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June 15, 2017

Fintech firm Innovest teams up with Spinnaker for first foray into Maine

Photo / Renee Cordes
Photo / Renee Cordes
Spinnaker Trust, a Maine-chartered, non-depository trust company based in Portland, is implementing a new fintech platform provided by Innovest Systems LLC, a New York-based company in the growing financial technology field.

Innovest Systems LLC, a fast-growing New York-based company in the burgeoning financial technology, or fintech field, is rolling out a new technology platform for Spinnaker Trust as it hunts for other partners in New England.

"We are absolutely interested and are talking to several other prospects," Maryanne Campbell, Innovest's senior vice president for sales and marketing, told Mainebiz.

"I can't divulge their names, but we are definitely looking at the Maine market and really the entire Northeast, especially expanding from Boston and above," she added.

Innovest CEO Glenn Schmidt said Spinnaker Trust will be Innovest's first client in Maine, though the company's application "really isn't geographically oriented."

The new platform is due to go live on July 1.

Spinnaker Trust opted for Innovest's flagship InnoTrust product after looking at a "very broad spectrum" of options, including outsourcing, according to Ainsley Coll, Spinnaker's director of operations.

"A lot of firms our size are moving towards outsourcing in one shape or another," she said, "but we feel that having our operations in-house helps to enhance our client experience."

Besides being more user-friendly and aesthetically appealing than the current portal, the new, cloud-based portal will allow Spinnaker's clients to aggregate their own data, access multiple accounts through mobile applications, and access tax forms and other documents, which they are not able to currently, she said.

Open architecture

Coll cited InnoTrust's open architecture as a major plus, allowing for a full integration with Spinnaker's existing system for customer relationship management.

"We also wanted to partner with a firm that was willing to collaborate with us and was pro-active about regulation changes and clients' changes," Coll said, "also a company that was interested in creating that great experience for our clients. It's really a lot about innovation, collaboration, flexibility."

Innovest's Schmidt explained that "in the trust banking space, it's not just the type of technology, but it's the openness of our platform … that allows us to partner with people like Spinnaker and give them full access to their own data."

Before the big day in a couple of weeks, various tests and trainings are taking place as Spinnaker gives clients a heads up on what to expect. "We've also taken the opportunity to take a step back and look at how we do things now and what we can do better," said Coll. "We're in the trenches right now."

Spinnaker Trust, a Maine-chartered, non-depository trust company, manages over $1.2 billion for more than 300 clients.

Innovest, a portfolio company of Westport, Conn.-based private equity firm Bluff Point Management, has more than $425 billion in assets in its systems and processes more than 4 million client transactions a month.

For two years in a row Innovest has been named to Deloitte's Technology 500 list of the fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America. It ranked No. 259 in 2016, and No. 375 in 2015.

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