EY ups fintech investment with London incubator

The Big Four firm is also launching a fintech incubator in Edinburgh next year alongside a fintech growth programme and other initiatives.

EY is investing several million pounds into fintech growth over the next year kicking off with the launch of its first fintech lab, based in London.

A second lab is planned for Edinburgh next year, both of which will be headed up by new hire Mark Jannetta, former head of the Barclays fintech venture studio.

According to EY, the labs have been designed to collaborate with both startups and scaleups focusing on innovation and “creating solutions to financial challenges”.

“The labs are set to be vibrant, strategic capabilities which will drive change and provide crucial support to the whole financial services market,” Jannetta said.

The launch of the labs is one Big Four Firm is just one part of a much wider “ambitious growth investment plan”, as first reported by City AM.

“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,” EY UK head of fintech Chris Woolard said.

The firm is also planning to launch a second fintech lab in Edinburgh in 2023, furthering its involvement in Scottish fintech by becoming a “strategic partner” of Fintech Scotland.

“EY is dedicated to building out its capabilities to support Scottish entrepreneurs as they design and develop cutting edge financial products, services and solutions,” EY Scotland managing partner Sue Dawe said.

“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 launched a financial services innovation in Bristol led by directors Dan Harris, Oana Beattie and Liam Snelling, partnering with fintechs across the South West and Wales.

Alongside the labs, EY is also launching a fintech growth programme aimed at early-stage and growing businesses, nurturing up-and-coming fintechs in the city.