Oliver Wyman Announces Winners of FintechNOW Brazil 2017 Contest
Nov 28, 2017
São Paulo, November 28, 2017 – Global consulting firm Oliver Wyman and Brazilian law firm Pinheiro Neto Advogados today announced the winners of their annual FintechNOW Brazil competition. iFood, the largest online food delivery service in Brazil and Foxbit, the leading bitcoin exchange in Brazil were awarded customized strategy projects from Oliver Wyman.
"Both winning fintechs presented high potential in their initiatives, with thought-provoking projects aligned with our expertise," said Michael Wagner, a partner at Oliver Wyman. "In addition to contributing to the development of startups, the opportunity to work with these companies helps us leverage our global intellectual capital in new industries."
The project being developed by Oliver Wyman for iFood will help the startup set the entry plan for a range of strategic financial solutions such as mobile wallets, enabling users to upload debit and credit card data on their cell phones, point-of-sale (POS) terminals for card payments, and financial products for restaurants.
The project for Foxbit by Oliver Wyman will be the development of a strategy for the fintech to stay ahead of the market's innovation curve and expand to other registration and blockchain database solutions and cryptoassets.
Eight fintechs entered the competition from March through September of this year. The companies were from various segments of the financial services sector as well as companies who have strategic data and assets that enable financial product development. The companies presented project proposals that would address their main strategic challenges. The winning startups were selected based on their business models, market potential and level of competitive differentiation as well as innovation, trajectory and impact.
One distinguishing feature of this contest was the active participation of Oliver Wyman as a partner of the fintechs throughout the process. Oliver Wyman partners attended discussions and evaluation panels, and gave the teams exposure to clients in the financial market.
The contest was organized by Oliver Wyman in partnership with a leading Brazilian law firm, Pinheiro Neto Advogados, with the purpose of identifying fintechs with challenges and innovative ideas. The 2018 FintechNOW edition of the competition will launch in the second quarter of 2018. In addition, Oliver Wyman will launch a sister initiative that will evaluate civic tech projects, startups that develop public utility solutions, targeting the population and the government.
For more information, please contact Innovation.Brazil@oliverwyman.com
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across nearly 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 4,500 professionals around the world who help clients optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.