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London experiencing financial technology boom
A London Business School (LBS) incubated start-up has been selected to participate in a major fintech programme.
HUB85 is one of 20 start-ups chosen for Accenture’s 2019 FinTech Innovation Lab. Successful start-ups span across the diverse and rapidly growing London financial technology space.
Investment in fintech ventures reached an all-time high in 2017, with the value of deals in the UK almost quadrupling to US$3.4 billion (£2.64 billion), according to professional services firm Accenture.
HUB85, which provides enterprise governance and analytics solutions for end-user computing applications such as spreadsheets, has really benefited from the surge in interest. Launched by CEO Omar Quraishi (MBA 2016) and Samuel Arthur, it has gone from strength-to-strength since its inception just over a year ago.
In 2017, HUB85 won a Founders Award from the LBS Institute of Innovation and Entrepreneurship, giving Quraishi and Arthur access to mentoring, tutorials, services and facilities at LBS’s UK campus. The company won its first investment bank client in December 2017 and was selected to join the UK Financial Conduct Authority’s Regulatory Sandbox in July 2018.
Julian Skan, Executive Sponsor of Accenture’s FinTech Innovation Lab London, said: “The UK is a hotbed for fintechs, which are starting to bite at banking revenues, but banks and insurers are also capitalising on the opportunity to work with emerging technologies and new talent to compete.
“With our accelerator programme in its seventh year, we’re looking forward to exploring how start-ups are using the changes to evolve the financial industry for the better.”
As part of the three-month accelerator, HUB85 will be mentored by executives drawn from a pool including AXIS Capital, BAML, BlackRock, CIBC, Citi, Credit Suisse, Direct Line, Goldman Sachs, Hiscox, HSBC, ING, Intesa Sanpaolo, Irish Life and Lloyds Banking Group, among others.
Incubator programme sponsor Accenture provides a broad range of professional services and solutions in strategy, consulting, digital, technology and operations.