Seven Leading Financial Technology Innovators Selected for the FinTech Innovation Lab London
Erudine, FinGenius, Logical Glue, PhotoPay, PixelPin, Squirro, uTrade Enter 2014 Lab
LONDON; Jan. 13, 2014 – Artificial Intelligence Big Data systems and a much easier way of
paying bills by smartphone are among the new innovations from seven financial technology
entrepreneurs selected to participate in this year’s FinTech Innovation Lab London.
The Lab, which was launched by Accenture (NYSE: ACN) in 2012, is a collaboration
between Accenture and leading financial institutions in London, supported by the Mayor of
London, the City of London Corporation and the Technology Strategy Board. It is designed to
nurture early-stage companies from the UK, Europe and elsewhere that are developing new
technologies for the financial services sector. Annual venture investment in such technologies
nearly tripled globally between 2008 and 2012, according to CB Insights.
The seven startups were chosen by leading industry executives from a wide range of
applicants and will receive senior level mentoring to help them develop and commercialize
their innovations and connect with potential customers at top institutions. Those taking part
in the program include: Erudine, FinGenius, Logical Glue, PhotoPay, PixelPin, Squirro and
uTrade. Their innovations include advanced analytics systems, collaborative, open source
trading systems, and financial control systems.
Richard Lumb, Group Chief Executive -- Financial Services at Accenture said: “In the
past nine months, the startups involved in the 2013 FinTech Innovation Lab London have
collectively raised over $10 million in investment and have increased employees by 41
percent. More than half of the class have doubled their revenues since graduating from
the program. After last year’s success, we have seen a major increase in applications from
outstanding fintech companies and are extremely excited to be working with this year’s seven
"The FinTech program reflects our ongoing commitment to our local communities. It is these
innovative technology startups that are essential to promoting economic development and
help to keep London as a global financial center. It is these innovative technology startups
that are essential to promoting economic development and help to keep London as a global
Kit Malthouse, Deputy Mayor of London for Business and Enterprise said: "Start-ups
are critical to driving growth in our economy and it is absolutely vital that we foster their
entrepreneurial talent. These types of companies can struggle to get their products in front
of large organisations and accelerator programmes like the FinTech Innovation Lab provide
a gateway to success while helping to ensure that London maintains its status as the global
centre for finance."
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 program, 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 and international payments systems
provider. Other participating organizations include Euclid Opportunities, the Greater London
Authority and UK Business Angels Association.
The FinTech Innovation Lab London is modeled on a similar program that was co-founded
by Accenture and the Partnership Fund for New York City, which has already proved highly
successful in helping 18 young financial technology startups. The 18 alumni companies have
generated over 50 proofs of concept at banks, raised $47 million in venture financing, and Lab London
created approximately 150 jobs since they participated in the Lab. In 2013 True Office, which
provides compliance training based on a mobile game platform, received a $3 million Series
A Preferred round from Contour Venture Partners, Rho Ventures, and Partnership Fund for
New York City. Narrative Science, whose patented artificial intelligence engine mines data
to automatically produce reports and communications in easy-to-understand narrative form,
raised $11.5 million in equity funding.
The 2014 FinTech Innovation Lab London participants:
- Erudine provides systems to the finance industry that look at operational processes and behaviours and suggests improvements in line with regulation and compliance.
The system uses a case-based reasoning approach to build and maintain systems that manage complex changing regulations. Changes to the rule sets and classification of underlying data structures can be made with minimal downtime.
- FinGenius (a London Brand Management Company) uses Artificial Intelligence and
real-time big data analysis to make it easier for non-technical users to find information
through the use of natural language processing.
- Logical Glue is a new approach to predicting business outcomes in real-time using
a platform that has been built from the ground up, incorporating patented, next generation
predictive analytics. Designed for ease of use and deployment, the models also provide
insights at the same time as predictions.
- PhotoPay simplifies payments by allowing you to take a photo of a bill, scan a
payment slip or open a PDF file with your mobile banking app and make a payment with
- PixelPin provides a personalised user-friendly single sign on using pictures instead
of passwords. PixelPin’s technology reduces fraud, increases activity, and reduces the
risk and cost of forgotten passwords.
- Squirro is the leader in Context Intelligence, combining structured and unstructured
data to provide the ‘Why’ behind the data. The “Why” turns disparate data points into a
coherent story for better, more effective decision-making.
- uTrade Solutions provides Open Source Trading Technologies creating a more
efficient, innovative & collaborative ecosystem for financial markets.
Accenture is a global management consulting, technology services and outsourcing
company, with approximately 281,000 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$28.6 billion for the fiscal year
ended Aug. 31, 2013. Its home page is www.accenture.com.
PhotoPay technology was selected as one of the world's 15 most promising startups
in the field of financial technologies.
After the semi-final held in June in Belfast, the company with its PhotoPay technology entered the finals
as one of the 15 most promising companies in the world that will be presented in Osaka,
the SWIFT Innotribe 2012 international finals for the best new companies
from around the world in the field of finance and financial technologies.
Innovative PhotoPay technology has been successfully implemented in Croatia for Erste Bank branded as "snap & pay",
while the HYPO Bank calls the service "photo payment slip transfer".
The PhotoPay development is continuing for the markets of Slovenia, Hungary, Austria, Germany,
and plans are to continue expansion in the global markets.
Innotribe SWIFT initiative announced 15 finalists for the 2012 Startup Challenge Innotribe including PhotoPay.
The finalists were selected from more than 400 registered companies from around the world
by professional investors and financial industry experts in Europe, America and Asia,
and are the most important products and services for the future of the financial sector.
In Osaka, at the prestigious Sibos conference, the finalists will present their innovation experts from the banking industry,
which will in turn appoint the winner and award the prize of $ 50,000 to the winner.
"To be selected among the 15 most promising companies in the world of financial technology
is a great honor and a confirmation of many years of work by our team of top experts.
Going to the finals of the prestigious Osaka conference is a great opportunity to introduce
our innovative technology to the global financial industry and accelerate our new markets." said Damir Sabol, founder of PhotoPay.
For more information on SWIFT Innotribe 2012 visit: http://innotribestartup.com/
Zagreb, 8th of June 2012.
PhotoPay.net has been chosen as one of the 15 most promising European startup projects
in the field on innovative financial technologies
Racuni.hr ltd. with its PhotoPay technology has been chosen
as one of the 15 most promising companies that will be presented in Belfast
at the SWIFT Innotribe 2012 international competition for the best innovative companies
in the field of finance and financial technologies.
The innovative PhotoPay technology has been successfully implemented in Croatia
for Erste & Steiermärkische bank, the service was promoted as "snap&pay",
and the development for other European and global markets is in its progress.
About the PhotoPay technology:
The PhotoPay technology allows the easiest way to pay bills with a smart phone.
By pointing the smart phone camera towards the paper bill,
within a few seconds the payment data is ready for the payment to be made.
The use of PhotoPay technology eases the use and speeds up the process
to pay bills with mobile banking apps from 6 to 10 times!
For more information on SWIFT Innotribe 2012 visit:
For more information about the PhotoPay technology visit:
http://photopay.net/technology/ or e-mail us at firstname.lastname@example.org