Guest Blog by Markus Gnirck, COO Startupbootcamp FinTech.
Recent reports by Accenture and Ernst & Young [pdf] have shown that London is the international hub for FinTech (Financial Technologies). The UK in general is a uniquely well-suited location for technology applied to financial services. Deal volumes have been growing at 74 percent a year since 2008, compared to 27 percent globally and 13 percent in Silicon Valley.
The strengths of the UK are:
- a strong presence of world leading financial institutions and banks
- good availability of business capital
- a supportive regulatory environment
- high adoption rate of complex financial solutions
The overall FinTech market is estimated to be worth £20bn in annual revenue and growing. The highest growth areas are peer-to-peer platforms, online payments and the data and analytics products (e.g. credits, capital markets, insurance). FinTech startups are entering new areas such as risk management, compliance, fraud and online payments.
However, mechanisms are necessary to bring the startup and the corporate world together to accelerate the growth even more of FinTech startups and ensure a steady support of the coming leaders in this industry.
Looking at the one end of the life cycle, a lot of support can be found in the early stages of a FinTech startup. Various organisations are active in London in order to provide startups with access to finance, customers and mentors:
Level39 is a co-working space based in One Canada Square (Canary Wharf) that has a vibrant community of FinTech, smart city and big data startups, combined with supportive mechanisms from the financial industry.
Startupbootcamp FinTech is one of the leading organisations in the FinTech innovation space, backed by MasterCard, Lloyds, Rabobank and four more partners. Its three months mentor-drive program gives 10 startups access to funding, customers and market.
The Barclays accelerator, powered by Techstars, gives 10 startups the opportunity to work closely with different departments from Barclays in order to receive feedback, build pilots and establish partnerships.
Accenture runs this 12 weeks long program for startups that are able to meet senior executives of its partnering banks. It is a good place for later stage startups to meet key decision makers and potential customers.
This meetup group is a great opportunity to meet thought leaders in the FinTech industry, listen to pitches and connect to a world-wide growing community of investors and entrepreneurs.
Looking for a job and/or internship in one of the next big players in FinTech?
Come to the ‘Meet the Young Talent’ day at Startupbootcamp FinTech on 2 Sept 2014 to find out more.