FinTech Innovation Lab accelerator launches in London
FinTech Innovation Lab London launched today as an accelerator for technology startups in the financial services industry. FinTech Innovation Lab London is modeled on a similar one in New York. FinTech plans to select 6 startups to participate in the 12 week program in London. Companies get the usual sort of accelerator support except (this is a big 'except') there isn't any mention of funding on the FinTech London website. The US lab offers participants a convertible loan of $25,000 so maybe the London site will do something similar. The program starts January 7 and finishes on March 22.
They have an impressive list of companies that are involved including Bank of America, Merrill Lynch, Barclays, Business Growth Fund, Credit Suisse, Deutsche Bank, Euclid Opportunities, HSBC, JPMorgan Chase, Morgan Stanley, RBS, UBS, UK Business Angels Association, and VocaLink, the UK national payments infrastructure provider, and other leading institutions.
Richard Lumb, Group Chief Executive-Financial Services at Accenture, said: "This program can make a big difference to the commercial success of new technologies by bringing innovators and entrepreneurs together with their potential customers. This is important to this country, where we have brilliant innovators who are striving for commercial success."
Applicants can apply to the Lab until November 1 at www.fintechinnovationlablondon.co.uk. They want applicants to have at least a beta version of their technology available, and to be able to demonstrate that they'd benefit from the type of mentorship the lab offers.
You can read a press release here: https://www.fintechinnovationlablondon.co.uk/news.html