Seven Technology Entrepreneurs Selected for FinTech Innovation Lab London

Wed Jan 30, 2013 2:30am EST

* Reuters is not responsible for the content in this press release.

Accenture-Supported Programme to Foster IT Innovation in Financial Services
Attracts Entrepreneurs to London 
LONDON--(Business Wire)--
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

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
* 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
* 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

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