BMW Financial Services is setting up an innovation lab and accelerator programme to find startups that can bring fresh perspectives to vehicle financing and insurance.
Run in partnership with corporate innovation firm and investment fund L Marks, BMW says it wants to attract young companies with disruptive technologies that can be used to speed up development of new financial services products and bring them to market faster.
Mike Dennett, CEO, BMW Group Financial Services UK, says the lab will "allow us to explore customer-focussed initiative from young, energetic and talented small companies, while at the same time offering them the chance to gain exposure to a range of experienced mentors and potential investors".
Successful applicants for the 10-week programme will be offered free office space and product validation and testing opportunities with the firm's top staff and customers. Access to funding from L Marks both during and post-graduation will also be on the table.
Companies have until 31 July to submit their applications.