Seven financial technology startups have won the chance to present their ideas to a panel of banks and investment firms at Accenture's London FinTech Innovation Lab, in what many market-watchers are expecting to be a break-out year for innovation in financial services.
Accenture is hosting the FinTech Innovation Lab London for the third consecutive year, at the Canary Wharf-based accelerator space Level39.
The seven startups will be mentored for 12 weeks by executives from financial services, venture capital and angel investment firms through a series of panel discussions, workshops, leadership coaching and networking opportunities.
At the end of the programme, the entrepreneurs will be given an opportunity to present their concepts to potential investors and participating industry executives at an Investor Day, hosted at Royal Bank of Scotland’s offices on 26 March, 2015.
Simon McNamara, chief administrative officer, Royal Bank of Scotland, says: “Advances in technology and shifts in customer expectations bring both disruption and opportunity, and we need to recognise that banking is now a digital business. Our work with fintech startups can help us to respond to this challenge and help them achieve their business goals.”
The companies taking part are: Atsora, Cytora, Duco, PontusVision, Ripjar, Torusware and xWare42. Their innovations include a social media monitoring and analysis platform, cloud-based data management systems and technology to improve the performance of latency-sensitive applications.
Richard Lumb, group chief executive, financial services, at Accenture, says that the first 14 companies to have passed through the programme since its inception have so far raised more than $25 million in new investment and signed nearly 50 contracts to do business with banks.
“Commercialising innovations is often the toughest challenge for entrepreneurs and that’s why it is so valuable to bring these early-stage companies together with their potential customers," he says. "The Innovation Lab programme also gives banks new exposure to the technologies they need to stay ahead."