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Aug. 5th, 2013 Press Release Applications Open for FinTech Innovation Lab London

Applications Open for FinTech Innovation Lab London

Program run by Accenture and leading banks to foster technology innovation in financial services and attract entrepreneurs to London opens for a second year

LONDON, Aug. 5, 2013 – Accenture (NYSE: ACN) and leading banks have opened applications for the second year of the FinTech Innovation Lab London. Designed to help accelerate the development of cutting-edge technology for commercial application in the financial services industry, the FinTech Innovation Lab London is a 12-week program that helps early and growth stage financial technology innovators accelerate product development and gain exposure to leading financial industry executives. Applicants can enter at www.fintechinnovationlablondon.co.uk from now until September 8, 2013.

Supporters of the Lab include Bank of America, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, UBS, and others, supported by the Mayor of London, City of London Corporation and UK Trade & Investment. Also involved are independent advisors Euclid Opportunities, the Technology Strategy Board and UK Business Angels Association.

Richard Lumb, Group Chief Executive-Financial Services at Accenture, said: “After the outstanding applications we had last year, we look forward to finding another group of ground breaking entrepreneurs for the 2013 program. London’s future as a financial centre depends on innovation and this Lab can make a real contribution to promoting economic development and technology growth in the capital.”

Kit Malthouse, Deputy Mayor of London for Business and Enterprise, said: “London is now the leading digital city in Europe home to a dynamic community of tech giants, entrepreneurs and new start-ups. The Mayor and I are committed to creating the right conditions for this sector to flourish further still. The FinTech Innovation Lab marries finance and technological innovation and we are delighted to see it entering its second year.”

The FinTech Innovation Lab London

The Lab is looking for cutting-edge technologies for the financial services sector in the United Kingdom, Europe and internationally – particularly in the areas of mobile, payments, Big Data and analytics, security, and social media.

  • Chief technology officers and senior technology executives from the financial institutions will select six entrepreneurs to participate in the Lab through a competitive process. To be accepted, applicants must have at least a beta version of their technology available, and demonstrate that access to senior-level executives at financial services firms would have a meaningful impact on the company's growth prospects. Lab participants from outside London are required to relocate to the city during the programme and are provided workspace
  • The Lab consists of a twelve-week programme, in which participants are partnered with senior-level bank executives and successful technology entrepreneurs who will help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations
  • It culminates with an Investor Day presentation by all six participants in front of an audience of venture capitalists and financial industry executives in March 2014

Barclays Chief Operations and Technology Officer Shaygan Kheradpir, said: "The increasing role of technology in financial services is accelerating the pace and breadth of innovation and driving the kind of cutting-edge services which our customers and clients demand. The entrepreneurial approach that the FinTech Innovation Lab London delivers is exactly the kind of capability that this industry needs and we are delighted to be supporting it."

Mohit Sarvaiya, head of Technology Infrastructure for Europe and emerging markets (ex-Asia) at Bank of America Merrill Lynch said, “Technology innovation is key to driving transformation within the financial services industry. We are looking forward to another exciting year of engagement with vibrant entrepreneur-led companies at this year’s FinTech Innovation Lab London.”

“We are very pleased that Credit Suisse will be continuing its involvement with the FinTech initiative again in 2014. FinTech is an excellent platform for technology startups who are looking to target their products at the Financial Services sector, we were very impressed with the class of 2013 and look forward to partnering with the startup community this year and working together to produce technology for tomorrow’s financial services industry,” said Raymond Mulligan, Global Head Fixed Income Technology, and Jason Shane, EMEA Head of Equities & Prime Services Technology, at Credit Suisse.

“It was a really impressive first year for the FinTech Innovation Lab London, where we saw some very mature products,” said Mike Grimaldi, Head of EMEA Technology at Goldman Sachs. “This initiative has proved it can have a real impact in helping London establish a hub to focus on innovative technology for financial services, and we look forward to working with, and mentoring, more startup companies in the coming year.”

"Last year’s programme introduced HSBC to a diverse, innovative group of  companies that we were able to work with, support and mentor,” Paul Tierney, Global Head of Strategy for HSBC Technology and Services. “Programmes like FinTech are essential for a healthy, thriving and developing financial services market, HSBC is committed to continue supporting FinTech."

“For the second year in a row, J.P. Morgan is proud to support the FinTech programme,” said Mark Kimber, Chief Information Officer for J.P. Morgan in the EMEA region. “The calibre of companies we engaged with in the inaugural year’s program was first class. As London continues to evolve as a technology hub—with emerging companies able to deliver to global scale corporations—programs like FinTech are essential to nurture and encourage that ecosystem. We look forward to a great second schedule.”

“By bringing entrepreneurs together with senior technology decision makers from major banks in an open discussion about new ideas and opportunities, the FinTech Innovation Lab is helping to support one of London’s key technology clusters,” said Stephen Mavin, Managing Director and European CIO, Morgan Stanley.

Last year’s participants in the FinTech Innovation Lab London included Digital Shadows, a cyber-security firm that helps identify and monitor companies’ “digital footprints”, and Waratek, whose technology is designed to help companies reduce IT infrastructure costs by using Java to move to the cloud.  Another Lab participant, The Open Bank Project, an open source application programming-interface, management platform and app store for the banking industry was recently accepted to the Open Data Institute's startup programme. The ODI was founded by Sir Tim Berners-Lee and Sir Nigel Shadbolt in 2012 to catalyse an open data culture and deliver economic, environmental and social benefits.

The other innovators that participated in the London Lab’s inaugural year included BehavioSec, Calltrunk, Growth Intelligence, and Kiboo. The Lab is modelled on a similar programme in New York, which has helped 18 other financial technology entrepreneurs since it was formed in 2010.

The FinTech Innovation Lab London is designed to support technology job creation and economic growth in London by attracting technology startups to operate in direct proximity to one of the world’s largest financial centres. Since 2008, annual venture capital and private equity investment in the financial technology (“fintech”) sector has nearly tripled, according to CB Insights, and more than $9 billion has been invested in the sector over the past five years.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 266,000 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$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.

Jan. 30, 2013 Press Release Seven Technology Entrepreneurs Selected for FinTech Innovation Lab London

Seven Technology Entrepreneurs Selected for FinTech Innovation Lab London

Accenture-Supported Programme to Foster IT Innovation in Financial Services Attracts Entrepreneurs to London

LONDON; Jan. 30, 2013 — Seven financial technology entrepreneurs have been selected to participate in the inaugural FinTech Innovation Lab London launched by Accenture (NYSE: ACN), leading banks and venture capital companies last year. The Lab is designed to nurture early-stage companies developing new technologies for the financial services sector.

The FinTech Innovation Lab London is a collaboration between Accenture and leading financial institutions in London, supported by the Mayor of London, Boris Johnson, the City of London Corporation and the Technology Strategy Board. It provides senior level mentoring for entrepreneurs to help them develop and commercialise their innovations, and connect with potential customers at top institutions. Accenture is hosting the 2013 FinTech Innovation Lab London, at Level39, Europe's largest financial technology accelerator space, based in Canary Wharf.

The seven start-ups — chosen by leading industry executives from a large field of applicants from the UK and internationally — include: BehavioSec, Calltrunk, Digital Shadows, Growth Intelligence, Kiboo, Open Bank Project and Waratek. Their innovations range from cloud development tools and "Big Data" security and analysis applications, to search engines for voice recordings, "behavioural biometric" solutions for fighting fraud, open source technologies, and personal financial management tools for young people.

Richard Lumb, Group Chief Executive-Financial Services at Accenture said: "It was a tough task selecting from such a strong field of applicants but we are delighted with the seven chosen entrepreneurs. We believe these innovations can add significant value to the financial sector, and bring benefits to both businesses and consumers."

London's Deputy Mayor for Business and Enterprise, Kit Malthouse, said: "This project has great potential to bring radical new innovations to our financial services industry and strengthen London's position as one of the world's leading financial centres. I wish the best of luck to this year's FinTech Innovation Lab London's innovators and entrepreneurs."

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 programme, 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 national payments infrastructure provider. Other participating organisations include Euclid Opportunities, the Greater London Authority and UK Business Angels Association.

The FinTech Innovation Lab London is modelled on a similar programme that was co-founded by Accenture and the Partnership for New York City Fund, which has already proved highly successful in helping a dozen young financial technology start-ups.

2013 FinTech Innovation Lab London participants:

  • BehavioSec. Based in Sweden, BehavioSec has developed a "behavioural biometric" software platform that helps confirm desktop, website or mobile users' identities by analysing the unique patterns in how they type, click and swipe on their computers and mobile devices. It offers companies an additional layer of security beyond conventional usernames and passwords to help fight fraud.
  • Calltrunk. UK-based Calltrunk has created a cost-efficient call-recording solution that provides a search engine allowing users to do text searches of audio, such as recordings from call centres, videos, lectures and conference calls. By making the review and management of recordings as simple as searching through email archives, it can help companies improve customer service, compliance, productivity and operational efficiencies.
  • Digital Shadows. The UK-based company offers a cyber-monitoring service to help identify and monitor companies' so-called "digital footprints" - information posted online by organisations and employees that amasses over time via social media, cloud services and mobile devices. The service can give companies an outside-in view of their digital presence and help address potential security vulnerabilities.
  • Growth Intelligence. UK-based Growth Intelligence provides companies with timely sales-leads, helps improve portfolio and risk management and informs marketing strategies. Nearly all companies release digital information on the web; Growth Intelligence interprets that information using predictive analytics to deliver real-time intelligence on the activity and performance of companies throughout the economy.
  • Kiboo. US-based Kiboo has developed a personal financial management platform geared for young adults from the age of 13. It positions the company's insights about younger generations' habits and expectations at the centre of its communications. 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.
  • Open Bank Project. Created by Berlin, Germany-based TESOBE, 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. For example, TESOBE has used the platform to develop a "social finance" application for banks that helps clients, such as non-profits, be more financially transparent by reporting transactions to outside stakeholders.
  • Waratek. Dublin, Ireland-based Waratek has created a new technology that could help companies significantly reduce their infrastructure costs. It 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. By increasing the amount of Java applications that can run on a single server - through a new form of "Java virtualization" - it can dramatically reduce infrastructure costs, lower development costs and promote cloud usage, helping institutions build and improve key areas like online and mobile services more quickly and efficiently.

"Financial services firms are reliant on innovative technology to help provide new products and services to their customers, and also to help them win new customers in an increasingly complex and competitive marketplace," said Garry Tait, Head of IT Operations, HSBC Technology & Services. "The quality of the companies attracted by the FinTech Innovation Lab London is excellent, and is one of the main reasons why we at HSBC are so committed to supporting it."

"Citi is proud to partner with the FinTech Innovation Lab here in London, global leader in financial services, technology and a key hub for entrepreneurs. We are delighted to collaborate with and mentor some of the best minds in the technology world." said Terry O'Leary, Citi's Head of Operations and Technology for Europe, Middle East and Africa. "At Citi, ingenuity is at the heart of everything we do; with innovation labs in Dublin, New York, Poland, San Francisco and Israel. We see innovation as a key driver of business growth and delivering great products and services to our customers in the highly competitive business environment we operate in."

"We are excited to be part of this inaugural year for FinTech Innovation Lab London after such a wonderful experience working with the companies in New York. In the financial services industry, we continuously try to discover new, innovative products. Through this program, we look forward to supporting technology entrepreneurs who can help contribute to the innovation pipeline for our industry," said Jason Shane, EMEA Head of Equities & Prime Services Technology at Credit Suisse and Raymond Mulligan, CIO Front Office Technology, EMEA at Credit Suisse.

Guy Chiarello, Chief Information Officer for JPMorgan Chase and one of the participating mentors, said: "Technology is a strategic differentiator for financial services firms. We are thrilled to be participating in and supporting the FinTech Innovation Lab London, and look forward to fostering this class of talented technology innovators."

Shaygan Kheradpir, Chief Operating Officer of Barclays Retail and Business banking said: "It's great that these seven entrepreneurs have been selected to participate in the FinTech Innovation Lab London; mobile technology and digital innovation are the future of financial services because it's what clients and consumers want and so it's so important that we continue to support entrepreneurs and start-ups that can really progress this further."

Mike Grimaldi, Head of EMEA Technology at Goldman Sachs said: "This is a really exciting group of innovative technology entrepreneurs that have been chosen. It is these types of companies, with the right support, that have the potential to significantly impact the future growth and development of the financial services industry in Europe."

"This is a fantastic opportunity for technology start-ups and the financial services industry to work together. Promoting and supporting innovation is fundamental to the whole financial services ecosystem and the FinTech Innovation Lab provides an accelerator for everyone to engage and participate," said Andrew Sargison, Managing Director, Global Head of Investment Banking & Global Capital Markets Technology and Institutional Research Technology at Morgan Stanley.

Paul Stoddart, Managing Director of Strategy & Business Development at VocaLink comments: "We are proud to be supporting the 2013 FinTech Innovation Lab London this year. It will be really exciting to see which of these fantastic technologies are able to gain the interest of investors and go on to become an integral part in the evolution of the financial services sector."

About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with approximately 259,000 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$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.

Sept. 24, 2012 Press Release Accenture, Leading Banks, Venture Capital Companies Launch FinTech Innovation Lab London with Support from The Mayor of London, City of London Corporation and Technology Strategy Board
"The [FinTech Innovation Lab London] project has huge potential to help spur jobs and growth and I'm sure will attract some very bright minds whose inventions could help to revolutionise the financial services of this great city."
— The Mayor of London, Boris Johnson

Accenture, Leading Banks, Venture Capital Companies Launch FinTech Innovation Lab London with Support from The Mayor of London, City of London
Corporation and Technology Strategy Board

Programme aims to foster technology innovation in financial services and attract entrepreneurs to London

LONDON, Sept. 24, 2012 — Accenture (NYSE: ACN), leading banks and venture capital companies are today launching the FinTech Innovation Lab London to help accelerate the development of cutting-edge technology for commercial application in the financial services industry. The programme is supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board.

The FinTech Innovation Lab London is designed to help accelerate the development of cutting-edge technology for commercial application in the financial services industry. It will identify technology entrepreneurs through a competitive process and then give them the opportunity to develop, test and fine-tune their innovations under the guidance and mentorship of top executives from some of the world's leading financial institutions and members of the London investment community.

They include Bank of America Merrill Lynch, Barclays, Business Growth Fund, Credit Suisse, Deutsche Bank, Euclid Opportunities, HSBC, JP Morgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, UBS, UK Business Angels Association, and VocaLink, the UK national payments infrastructure provider, and other leading institutions. The Lab is modelled on a similar programme in New York, which has already proved highly successful in helping a dozen young financial technology start-ups.

The FinTech Innovation Lab London was founded to help foster technology innovation in the financial sector and promote economic development and job growth in London.

Richard Lumb, Group Chief Executive-Financial Services at Accenture, said: "This programme can make a big difference to the commercial success of new technologies by bringing innovators and entrepreneurs together with their potential customers. This is important to this country, where we have brilliant innovators who are striving for commercial success."

The Mayor of London, Boris Johnson, said: "London is the world's number one financial centre and a global leader in technology innovation, which is why the FinTech quest for entrepreneurs is such an exciting proposition. The project has huge potential to help spur jobs and growth and I'm sure will attract some very bright minds whose inventions could help to revolutionise the financial services of this great city."

Antony Jenkins, Barclays Group Chief Executive, said: "Technology is an integral part of people's day to day lives. The businesses that flourish in the future will be those that capitalise on the huge potential of new technologies to make their customers' lives easier. The FinTech Innovation Lab London is a great step forward that will enable entrepreneurs to develop new ideas and cement London's position as a global leader in financial services and technology innovation."

The FinTech Innovation Lab London

The FinTech Innovation Lab London is open to early- and growth-stage companies that are developing cutting-edge technologies for the financial services sector — particularly in the areas of mobile, data management, analytics, security, and social media. Applicants are invited to apply to participate in the Lab through November 1 at www.fintechinnovationlablondon.co.uk.

  • Chief technology officers and senior technology executives from the financial institutions will select six entrepreneurs to participate in the Lab through a competitive process. To be accepted, applicants must have at least a beta version of their technology available, and demonstrate that access to senior-level executives at financial services firms would have a meaningful impact on the company's growth prospects. Lab participants from outside London are required to relocate to the city during the programme and are provided workspace.
  • The Lab consists of a twelve-week programme, in which participants are partnered with senior level bank executives and successful technology entrepreneurs who will help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations.
  • It culminates with an Investor Day presentation by all six participants in front of an audience of venture capitalists and financial industry executives.

The Lab is a new collaboration between Accenture, the Mayor of London, the City of London Corporation and the Technology Strategy Board, supported by the London banking and investor community. Modelled on a similar programme that was co-founded by the New York City Investment Fund and Accenture in New York two years ago, it seeks to promote technology innovation in the financial sector by exposing the world's best and brightest start-ups to the direct mentorship of top- level financial executives and by providing banks with a new venue to stay in front of and help shape major technology innovations in their field.

The programme is designed to support job creation and economic growth in London by boosting one of the city's leading industries and by attracting technology start-ups to operate in direct proximity to one of the world's largest financial centers.

Proven Accelerator

The FinTech Innovation Lab in New York has already helped a dozen early- and growth-stage technology entrepreneurs accelerate product development and gain rare access to top-level executives at the world's leading financial institutions. More than 30 leading bank CEOs, CTOs, CIOs, venture capitalists and technology luminaries have provided the entrepreneurs with mentorship and business development opportunities; and the most recent Lab has led to 20 deployed and pending proofs-of-concept.

"In just the first two years of the New York FinTech Innovation Lab, participating companies have attracted significant capital, generated traction with their customers, and expanded their local operations and employee base," said Maria Gotsch, president and CEO of the New York City Investment Fund. "Though New York City and London are already premier financial capitals, programmes like this will keep both cities as centers of innovation in a global economy that is consistently becoming more competitive."

About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with more than 249,000 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 $25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.

About Technology Strategy Board
The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.