FinTech Innovation Lab London Opens Applications for Fourth Class

With its global financial hub, London has firmly entrenched itself as an active center for the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term community. As a result, the city has attracted various bank and government backed fintech programs matching startups with established financial firms.

Continuing that trend, is the opening of the fourth class for the FinTech Innovation Lab London. The program is presented by Accenture, with participation from global banks including newcomer Societe Generale along with Barclays, Citi, HSBC, Goldman Sachs and others.

Launched in 2012, the current class is open to 15 fintech startups that will participate in the twelve-week program, culminating in a March Investor Demo Day. As part of the program, startups will receive mentorship from the Innovation Lab to assist in fine-tuning their products, as well as connections to bank executives for potential collaboration.

According to the FinTech Innovation Lab, along with similar programs hosted in New York, Dublin and Hong Kong, alumni of the Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term program have gone on to raise over $240 million in funding after participating. In regards to the London program, of the 21 startups that participated in the first three classes, they have signed more than 50 business contracts with banks and increased revenues by more than 170% on average.

Commenting on the opening of the fourth class, Julian Skan, Accenture Managing Director of the FinTech Innovation Lab London, stated, “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.”