EY said it is set to pump millions of pounds into the fintech sector in the next year as it unveiled a new London incubator today designed to cultivate start-ups in the capital.
The Big Four firm said it would embark on “ambitious plans” to grow its offer in the sector and pump “several million pounds” into boosting fintech firms in 2023, beginning with the opening of its new London “Fintech Lab”, based at its headquarters in Canary Wharf.
The London base is set to be the first of a series across the country designed to fuel the growth of firms tackling issues like financial crime and sustainable finance, EY said,
Plans for a push into fintech place EY alongside a string of similar moves from the City’s traditional financial and professional services giants looking to nurture potential disruptors in-house.
Former interim FCA chief and head of UK fintech at EY, Chris Woolard, said the new labs marked a central part of “ambitious plans” to grow its fintech offer across the UK.
“Our overriding objective is to connect fintechs, established financial services players, potential investors and the official sector and collaborate to bring new products and services to market, further enhancing the UK’s reputation as a global leader in fintech,” Woolard said.
EY revealed it had nabbed the chief of Barclays Fintech Venture Studio Mark Janetta to spearhead the new programme. Janetta has a decade’s experience working with fintechs to boost their growth.
Alongside the new labs,EY chiefs announced a holistic fintech growth programme aimed at boosting start-up firms, set to be managed by Katja Palovaara, a former chief at start-up quango Tech Nation.