London, 11 August 2014 – Accenture (NYSE: ACN) and 14 leading financial institutions have opened the application period for the third annual FinTech Innovation Lab London, a 12-week mentoring program that helps early and growth stage financial technology entrepreneurs accelerate product development and gain exposure to leading financial industry executives. Entrepreneurs developing potentially game-changing technologies for financial services particularly in the areas of Big Data and analytics, mobile and wireless, payments, risk management, security, compliance, and social media and collaboration technologies are invited to apply from now through September 14, 2014 at www.fintechinnovationlablondon.co.uk.
This year, Nationwide and Santander have joined in support of the Lab alongside a dozen other major institutions, including Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, and UBS. Supporting institutions help select the Labs seven participating entrepreneurs and provide senior-level mentoring throughout the program.
Richard Lumb, Group Chief Executive-Financial Services at Accenture said: We are delighted by the growth and progress of the Lab and welcome Santander and Nationwide as its newest supporters. The growing momentum behind the program shows the value of technology innovation in financial services and the great opportunity London has to lead in this category. We look forward to hearing from the talented young entrepreneurs across the UK and Europe who wish to participate this years program.
The FinTech Innovation Lab London is also supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board. Other supporting organizations include Euclid Opportunities, The Greater London Authority, UK Business Angels Association and Vocalink.
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.
The previous participants in the FinTech Innovation Lab London include BehavioSec, Calltrunk, Digital Shadows, Erudine, FinGenius, Growth Intelligence, Kiboo, Logical Glue, Open Bank Project, PhotoPay, PixelPin, Squirro, uTrade and Waratek. The alumni companies have raised more than $10 million in venture financing since participating in the program.
The Lab is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010. The New York Labs 24 alumni companies have raised more than $76 million in venture financing after participating in the program; one participant was acquired for $175 million. In June 2013, Accenture launched the FinTech Innovation Lab Asia-Pacific in Hong Kong. Global investment in fintech ventures has more than tripled from $928 million in 2008 to $2.97 billion in 2013, according to a March report released by Accenture.