The Investment Association (IA) announced on Wednesday it has opened applications as it seeks the second cohort of fintech innovators for Velocity, which is the IA’s specialist fintech accelerator and innovation hub for the asset management industry.
IA reported that since the launch of Velocity and the creation of its fintech membership category, the IA has seen more than 70 FinTech firms join its ranks in the past six months, with five of these forming the first Velocity cohort in October last year.
“As the IA’s fastest growing membership category, fintech membership accommodates the specific needs of FinTechs operating within the wider buy-side market. It has attracted firms representing a wide variety of technologies covering: AI, big data, cloud-based infrastructure, DLT and Blockchain, mobile and wealth technologies, as well as robotics and automation. These firms also highlight the global outlook of the UK’s FinTech firms, with IA FinTech members operating in over 30 jurisdictions globally including Europe, the U.S., India, Singapore, and Hong Kong.”
While sharing more details about the accelerator, Chris Cummings, Chief Executive of the Investment Association, stated:
“The IA has firmly established itself as the natural meeting point between the most cutting-edge FinTech companies and the asset management industry. By taking the lead on attracting innovative FinTech firms, we are ensuring that our industry remains globally competitive to the benefit of savers and investors. More than 30 outstanding FinTech companies applied to join the first cohort and we look forward to receiving a similar high calibre of applicants for the second cohort.”
Those interested in joining the cohort class will have until March 1st to submit an application. IA went onto add:
“During the six month programme, the FinTech firms will benefit from unparalleled access to the IA and industry expertise, as well as gaining valuable exposure to industry networks and potential clients. Participants will also benefit from access to a bespoke co-working space and mentoring from the 24-strong Advisory Panel. The second cohort will be in place to start on the Velocity programme by May 2019.”