June’s Brexit vote raised worries that the UK capital may lose its position as leader in the FinTech industry and innovation. However, the Startupbootcamp believes in the growth potential for UK based FinTech start-ups. Six of the nine FinTech innovators chosen to participate in its 2016 London accelerator scheme are UK-based companies.
Startupbootcamp started in 2010 in Copenhagen as a supporter of rising entrepreneurs and their start-ups. After only two years the Startupbootcamp network had grown to the European level and offered five support programs for start-ups to participate in. It has over the past six years grown a global network of entrepreneurs. Currently it is Europe’s biggest, as well as the world’s third largest start-up accelerator. It now offers 15 different programs in various start-up industries such as FinTech, FoodTech and Digital Health.
Its FinTech Accelerator London 2016 will start on the 5th of September. Nearly 400 companies from 61 countries applied to participate. Six out of only nine chosen start-ups are based in the United Kingdom.
The six UK FinTech start-ups chosen for the programme are:
EuropeOne: A mobile bank aimed at Europeans working in Europe, outside their home country.
Kyolab: A business which monitors and archives instant messaging apps such as WhatsApp or WeChat for regulated institutions, which can help them to avoid fines.
moBILLity: The business is working on an app which helps its users manage their bills by integrating all of them on one platform, tracking them and comparing them with offers from other service providers.
Monuva: A global payment platform which aims to make international transfers easier and cheaper by offering low and transparent currency rates to individuals and businesses.
Zenith One: A robotic financial advisor which interviews its’ customers to propose strategies.
Zeroflows: An information platform which allows which allows customers to scan emerging and ‘frontier’ markets for liquidity.
The other chosen FinTech start-ups to participate are:
Enterprise Bot, India: A company which creates automated response systems for businesses which are programmed to behave like humans when responding to customer queries.
Penta Bank, Germany: A new digital bank hoping to launch in Germany in spring 2017.
Trakti, Italy: A online platform which assists businesses in closing deals with clients, partners and suppliers.
The chosen FinTech start-ups will receive funding of €15,000 each, as well as mentoring, free London office space and access to a global network of investors and venture capital firms.
While the overwhelming majority presence of UK FinTech start-ups managing to secure a spot on the program does not prove that the UK will preserve its reign over the FinTech industry in a post-Brexit environment, it does show that the global community still has confidence in the ability of UK businesses to lead innovation and performance growth in the sector.
Katharina Fleiner 11/08/2016