The trade body for the UK's fund management industry, the Investment Association (IA), has extended its fintech accelerator initiative with the launch of a second cohort.
The Velocity initiative was launched in 2018 and has become the IA's fastest growing membership with more than 70 fintech firms signing up in the last six months, five of which comprised the first Velocity cohort in October 2018.
"More than 30 outstanding fintech companies applied to join the first cohort and we look forward to receiving a similar high calibre of applicants for the second cohort," said Chris Cummings, chief executive of the IA.
Prospective fintechs are invited to apply by Monday March 1 and the six month programme is set to begin in May. Features of Velocity include mentoring from a 24 man advisory panel and exposure to industry networks and potential clients, according to the IA.
In addition to the IA's initiative, a number of global asset management firms have launched their own fintech accelerator programmes, in part to recruit new partners but also to encourage more innovation in an industry often seen as less forward-thinking and cutting edge than other financial services sectors and prone to disruption from more nimble and technology-based startups.
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