One year after the second payment services directive (PSD2) took effect, startups offering Open Banking solutions dominate the 20 innovative technology companies joining the FinTech Innovation Lab London.

The accelerator launched by Accenture, banks and venture capital companies in 2012, has begun its latest three-month programme, which is set to conclude on 28 March. Startups involved will be partnered with executives from banks and insurers to develop their technologies and business models.

More than 280 start-ups from 41 countries applied to this year’s programme, with the shortlisted start-ups being mentored by the program’s biggest-ever cohort of financial services executives. This year’s cohort are as follows:

• CreditEnable
• Investment Navigator
• Fregnan
• Zeroflows
• Signal RegTech
• Exate
• Team HUB85
• Xelix
• ContactEngine
• FutureFlow
• Lifetise
• Neotas Limited
• Anaorak
• Matterway
• LvlFi
• Penfold
• Trust Elevate
• Untied
• WealthKernel
• OpenWrks

These companies will be mentored by executives from AXA XL, AXIS Capital, BAML, BlackRock, CIBC, Citi, Credit Suisse, Direct Line, Goldman Sachs, Hiscox, HSBC, ING, Intesa Sanpaolo, Irish Life, JPMC, Lloyds Banking Group, LV=, Marsh, Morgan Stanley, Nationwide, Nordea, OP, Rabobank, RBS/NatWest, Royal London, Santander, Scottish Widows, Societe Generale, State Street, TP ICAP, UBI, UBS, Wells Fargo, Willis and Zurich.

This year’s startups - which come from the UK, Switzerland and Germany - leverage data analytics, artificial intelligence and other innovative technologies to address issues including automating and simplifying the production of self-assessment tax returns, solving the cross-border distribution, product and tax-suitability issues of financial institutions, and helping individuals take control of their retirement savings.

The addition of the Open Banking stream this year expands the programme to companies that are capitalising on these recent regulatory changes. The programme’s other streams include corporate and investment banking, RegTech, Tech4Tech and InsurTech.

“Open banking is revolutionising the financial landscape, and we want to nurture the relationship with banks, insurers and the startups that are driving change,” said Julian Skan, executive sponsor of the Lab. “The UK is a hotbed for FinTechs, which are starting to bite at banking revenues, but banks and insurers are also capitalising on the opportunity to work with emerging technologies and new talent to compete.”

Since its launch, 75 startups have participated in the London Lab, securing more than 50 contracts with global banks. Globally, the Labs’ alumni companies have raised $1.1 billion in venture capital financing after participating in the programme.

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