JP Morgan Chase has launched an accelerator in the UK designed to support start-up founders that are developing technology which could transform the financial services industry.

The 12-week Fintech Forward Programme will provide expert mentorship from executives at the company, deliver tailored workshops with industry specialists, and showcase opportunities with potential investors and commercial partners.

JP Morgan said it has worked with consulting firm EY on the scheme, which is part of its broader efforts to unlock the potential of the innovation economy and recognise the challenges facing underserved individuals and entrepreneurs who can be overlooked for investment or have unequal access to essential resources.

Start-ups applying for the programme need to have a live product demonstrating market traction, with annual revenues not exceeding £1 million.

Additionally, applicants need to show a commitment to making a positive impact on individuals and businesses in the UK.

“At JP Morgan Payments, our north star is to improve the payments ecosystem and transform the movement of information, money, and assets,” said Veronique Steiner, head of EMEA innovation economy & head of EMEA e-commerce, technology, media and telecom, JP Morgan Payments. “We’re actively encouraging applications from founders or business leaders who are overcoming obstacles to growing a business, including a lack of proximity to funding and networks, and are addressing the needs of underserved consumers, businesses or communities.”

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