Fintech startups chosen to participate in Accenture’s FinTech Innovation Lab London for 2016 were announced today. Altogether, 15 companies were chosen for the twelve week accelerator program, and will gain mentoring and industry experience as they develop and scale their fintech products.
Being accepted are AimBrain, Albert, AlgoDynamix, Clausematch, Contego, Crowdaura, Cutover, PassFort, PayKey, Quotip, SBDA Group, Talent Rank, Undo, Voleo, and ZeroDB. Led by Accenture, the program also includes participation from representatives of major financial firms including Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Intesa Sanpaolo, JPMorgan, Lloyds Banking Group, Morgan Stanley, Nationwide, RBS, Santander, Societe Generale and UBS.
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Among the startups, the Innovation Lab chose a wide variety of firm types. Among them are firms that wouldn’t be considered traditional fintech specific startups, but are creating products that can serve the financial industry. They include Undo which is developing solutions to help developers improve software quality and ZeroDB who has developed an end to end encrypted database protocol for securing cloud based services. Also included is Cutover who recently participated in the Barclays Accelerator, but whose IT management solution isn’t specific for the financial industry.
Also being represented are startups building solutions for the compliance industry. The largest faction of firms in the Innovation Lab, they represent a growing demand among financial firms for accounting and compliance related solutions due to meeting regulatory changes.
Of these firms, two are involved with the account verification. They include AimBrain which has developed a mobile based biometric authentication platform and Contego that has created a product to offer real time identity checks of personal and business customers.