Societe Generale, new to programme this year,
joins 15 other leading banks in support of FinTech Innovation Lab
London
Accenture (NYSE:ACN) and 16 leading financial institutions have
opened the application period for the fourth annual FinTech
Innovation Lab London, kicking off a search for the top financial
technology (fintech) innovators in the United Kingdom (UK), Europe
and elsewhere. Fintech entrepreneurs developing disruptive new
products, services and technologies are invited to apply from now
through Sept. 18 at
http://www.fintechinnovationlablondon.co.uk/applications.aspx.
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Launched by Accenture in 2012, the FinTech Innovation Lab London
is a 12-week mentoring programme that helps fintech entrepreneurs
accelerate product development and gain exposure to leading
financial-industry executives. The 15 startups selected to
participate in the programme, which begins next January, will be
partnered with senior-level bank executives who will help them
fine-tune and develop their technologies and business strategies.
Six of the startups will ultimately be selected to present at an
Investor Day in March 2016 in front of venture capitalists and
financial-industry executives.
This year, Societe Generale has joined in support of the FinTech
Innovation Lab London. The other financial institutions
participating in the London Lab are Bank of America Merrill Lynch,
Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC,
Intesa Sanpaolo, JPMorgan Chase, Lloyds Banking Group, Morgan
Stanley, Nationwide, RBS, Santander and UBS.
“We are thrilled to join the group of banks that will help
mentor and shape the technologies of the leading startups selected
for the FinTech Innovation Lab London this year,” said Carlos
Goncalves, Chief Information Officer, Global Banking & Investor
Solutions at Societe Generale. “Societe Generale is committed to
applying new, innovative technologies to enhance the products and
services we provide to our clients, and the Lab provides us with a
great pipeline to innovation.”
Ashok Vaswani, CEO, Personal and Corporate Banking, Barclays,
said, “Emerging technologies are transforming financial services
and should be firmly embraced to ensure we stay at the cutting edge
for our customers and clients. The FinTech Innovation Lab London
brings together disruptive innovators, corporates, resources and
support networks to accelerate the speed of innovation and is an
important initiative to help shape the future of our industry.”
“The financial services industry is being re-imagined by the
accelerated adoption of new technologies by financial institutions
and a corresponding surge of innovation and new ideas from small,
entrepreneurial companies across the UK and Europe,” said Julian
Skan, Accenture managing director overseeing the FinTech Innovation
Lab London. “There are many talented entrepreneurs who are creating
products and services that have the potential to disrupt the
industry, and game-changing technologies that can help financial
institutions enhance their operations. By bringing them together
with senior decision makers from the world’s leading financial
services firms, the Lab can both act as catalyst to new innovation
and help financial institutions to adapt and push forward the
transformation of the industry.”
More than US$240 million raised globally in new investments
by FinTech Innovation Labs’ alumni companies
The London Lab is modeled on a similar programme that was
co-founded in 2010 by Accenture and the Partnership Fund for New
York City, the US$115 million investment arm of the Partnership for
New York City. Accenture launched two other Labs in 2014: the
FinTech Innovation Lab Asia-Pacific in Hong Kong and the FinTech
Innovation Lab Dublin in Ireland.
Globally, the Labs’ alumni companies have raised more than
US$240 million in financing after participating in the programme.
One company from the New York FinTech Innovation Lab was acquired
last year for US$175 million. The 21 companies that have passed
through the London programme have signed more than 50 contracts to
do business with banks and on average have increased revenues by
170 percent since participating in the Lab.
“The FinTech Innovation Lab London is the only accelerator
programme in the UK that gives access to senior executives across
16 of the largest banks in the world,” said Christian Nentwich, CEO
of Duco, who participated in the programme last year. “It would
have taken us years to meet these executives without participating
in the Lab, and the advice and mentoring they provided were
invaluable because they helped sharpen our value propositions.”
“Participating in the programme was a pivotal time for Digital
Shadows and without it we would not be where we are today,” said
Alastair Paterson, CEO of Digital Shadows, who participated in the
inaugural FinTech Innovation Lab London. “The learnings we gained
from rapidly prototyping our product and the pilots we sold to
banks after the Lab helped us raise our critical first round of
venture capital financing. It’s an intense three-month programme,
but the connections and learnings we made were well worth it.”
Europe is the world’s fastest-growing region for fintech
investment
Global fintech investment tripled from US$4.05 billion in 2013
to US$12.2 billion in 2014, according to an Accenture report issued
in March. While the United States still captures the lion’s share
of fintech investment, Europe experienced the highest growth rate,
with an increase of 215 percent, to US$1.48 billion in 2014.
The UK and Ireland accounted for more than two-fifths (42
percent) of the European total, as investment in the region rose
from US$264 million in 2013 to US$623 million in 2014. In the rest
of Europe, the regions that experienced the most significant levels
of investment in 2014 were the Nordic countries ($345 million), the
Netherlands ($306 million) and Germany ($82 million).
“In addition to capital, startups need help navigating the
challenges that early-stage companies face, particularly in a
complex, highly regulated industry such as financial services,”
said Richard Lumb, group chief executive of Financial Services at
Accenture. “Our Labs offer a unique opportunity for fintech
entrepreneurs to benefit from the experience of senior executives
from the world’s leading financial institutions. This senior-level
mentoring enables them to not only test and improve their
technologies, but also to find new business applications and growth
opportunities they might not have envisioned. These new
technologies are reshaping the financial services industry, and we
want to help lead this transformation through our Labs.”
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 336,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page is www.accenture.com.
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AccentureFrancois Luu, + 33 660 538
428francois.luu@accenture.com
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