EY, one of the “big four” accounting firms, has launched its first incubator in London aimed at fintech startups and scaleups.
The firm’s incubator is based at its Canary Wharf London office and aims to launch another incubator next year in Edinburgh.
Former head of Barclays Fintech Venture Studio, Mark Jannetta, has been recruited by EY to oversee its incubators.
“The labs are set to be vibrant, strategic capabilities which will drive change and provide crucial support to the whole financial services market. I’m excited to help clients create more value and build on the UK’s reputation for innovation,” said Mark Jannetta, head of fintech lab, EY.
EY has launched a “fintech growth programme” alongside the fintech incubator, which will be run by Katja Palovaara, previously fintech programme lead at entrepreneur network Tech Nation.
Separately, EY has opened an innovation hub in Bristol – led by Dan Harris, Oana Beattie and Liam Snelling – to help fintechs with design, data analytics and engineering,
Chris Woolard, UK head of fintech at EY, said: “Our overriding objective is to connect fintechs, established financial services players, potential investors and the official sector and collaborate to bring new products and services to market, further enhancing the UK’s reputation as a global leader in fintech.”
The move marks the latest move by a bank or accountancy firm to move into the startup support space. Barclays Eagle Labs launched in 2015 to run accelerators across the UK. It has reportedly secured a £12m government contract, beating off competition from Tech Nation.
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