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Artificial Intelligence Big Data systems and a much easier way of paying bills by smartphone are among the new innovations from seven financial technology entrepreneurs selected to participate in this year’s FinTech Innovation Lab London.
The Lab, which was launched by Accenture (NYSE:ACN) in 2012, is a collaboration between Accenture and leading financial institutions in London, supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board. It is designed to nurture early-stage companies from the UK, Europe and elsewhere that are developing new technologies for the financial services sector. Annual venture investment in such technologies nearly tripled globally between 2008 and 2012, according to CB Insights.
The seven startups were chosen by leading industry executives from a wide range of applicants and will receive senior level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions. Those taking part in the program include: Erudine, FinGenius, Logical Glue, PhotoPay, PixelPin, Squirro and uTrade. Their innovations include advanced analytics systems, collaborative, open source trading systems, and financial control systems.
Richard Lumb, Group Chief Executive – Financial Services at Accenture said: “In the past nine months, the startups involved in the 2013 FinTech Innovation Lab London have collectively raised over $10 million in investment and have increased employees by 41 percent. More than half of the class have doubled their revenues since graduating from the program. After last year’s success, we have seen a major increase in applications from outstanding fintech companies and are extremely excited to be working with this year’s seven entrepreneurs.
“The FinTech program reflects our ongoing commitment to our local communities. It is these innovative technology startups that are essential to promoting economic development and help to keep London as a global financial center. It is these innovative technology startups that are essential to promoting economic development and help to keep London as a global financial center.”