Welcome!

News Feed Item

Seven Leading Financial Technology Innovators Selected for the FinTech Innovation Lab London

Artificial Intelligence Big Data systems and a much easier way of paying bills by smartphone are among the new innovations from seven financial technology entrepreneurs selected to participate in this year’s FinTech Innovation Lab London.

The Lab, which was launched by Accenture (NYSE:ACN) in 2012, is a collaboration between Accenture and leading financial institutions in London, supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board. It is designed to nurture early-stage companies from the UK, Europe and elsewhere that are developing new technologies for the financial services sector. Annual venture investment in such technologies nearly tripled globally between 2008 and 2012, according to CB Insights.

The seven startups were chosen by leading industry executives from a wide range of applicants and will receive senior level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions. Those taking part in the program include: Erudine, FinGenius, Logical Glue, PhotoPay, PixelPin, Squirro and uTrade. Their innovations include advanced analytics systems, collaborative, open source trading systems, and financial control systems.

Richard Lumb, Group Chief Executive – Financial Services at Accenture said: “In the past nine months, the startups involved in the 2013 FinTech Innovation Lab London have collectively raised over $10 million in investment and have increased employees by 41 percent. More than half of the class have doubled their revenues since graduating from the program. After last year’s success, we have seen a major increase in applications from outstanding fintech companies and are extremely excited to be working with this year’s seven entrepreneurs.

“The FinTech program reflects our ongoing commitment to our local communities. It is these innovative technology startups that are essential to promoting economic development and help to keep London as a global financial center. It is these innovative technology startups that are essential to promoting economic development and help to keep London as a global financial center.”

Kit Malthouse, Deputy Mayor of London for Business and Enterprise said: "Start-ups are critical to driving growth in our economy and it is absolutely vital that we foster their entrepreneurial talent. These types of companies can struggle to get their products in front of large organizations and accelerator programs like the FinTech Innovation Lab provide a gateway to success while helping to ensure that London maintains its status as the global center for finance."

The chosen entrepreneurs will be mentored for 12 weeks by leading executives from financial services, venture capital and angel investment firms through a series of panel discussions, workshops, leadership coaching and networking opportunities. At the end of the program, the entrepreneurs are given an opportunity to present their concepts to potential investors and participating industry executives.

Supporting financial institutions include Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, UBS and VocaLink, the UK and international payments systems provider. Other participating organizations include Euclid Opportunities, the Greater London Authority and UK Business Angels Association.

The FinTech Innovation Lab London is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City, which has already proved highly successful in helping 18 young financial technology startups. The 18 alumni companies have generated over 50 proofs of concept at banks, raised $47 million in venture financing, and created approximately 150 jobs since they participated in the Lab. In 2013 True Office, which provides compliance training based on a mobile game platform, received a $3 million Series A Preferred round from Contour Venture Partners, Rho Ventures, and Partnership Fund for New York City. Narrative Science, whose patented artificial intelligence engine mines data to automatically produce reports and communications in easy-to-understand narrative form, raised $11.5 million in equity funding.

The 2014 FinTech Innovation Lab London participants:

  • Erudine provides systems to the finance industry that look at operational processes and behaviours and suggests improvements in line with regulation and compliance. The system uses a case-based reasoning approach to build and maintain systems that manage complex changing regulations. Changes to the rule sets and classification of underlying data structures can be made with minimal downtime.
  • FinGenius (a London Brand Management Company) uses Artificial Intelligence and real-time big data analysis to make it easier for non-technical users to find information through the use of natural language processing.
  • Logical Glue is a new approach to predicting business outcomes in real-time using a platform that has been built from the ground up, incorporating patented, next generation predictive analytics. Designed for ease of use and deployment, the models also provide insights at the same time as predictions
  • PhotoPay simplifies payments by allowing you to take a photo of a bill, scan a payment slip or open a PDF file with your mobile banking app and make a payment with one tap.
  • PixelPin provides a personalised user-friendly single sign on using pictures instead of passwords. PixelPin’s technology reduces fraud, increases activity, and reduces the risk and cost of forgotten passwords.
  • Squirro is the leader in Context Intelligence, combining structured and unstructured data to provide the ‘Why’ behind the data. The “Why” turns disparate data points into a coherent story for better, more effective decision-making.
  • uTrade Solutions provides Open Source Trading Technologies creating a more efficient, innovative & collaborative ecosystem for financial markets.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 281,000 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$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"The reason Tier 1 companies are coming to us is we're able to narrow the gap where custom applications need to be built. They provide a lot of services, like IBM has Watson, and they provide a lot of hardware but how do you bring it all together? Bringing it all together they have to build custom applications and that's the niche that we are able to help them with," explained Peter Jung, Product Leader at Pulzze Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2,...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...