Lloyds, MasterCard and Rabobank have pledged to lend their support to Startupbootcamp’s new financial technology (FinTech) accelerator in London, which is set to open later this year.
The financial heavyweights said they will help start-ups selected for the three month programme to grow their business by offering them expertise and advice on how to secure funding.
Startupbootcamp said the programme will be open to start-ups worldwide, adding that the ten chosen firms will get mentorship from over a hundred entrepreneurs, investors, and corporate partners. Each successful startup will also receive €15,000 and over three months free office space in London’s Rainmaking Loft, a 10,000 square foot start-up hub in St Katharine Docks, next to Tower Bridge.
The accelerator's partnership with Lloyds and MasterCard will also enable start-ups to access pilot customers, industry data, APIs and capital.
Alessandro Hatami, director of digital payments and innovation at Lloyds Banking Group, said: "We will work with Startupbootcamp to advise start-ups on how to become more effective in working with large financial institutions, especially by providing insight on customers’ needs and expectations,” he said.
Harrie Vollaard, innovation director at Rabobank, said: “The landscape within the banking industry is changing. We see that the FinTech industry is going to have an increasingly greater impact. With this partnership we have the opportunity to participate actively. It’s an excellent way to collaborate and build up best practices and knowledge together with start-ups.”
Start-ups will also get legal advice from law firm, MJ Hudson and public relations advice from global technology PR firm, Clarity PR.
The programme itself starts in August but over the next few months, Startupbootcamp will be running a global innovation programme, aimed at nurturing talent, ideas and developing earlier stage FinTech start-ups. It plans to do this through a series of events in FinTech hotspots across the world, including New York, Singapore and Shanghai. The programme will feature FinTech hackthons, FinTech lounges and worldwide pitch days.
The Startupbootcamp FinTech team is led by MD Nektarios Liolios, who has over fifteen years experience in the financial industry.
Liolios claims FinTech has become the "hottest trend" in the global start-up scene because it has the potential to transform the way the financial industry operates.
“Right from the outset, we were determined that Startupbootcamp FinTech should focus its efforts on developing earlier stage companies, providing them with support from a broad range of financial organisations," said Liolios. "We want to nurture talent, great ideas and innovation, and for us that also meant involving as much of the financial community as possible. That’s why our mentors, investors and partners are made up of individuals from right across the financial services spectrum.
“We’re excited to get Startupbootcamp FinTech underway with a number of events planned for the first half of the year, all aimed at attracting talent, inspiring innovation and engaging entrepreneurs with the financial services industry.”
A number of other FinTech accelerators already exist in London, such as Canary Wharf-based Level 39 and Barclays own programme, which is run out of a space in East London's Mile End.
Barclays wants to launch a total of six accelerator programmes in the next three years.