EY Boosts Its Investments In Fintech With a London Incubator
Along with a fintech growth program and other projects, the Big Four firm will also start a fintech incubator in Edinburgh next year.
Over the next year, EY will put several million pounds into the growth of fintech. It will start by opening its first fintech lab in London.
Next year, there will be a second lab in Edinburgh. Mark Jannetta, a new hire who used to run the Barclays fintech venture studio, will be in charge of both.
EY says that the labs were made so that startups and scaleups can work together on innovation and “creating solutions to financial challenges.”
Jannetta said that the labs would be busy, strategic places that would drive change and significantly help the financial services market.
As City AM was the first to report, opening the labs by one of the Big Four is just one part of a much bigger “ambitious growth investment plan.”
EY UK head of fintech Chris Woolard said that Our main goal is to connect fintechs, established financial services players, potential investors, and the public sector so they can work together to bring new products and services to market make the UK even more of a global leader in fintech.
The company also wants to open a second fintech lab in Edinburgh in 2023. It will do this by becoming a “strategic partner” of Fintech Scotland and getting more involved in the Scottish fintech scene.
EY Scotland managing partner Sue Dawe said that EY is committed to developing its abilities to help Scottish entrepreneurs design and create cutting-edge financial products, services, and solutions.
“Our new strategic partnership with FinTech Scotland will also not only help us achieve our objectives but support Scotland in becoming a world-leading FinTech cluster, creating high-skilled local jobs and driving economic growth.”
EY has also started a financial services innovation in Bristol, run by directors Dan Harris, Oana Beattie, and Liam Snelling, in partnership with fintechs from the South West and Wales.
Along with the labs, EY is also starting a fintech growth program for early-stage and growing businesses. This program will help the city’s up-and-coming fintechs grow.
