As it embarks on its eighth year, Accenture’s FinTech Innovation Lab London is placing a heightened focus on diversity as it welcomes a cohort of 20 fintechs, with a 50% increase in the number of female founders from the previous year.
It comes as the firm continues its overall goal of helping fintechs from all backgrounds excel whilst also increasing its efforts to narrow the gender gap in fintech.
Tom Graham, managing director and executive sponsor for Accenture’s FinTech Innovation Lab London commented: “We’re very excited to welcome 20 new fintechs to the programme this year.
“It’s encouraging to see the UK fintech landscape continuing to thrive, and particularly good to this year see an increase in female-led companies participating in Accenture’s lab. Its integral we all work to create an equal playing field in a highly competitive space.”
During the three-month accelerator programme which runs 6 January to 27th March, fintechs will collaborate with senior executives from over 40 of the top financial institutions to fine-tune and develop their technologies and business models.
This year, the Lab worked with fintech platform F6S to proactively scout female-led companies to apply. Additionally, Accenture leveraged its network of FinTech Innovation Lab alumni, as well as female business mentors to bring women closer to the VC community.
The 2020 programme will also see the introduction of female CEO-led masterclass sessions, and female founder focused events, specifically tailored to women in financial technology.
Despite global investment in fintech dropping in 2019, investment in the UK nearly doubled to approximately £1.9 billion, showing a clear appetite in the UK fintech landscape. Additionally, the number of deals jumped 25% to 263 as challenger banks and payments companies continue to draw investors’ interest.
Caroline Hughes, co-founder and CEO of Lifetise, a participant in last year’s Lab, said: “As a participant in the programme in 2019, I have first-hand experience of how valuable these accelerator programmes can be for new businesses.
“I think it’s extremely important that female founders, of fintechs in particular, are encouraged to take part in these programmes as there is still plenty to be done to narrow the gender gap in the industry.”
Sam Riordan, Director of Partnerships & Innovation for Lloyd’s Banking Group concluded: “Accenture’s Fintech Innovation Lab supports both the fintechs in the programme and the partnering institutions by exploring commercial applications and new innovation outcomes at pace.
“The value the programme provides is evidenced by Lloyd’s Banking Group’s ongoing collaboration with Xelix, a fintech from the 2019 Accenture Innovation Lab cohort, as well as the companies themselves continuing to learn and develop upon graduating from the programme.”
