Accenture has selected 15 innovators for its 2016 FinTech Innovation Lab London, which aims at nurturing fintech start-ups that are developing new technologies for the financial services sector. The 15 selected companies will follow a twelve week programme during which they will be mentored by leading financial institutions. At the end, six of them will get the opportunity to present their concept to potential investors.
FinTech Innovation Lab London
Launched in 2012, the FinTech Innovation Lab London is a collaboration between consulting firm Accenture and several leading UK financial institutions*, supported by the Mayor of London, the City of London Corporation and Innovate UK. The Lab has been established to help FinTech (financial technology) entrepreneurs accelerate their product development, while giving the participating banks exposure to the technologies they need to stay ahead.
Every year, Accenture selects several start-ups for its FinTech Innovation Lab London. The chosen participants will enter in a mentoring programme, hosted at Level39, during which they will be partnered with senior-level bank executives who will help them fine-tune and develop their technologies and business strategies. During the 12 weeks, the start-ups will participate in panel discussions, workshops, leadership coaching and networking opportunities.
For the 2016 edition of the programme, 15 innovators have been selected, six of which six will get the opportunity to present their concepts to potential investors and participating industry executives at an Investor Day in April 2016. An overview of this year’s selected companies:
“The disruption of financial services by FinTech entrepreneurs continues at speed” comments Richard Lumb, group chief executive of Financial Services at Accenture. “We’re incredibly excited about working with this year’s entrepreneurs to make banking better, cheaper and faster. They offer some exciting innovations and have demonstrated exceptional creativity in what has been a record breaking year for applications from more than 30 countries, confirming that London is very much the centre of Europe’s thriving FinTech community.”
In addition to Accenture, EY also launched an intense mentoring programme for technology start-ups, titled the EY Startup Challenge, to find technology solutions for companies to tackle data privacy issues.
* Financial institutions supporting the FinTech Innovation Lab London include Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Intesa Sanpaolo, JPMorgan, Lloyds Banking Group, Morgan Stanley, Nationwide, RBS, Santander, Societe Generale and UBS.