FutureFlow and Anorak join Fintech Innovation Lab London
“The UK is a hotbed for fintechs, which are starting to bite at banking revenues,” Julian Skan, executive sponsor of FinTech Innovation Lab London, says. “But banks and insurers are also capitalising on the opportunity to work with emerging technologies and new talent to compete.”
Skan adds: “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.”
The programme, founded by Accenture and its partners in 2012, runs for three months between 7 January and 28 March. Participating start-ups will work with executives from banks and insurers such as BlackRock, HSBC, Santander, and Wells Fargo to further develop their business models and solutions. In total, 35 financial institutions are providing mentors for the programme.
Exate Technology was founded in 2015 and is headquartered in London. Its technology enables users to apply rules to determine how data is accessed. Exate calls the solution “a virtual visa for your data”.
FutureFlow provides institutions with a map of movement of money through the financial system.
Like “cookies for money,” the company’s solution gives users deep money flow insights, showing where money in each transaction has been before, how quickly it moved, and what good, services, and locations it has covered. Headquartered in New York City, the company was founded in 2016.
Insurtech firm Anorak offers personalised, regulated life insurance purchasing advice to help insurance consumers get the best policy at for the least cost.
The company leverages data science and machine learning – as well as decades of insurance industry experience – to analyse risk and coverage needs, turning bank data into customised insurance solutions. The London-based company was founded in 2016.