.
According to Galileo, more than 500 participants took part in the three-week “hackathon.” There, projects competed to develop solutions to pressing fintech issues like financial inclusion and literacy. DataSpot and Savey were runners-up in the contest. The former is a mobile platform used to protect customer data using distributed computation while the latter gives customers suggestions on which credit card to use in order to maximize rewards and points.
“By naming this hackathon ‘The Global Innovation Challenge,’ we set the bar high for ingenuity, but participants didn’t shy away, and they delivered innovative products that set the stage for the future of fintech,” said Clay Wilkes, Galileo CEO, in a statement. “After witnessing the creativity and talent behind projects like ChrysCard, DataSpot, Savey and EVVA Community Fund, I'm more certain than ever about the potential of the next iteration of fintech innovation.”
Wilkes, joined Managing Director of Financial Wellness Solutions Development & Integration at TIAA Chianoo Adrian and Bain Capital Ventures investor Allison Xu as judges in the competition.
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Additionally, according to Galileo, EVVA Community Fund was presented with the Galileo Innovation Award. This award recognizes a project that exemplifies the best use of Galileo’s Instant API as a means to construct “digital banking functionality.”
“Built by Abraham Guzman, EVVA is a community donation platform aimed at supporting small businesses in Mexico impacted by COVID-19,” reads the announcement. “Through its digital banking and donation platform, customers can open a low-risk, high-yield investment account, where 25 percent of the maintenance fee is donated to EVVA’s community fund or the business of their choice.”
According to information from CB Insights, the winning team in the hackathon was awarded $5,000 and both the winning team and runners-up were afforded the opportunity to meet with top executives who helped craft the challenge. Further, all the finalists were allowed to meet with a judge of their choosing.
“Being able to incorporate the Global Innovation Challenge into the programming at CB Insights Future of Fintech this year was a privilege, which we hope to continue for years to come,” said General Manager of CB Insights Events Rebecca Sausner. “CB Insights is dedicated to helping its clients discover the new products and ideas that private companies are developing. A hackathon takes that mission even earlier into the innovation cycle by enabling our clients to pose challenges to the global fintech community and watch as innovative products are created and presented.”