Seven start-ups, focusing on a range of cloud, security and analytics technologies, have been selected to take part in the Accenture-led FinTech Innovation Lab London project
The project was launched in September with the backing of several leading financial institutions, as well as support from the Technology Strategy Board, City of London Corporation, and London Mayor Boris Johnson, who highlighted the "huge potential to help spur jobs and growth".
A decision has now been made on the, predominantly European, companies, chosen by industry executives from a large number of applicants. The seven participating startups are BehavioSec, Calltrunk, Digital Shadows, Growth Intelligence, Kiboo, Open Bank Project and Waratek.
The firms will occupy a Canary Wharf startup accelerator called Level 39, recently set up by former Tech City Investment Organisation (TCIO) chief executive, Eric Van Der Kleij, for the next twelve weeks.
The project will provide senior level mentoring from financial services, venture capital and angel investment firms, through a series of panel discussions, workshops, coaching and networking. At the end of the project, the chosen startups will get the chance to present to the potential investors at an Investor Day.
One of the companies, Swedish firm BehavioSec, attracted attention with its ‘behavioural biometric’ security software, designed to prevent fraud by analysing unique patterns in the way a desktop, mobile or website user inputs data - such as through typing, clicking or swiping - adding an extra layer to password based security.
Another of the companies, Dublin-based Waratek, has developed technology to allow reduced infrastructure costs using Java programming language for cloud application development and transitioning of existing applications to the cloud. This could enable financial instiutions to move into online and mobile services more quickly.
“It was a tough task selecting from such a strong field of applicants but we are delighted with the seven chosen entrepreneurs,” said Richard Lumb, Group Chief Executive-Financial Services at Accenture. “We believe these innovations can add significant value to the financial sector, and bring benefits to both businesses and consumers.”
London's Deputy Mayor for Business and Enterprise, Kit Malthouse, commented that the FinTech Innovation Lab would have wide-reaching benefits for the financial services sector: “This project has great potential to bring radical new innovations to our financial services industry and strengthen London’s position as one of the world’s leading financial centres,” said Malthouse.
Financial services organisations supporting the project include Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, and Morgan Stanley.
"Technology is a strategic differentiator for financial services firms,” said Guy Chiarello, Chief Information Officer for JPMorgan Chase and one of the participating mentors.
“We are thrilled to be participating in and supporting the FinTech Innovation Lab London, and look forward to fostering this class of talented technology innovators.”