Fintech Innovation Lab London Kicks Off Largest Programme in Its Five-Year History
16 January 2017 - 8:27PM
Business Wire
The 20 innovative startups chosen from among more than 300
fintech entrepreneurs around the globe who applied for Accenture’s
(NYSE:ACN) FinTech Innovation Lab London represent the largest
class in the London Lab’s five-year history. This year’s programme
also received the greatest number of applicants, with increased
interest from startups in the Middle East, Turkey, Russia, the
Nordics and North America.
As part of the 12-week programme, the startups are partnered
with senior bank and insurance executives to help them fine-tune
and develop their technologies and business models. Eight of the 20
shortlisted startups will be selected to present at the programme’s
Graduation Day on March 30 to a group of venture capitalists and
financial-industry executives.
Fintechs offering artificial intelligence (AI), blockchain and
gamification technology for banks and insurers are among the
selected startups in this year’s programme, which for the first
time includes a dedicated stream for insurtech entrepreneurs.
Innovations by this year’s startups aim to address a number of
societal issues, including:
- Financial literacy and money management
challenges among UK consumers;
- The affordability crisis of the UK
rental market; and
- The cost of insurance via improved
identification of fraudulent claims.
“The transformation requirements that the financial services
industry must undertake to remain relevant arguably pose a bigger
challenge than the immediate geo-political uncertainty casting a
shadow over the industry,” said Tom Graham, programme director of
Accenture’s Fintech Innovation Lab London. “Innovation must
continue. The FinTech Innovation Lab London is helping startups
forge ties to thrive at home and abroad. This opportunity offers
light-bulb moments to banks and insurers with exciting innovations
that can help make financial services work better for consumers and
the broader economy.”
Mentors in the programme come from 28 financial institutions:
Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse,
Goldman Sachs, HSBC, JPMorgan, Lloyds Banking Group, Morgan
Stanley, Nationwide, RBS, Intesa Sanpaolo, Santander, Société
Générale, UBS, Rabobank, Standard Chartered, OP Financial Group,
IF, MS Amlin, AIB, AXA, RSA, AIG, TowerGate, Ageas, Liverpool
Victoria and XL Catlin.
Sigga Sigurdardottir, Head of Customer and Innovation, Santander
said: “We’re excited to be part of the FinTech Innovation Lab. It’s
positive to see London take a leading role in shaping and defining
the global fintech innovation agenda.”
“Being an active member of an ecosystem that is designing the
future of banking is one way we will make good on our goal to help
people and business prosper. Our innovation strategy is centred on
openness and collaboration and we recognise that start-ups are the
lifeblood of our economy. We are committed to supporting innovation
in the UK, it is the foundation upon which the country will build a
successful technology industry.
Piyush Patel, MS Amlin's chief operating officer, said,
"Insurtech has risen through the ranks to become a growth area in
its own right with the potential to fundamentally transform the
industry. I am thrilled to see part of the programme dedicated to
bringing insurers and entrepreneurs together to navigate the future
of insurance."
The FinTech Innovation Lab London, launched by Accenture in
2012, is a collaboration between Accenture and leading financial
institutions. This year the Lab is being held in the Trampery
Republic a new innovation facility at East India in London’s
Docklands.
The 20 startups taking part this year – broken up across four
streams, tailored to specific financial services sectors and
business needs – are:
Corporate and Investment Banking
- Neuroprofiler
- Traderiser
- SamurAI
- Origin
- TheMarketsTrust Ratings
Retail Banking
- Enforcd
- Big Data Scoring
- Bud
- Akoni
- Lifescale
Insurance
- Digital Fineprint
- Kabzy
- SPIXII
- InsureStreet
- Kasko
Tech4Tech
- RELAYTO/INTERACTIVE DOCUMENTS
- CountOpen
- Secure Code Warrior
- Harmony
- Chronicle Software
The FinTech Innovation Lab London is modelled on a similar
programme that was co-founded in 2010 by Accenture and the
Partnership Fund for New York City, the US$150 million investment
arm of the Partnership for New York City. Accenture launched
two other Labs in 2014: the FinTech Innovation Lab
Asia-Pacific in Hong Kong and the FinTech Innovation Lab
Dublin in Ireland. Globally, the Labs’ alumni companies have
raised more than US$386 million in venture financing after
participating in the programme. Four participants from the New
York FinTech Innovation Lab have been acquired, including
Standard Treasury and BillGuard. Since passing through the London
programme, the 36 companies that participated have increased
revenues by 170 percent on average.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With more than 394,000
people serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us
at www.accenture.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170116005095/en/
AccenturePetra Shuttlewood, + 44 7788
305373petra.shuttlewood@accenture.comorAccentureNatalie de Freitas,
+ 44 7988 165382natalie.de.freitas@accenture.com
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