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Applications Open For FinTech Innovation Lab London

Stocks in this article: ACN

Accenture (NYSE: ACN) and leading banks have opened the application period for the second year of the FinTech Innovation Lab London. Designed to help accelerate the development of cutting-edge technology for commercial application in the financial services industry, the FinTech Innovation Lab London is a 12-week program that helps early and growth stage financial technology innovators accelerate product development and gain exposure to leading financial industry executives. Applicants can enter at www.fintechinnovationlablondon.co.uk from now until September 8, 2013.

Supporters of the Lab include Bank of America, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, RBS, UBS, and others, supported by the Mayor of London, City of London Corporation and UK Trade & Investment. Also involved are independent advisors Euclid Opportunities, the Technology Strategy Board and UK Business Angels Association.

Richard Lumb, Group Chief Executive-Financial Services at Accenture, said: “After the outstanding applications we had last year, we look forward to finding another group of ground breaking entrepreneurs for the 2013 program. London’s future as a financial center depends on innovation and this Lab can make a real contribution to promoting economic development and technology growth in the capital.”

Kit Malthouse, Deputy Mayor of London for Business and Enterprise, said: “London is now the leading digital city in Europe home to a dynamic community of tech giants, entrepreneurs and new start-ups. The Mayor and I are committed to creating the right conditions for this sector to flourish further still. The FinTech Innovation Lab marries finance and technological innovation and we are delighted to see it entering its second year.”

The FinTech Innovation Lab London

The Lab is looking for cutting-edge technologies for the financial services sector in the United Kingdom, Europe and internationally – particularly in the areas of mobile, payments, Big Data and analytics, security, and social media.

  • Chief technology officers and senior technology executives from the financial institutions will select six entrepreneurs 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. Lab participants from outside London are required to relocate to the city during the program and are provided workspace
  • The Lab consists of a twelve-week program, 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
  • It culminates with an Investor Day presentation by all six participants in front of an audience of venture capitalists and financial industry executives in March 2014

Barclays Chief Operations and Technology Officer Shaygan Kheradpir, said: "The increasing role of technology in financial services is accelerating the pace and breadth of innovation and driving the kind of cutting-edge services which our customers and clients demand. The entrepreneurial approach that the FinTech Innovation Lab London delivers is exactly the kind of capability that this industry needs and we are delighted to be supporting it."

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