Technology services firm Accenture has teamed up with several major banks and venture capital companies to launch the FinTech Innovation Lab London, a project to accelerate the development of new technologies for use in the financial services industry.
The programme, which is supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board, aims to support start-up companies as they develop and test their innovations in the areas of mobile, data management, analytics, security, and social media.
Six entrepreneurs will be selected to participate in the Lab through a competitive process. To be accepted, applicants must have at least a beta version of their technology available, and demonstrate that access to senior-level executives at financial services firms would have a meaningful impact on the company’s growth prospects.
The Lab consists of a twelve-week programme, in which participants are partnered with senior-level bank executives and successful technology entrepreneurs who will help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations.
The programme culminates with an Investor Day presentation by all six participants in front of an audience of venture capitalists and financial industry executives.
Participating organisations include Bank of America Merrill Lynch, Barclays, Business Growth Fund, Credit Suisse, Deutsche Bank, Euclid Opportunities, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, RBS, UBS, UK Business Angels Association, VocaLink and the UK national payments infrastructure provider.
The Lab is modelled on a similar programme in New York, which has already helped a dozen financial technology start-ups accelerate product development and gain access to executives at some of the world’s leading financial institutions.
“London is the world's number one financial centre and a global leader in technology innovation, which is why the FinTech quest for entrepreneurs is such an exciting proposition,” said the Mayor of London, Boris Johnson.
“The project has huge potential to help spur jobs and growth and I'm sure will attract some very bright minds whose inventions could help to revolutionise the financial services of this great city.”
Antony Jenkins, Barclays Group Chief Executive, added that the FinTech Innovation Lab London would “cement London’s position as a global leader in financial services and technology innovation”.
Entrepreneurs wishing to participate in the programme can apply via the FinTech Innovation Lab website before 1 November.