UK’s Investment Association (IA) announced last week the first cohort of fintech firms that will be joining Velocity, a specialist fintech accelerator for the asset management industry.
IA reported that the five fintech firms were selected was due to their innovative solutions which aim to enhance customer experience and increase business efficiency across all aspects of an asset manager’s operations. The firms also encompass the spectrum of technologies from AI and machine learning to blockchain, and big data and behavioral analytics, to provide solutions targeted to the needs of the asset management industry. The selected startups are the following:
- 9Fin: An AI-powered financial data platform for the bond market. By making information easy to search, filter, and analyze they help fixed-income professionals save time & make better investment decisions.
- Essentia Analytics: Harnesses behavioral data analytics with human consulting to help fund managers measurably improve investment decision-making.
- Hivemind: Provides software to help companies build, clean and enrich data sets. They specialise in creating valuable data assets from diverse unstructured or even unrecorded sources, helping companies transform their data and research capabilities.
- ResonanceX: Users automation, market expertise, and smart-contracts to provide an interactive platform for structured investments trading, with the capability to extend to mainstream assets such as ETFs and mutual funds. The company is authorized and regulated by the UK Financial Conduct Authority.
- Util: Users big data and machine learning to quantify the holistic value a company creates, across stakeholders and Sustainable Development Goals, to support responsible investors in their investment decisions.
Speaking about the first cohorts, Chris Cummings, Chief Executive of the Investment Association, stated:
“The launch of Velocity has been a great success. Over 30 outstanding FinTech companies applied to join the first cohort and, after much scrutiny, and exciting debate, we are delighted to announce the successful firms. The IA has established itself as the natural meeting point between the most innovative FinTech companies and leading asset managers who are restless in pursuing cutting-edge approaches that offer better products and services to clients. Congratulations to 9Fin, Essentia Analytics, Hivemind, ResonanceX and Util who triumphed over stiff competition to secure a place in the first Velocity cohort.”
IA went on to add that during the six-month accelerator program, the first cohort of firms will benefit from unparalleled access to the IA and its industry expertise, as well as gaining valuable exposure to industry networks and potential clients. The participants will also benefit from access to a bespoke co-working space and mentoring from the expert Velocity Advisory Panel, which will help firms to unlock their potential and implement solutions throughout the sector. Applications for the second cohort will open on January 1st.
