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EY has announced the launch of its first UK FinTech lab in London, with plans for a second one to be opened in Edinburgh next year.
The big four firm has said it will invest several million pounds over the next year into its UK FinTech practice and will launch a new innovation hub in Bristol.
The London lab will be based in Canary Wharf and the company said it will allow FinTechs, potential investors, clients, established financial services firms, regulators and other partners to be able to connect to share information.
Mark Jannetta joins EY from Barclays as the head of the new Fintech Lab. At Barclays he was head of the Fintech Venture Studio and has ten years experience in working with FinTechs.
The labs have been designed to collaborate with start-ups and scale-ups focused on innovation and creating solutions to financial challenges, such as financial crime and financing a sustainable economy.
Chris Woolard, UK head of FinTech, said: “FinTech is the future and we have clear and very ambitious plans to grow our FinTech business in 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.
“The EY Fintech Labs will be central to our growth, and I am thrilled Mark has joined to spearhead our work.”
Jannetta added: “I’m delighted to join EY’s FinTech team, heading up its new FinTech labs. The labs are set to be vibrant, strategic capabilities which will drive change and provide crucial support to the whole financial services market. I’m excited to help clients create more value and build on the UK’s reputation for innovation.”
EY is also launching a FinTech growth programme aimed at early stage and growing businesses.
