California-based InvestCloud is opening a fintech incubator and accelerator in London, inviting firms to take advantage of its platform in developing digital wealth management tools.
With Brexit clouds still looming, the move has been welcomed by deputy mayor of London Rajesh Agrawal, who says it is a sign that "London is open for business and innovation".
The 9,000 square foot Soho hub - opening this Summer - will follow the model of InvestCloud's LA technology centre, providing a space for teams from banks, wealth managers and early-stage fintech startups to undertake ‘residences’ to accelerate the development of new digital efforts.
Members will have access to their own InvestCloud Sandbox with more than 200 financial apps, over 2,000 APIs, integrated market data, news, financial and accounting data, and a document repository.
The Sandbox also provides members with InvestCloud mentors offering guidance on funding, design, build, sales and marketing, distribution and production support.
John Wise, InvestCloud's Brit co-founder and CEO, says: "It’s no secret that the financial services industry is behind the curve when it comes to digital. Many projects cost millions only to be scrapped, and the failure rates for startups are incredibly high.
"InvestCloud’s Innovation Centres ensure success for these projects - allowing teams to innovate and ideate quickly, drawing on the experience of the Innovation Centre team and the wealth of capability within the InvestCloud app library."