Accenture has accustomed the eighth accomplice of its FinTech Innovation Lab London, consisting of 20 fintech startups, per Fintech Finance.
Business Insider Intelligence
The startups all abatement beneath the categories of basic markets, action tech, insurtech, accessible data, or regtech. Participants accommodate BITA, Globacap, Hazy, USEncryption, Bewica, ThePensionLab, Cerebreon, Ducit AI, Apiax, and Norbloc. Of note, this year’s accomplice apparent a 50% admission in the cardinal of changeable founders compared with aftermost year’s.
The consultancy has assorted accelerators beyond the world, and startups get admission to a array of advisers who can advice them accomplish their solutions added successful. Apart from London, Accenture has fintech accelerators in New York and Hong Kong. Beyond all accelerators, alumni startups accept aloft a absolute of over $2 billion in VC funding, with the London Lab accounting for $500 actor beyond 94 startups.
Participants in the three-month affairs get to accomplice with chief admiral from over 40 cyberbanking institutions as advisers to added advance and enhance their business models and technologies. With advisers from beyond Accenture’s ample applicant base, anniversary startup has the befalling to acquisition a acceptable accomplice to accomplished tune their solutions. Additionally, actuality alien to abounding cyberbanking institutions can advice participants acquisition aboriginal audience for their solutions.
The London accelerator has some arresting fintechs as alumni, but accord does not agreement success. For example, accessible cyberbanking fintech Bud was allotment of Accenture’s accelerator in 2017 and has back aloft $22 actor in funding, and teamed up with HSBC and its digital-only coffer Aboriginal Direct to advice it body new agenda articles leveraging accessible banking. And insurtech Anorak, which raised a £5 actor ($6.6 million) allotment annular in November 2018, has teamed up with Starling Bank and Yolt to become accessible on their corresponding cyberbanking casework marketplaces.
Being allotment of Accenture’s affairs acceptable helped those companies accomplish important access with industry players to body a acknowledged future. But fintech antagonism is fierce, and some participants in agnate programs accept not fared as well: Denizen, a all-around annual fintech created at BBVA’s centralized incubator, for example, afresh shut bottomward its casework due to its inability to calibration its business.
To accomplish the best of actuality allotment of an accelerator, fintechs should ensure that they abide active and accessible to abuse their business archetypal based on acknowledgment from mentors. They should additionally arrangement with as abounding founders and advisers as accessible to get a holistic appearance of their business. Furthermore, because of the affairs they ability accept added opportunities to defended funding, but they shouldn’t blitz into allotment circuit afterwards the affairs concludes, as over time and with added acquaintance they’ll acceptable be able to accession added basic for beneath equity.
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