With its global financial hub, London has firmly entrenched itself as an active center for the fintech community. As a result, the city has attracted various bank and government backed fintech programs matching startups with established financial firms.
Continuing that trend, is the opening of the fourth class for the FinTech Innovation Lab London. The program is presented by Accenture, with participation from global banks including newcomer Societe Generale along with Barclays, Citi, HSBC, Goldman Sachs and others.
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Launched in 2012, the current class is open to 15 fintech startups that will participate in the twelve-week program, culminating in a March Investor Demo Day. As part of the program, startups will receive mentorship from the Innovation Lab to assist in fine-tuning their products, as well as connections to bank executives for potential collaboration.
According to the FinTech Innovation Lab, along with similar programs hosted in New York, Dublin and Hong Kong, alumni of the accelerator program have gone on to raise over $240 million in funding after participating. In regards to the London program, of the 21 startups that participated in the first three classes, they have signed more than 50 business contracts with banks and increased revenues by more than 170% on average.
Commenting on the opening of the fourth class, Julian Skan, Accenture Managing Director of the FinTech Innovation Lab London, stated, “There are many talented entrepreneurs who are creating products and services that have the potential to disrupt the industry, and game-changing technologies that can help financial institutions enhance their operations. By bringing them together with senior decision makers from the world’s leading financial services firms, the Lab can both act as catalyst to new innovation and help financial institutions to adapt and push forward the transformation of the industry.”