Sound Credit Union, University of Washington Tacoma Announce FinTech Incubator Winner
July 27, 2023
Sound Credit Union (Sound) in partnership with the Milgard Center for Business Analytics at the University of Washington Tacoma (UWT), recently announced Prasanth Chaitanya Gupta Arisetty as the winner of the 2023 FinTech Incubator Challenge.
Arisetty is the founder of Spendalyze, an app that tracks and analyzes transactions across all bank accounts and provides personalized offers to assist users with financial management.
In 2021, the Tacoma, Washington-based Sound and UWT launched the competition, seeking financial technology innovators interested in creating financial tools that would help consumers both manage their finances and build their financial confidence.
Sound and UWT selected three finalists who presented to a panel of judges in late June. The panel included representatives from Sound’s executive management team, leaders from UWT, local community partners, and the Tacoma Venture Fund.
Arisetty said the competition was an invaluable experience that greatly enriched his entrepreneurial journey.
“Throughout the event, I was exposed to a wealth of knowledge and resources that accelerated my learning and honed my skills in the fintech space,” Arisetty said. “The panel of experts, comprised of seasoned professionals from the industry, provided invaluable feedback and guidance, which further fueled my growth and development. Their insights and constructive criticism have become a cornerstone of my success, guiding me towards refining my product and business strategy.”
Spendalyze captured the attention of the judges. “This tool creates a user-friendly experience for consumers to view all of their transactions from across bank accounts, manage subscriptions, and assists in preventing fraud,” said Charlene Henson, senior vice president and chief retail officer at Sound. “The app also focuses on analyzing the transactions using machine learning and provides personalized offers based on user spending by connecting users with the local merchants, thereby benefiting both parties.”
Arisetty received $10,000 in total cash prizes from Sound and a renewable 6-month membership for CoMotion Labs in Seattle.