Opening early next year, it will occupy the entire 29,000 square foot 39th floor of One Canada Square, providing a "sophisticated office and social space" for small businesses to create, test, market and deliver financial technology products and services.

Surrounded by financial services giants, the site will aim to bring transparency, competitiveness and client services to the industry, acting as a focal point for Europe's fintech innovators, complementing other clusters in the City Fringe, West End and South Bank.

Mayor of London, Boris Johnson, says: "Attracting the brightest entrepreneurial minds is crucial if London is to maintain its position as the world's foremost financial centre. Level39 is sure to foster talent and help the capital's technology and financial sectors flourish, in turn driving jobs and growth."

The space will have a set of 'sandboxes' which will enable accelerator programmes, software engineers and builders of financial services platforms to refine, test and showcase their products. Meanwhile, a 'Unique Technology Tunnel', capable of showing live data and incorporating interactive technology, will lead to the 200 seat event space.

Charles Claisse, head, corporate at law firm Kemp Little, says: "Financial institutions are increasingly reliant upon technologies to satisfy these requirements and their business needs - it makes sense for them to engage with businesses developing this technology and, in some cases, for them to invest."

The initiative will be led by Eric Van Der Kleij, who adds: "This will be a place for industry experts to come together, share knowledge and develop up-and-coming talent with a view to bringing new products and services to the market."