This year has seen the third Startupbootcamp (SBC) FinTech London accelerator, the longest standing location of a programme of its kind that now stretches internationally from New York in the West and Singapore in the East. Lloyds Banking Group has been a founding partner of the London programme and this month the latest cohort presented to a hall of a thousand investors, industry insiders, founders and press. So how did they, and we, get there?
The journey began in July with Selection Days – an intense two-day process that involves multiple interviews with partners and experts to assess teams on their propositions, talent and expertise. Propositions spanned from retail to asset management using technologies from blockchain to machine learning. Our judging team was led by Claire Calmejane, Director of Innovation and Jehangir Byramji, Senior Innovation Manager, who leads early stage start-up engagement and regularly assesses FinTech ventures.
From September, the start-ups underwent a variety of training, coaching, PowWows, pitches for pizzas, meetings with investors and industry experts, idea exchanges, mentoring and many late night Uber Eats! Another key aspect of Lloyds’ partnership is ongoing mentoring through providing ”Executives in Residence.” This year, two colleagues immersed themselves in the FinTech world – working alongside the start-ups, sharing their expertise and experiencing an unparalleled external secondment.
The final step in the programme saw the start-ups come together for Demo Day where each business gave a 90-second pitch to grab people’s attention followed by more in-depth ‘silent disco’ presentations to smaller groups of interested investors, industry experts and media.
Going forward and as announced at Demo Day, the Group will be collaborating further with two of this year’s start-ups; supporting MoBILLity to test their proposition with customers and looking to test Enterprise Bot’s capabilities through a pilot.
Francisco Lorca, MD of Startupootcamp FinTech, says: “Lloyds Banking Group is a key partner of our programme and the level of dedication from the Group is extremely valuable for the start-ups. In the last couple of years, this commitment has resulted in increased collaborations with the start-ups, key to helping them build their businesses. More partnerships are yet to come while many of the pilot projects between Lloyds and our 2016 cohort are being agreed and designed. It’s great to see the increased interest from banks into FinTech start-ups; we believe collaboration is the key to create more successful FinTech companies and we couldn’t achieve this without our great partners like Lloyds Banking Group.”
You can see some of the examples of the FinTech collaborations we have had with Swave or WoraPay here. To find out when the next Startupbootcamp Fintech or InsuTech programmes are, please visit the website. To stay up-to-date with our accelerator partnerships and other FinTech engagement, follow @LBGDigi.