First tech start-ups chosen for financial services innovation lab

Seven financial technology companies have been selected to take part in a mentoring programme in London

Seven financial technology companies have been selected to take part in a mentoring programme in London.

The 12-week FinTech Innovation Lab programme is designed to aid companies developing new technologies for the financial services sector. The tech firms will take part in workshops, networking opportunities, panel discussions and leadership coaching from leading executives from financial services, venture capital and angel investment firms.

Following the programme, the tech start-ups will be able to present their ideas to potential investors.

The FinTech Innovation Lab was launched by Accenture, leading banks and venture capital companies last year, following success seen in existing programmes in New York. The Lab will be part of Level39, Europe’s largest FinTech accelerator based at Canary Wharf.

Financial institutions involved in the Lab include Bank of America, Barclays, Citi, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS and UK national payments infrastructure provider VocaLink.

Mobile technology and digital innovation are the future of financial services because that is what clients and consumers want, so it is so important that we continue to support entrepreneurs and start-ups that can really progress this further,” said Shaygan Kheradpir, chief operating officer of Barclays Retail and Business banking.

Dozens of initial applicants were shortlisted down to 20 after showcasing beta versions of their products. The financial services CTOs then chose the final seven.

The seven financial technology companies chosen are BehavioSec, Calltrunk, Digital Shadows, Growth Intelligence, Kiboo, Open Bank Project and Waratek. The companies' products and services cover a wide range, from cloud development tools to security and behavioural biometric solutions for fighting fraud.

The chosen start-ups for FinTech Innovation Lab London

BehavioSec’s “behavioural biometric” software platform helps confirm desktop, website or mobile users’ identities by analysing patterns in how they type, click and swipe on their computers and mobile devices.

Calltrunk has created a cost-efficient call-recording solution that provides a search engine to conduct text searches of audio, such as recordings from call centres, videos, lectures and conference calls. It could help companies improve customer service, compliance, productivity and operational efficiencies.

Digital Shadows offers a cyber monitoring service to help identify and monitor companies’ digital footprints from information posted through social media, cloud services and mobile devices.

Growth Intelligence provides companies with sales leads, helps improve portfolio and risk management and informs marketing strategies. Nearly all companies release digital information on the web; Growth Intelligence interprets digital information using predictive analytics to deliver real-time intelligence on the activity and performance of companies throughout the economy.

Kiboo has developed a personal financial management platform for young adults. The platform provides online and mobile tools, including social networking features, to help users learn about finance, earn money through savings, work and investments, and save, spend and give more effectively.

The Open Bank Project is an open source application programming interface (API) and management platform for the banking industry that enables banks and third-party developers to more rapidly and cost-effectively deliver tailored applications and services to their customers.

Waratek makes it possible to use one of the world’s most common programming languages (Java) to develop cloud-based applications and to transition existing applications to the cloud.

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