Following on from the surges in Medtech and Cleantech the disruptions in the financial industry are creating new opportunities. Financial Technology companies (Fintechs) are the latest group of start up entrepreneurs converging on London to exploit an opportunity.
These pioneers are spotting gaps in the market for money transmission, peer to peer lending, riskier and innovative forms of personal lending and crowdfunding. Membership of the New Finance Group (established by Eddie George in 2011) has now breached 1,000 and early stage funding in London is comparable with that in New York.
The latest news however is all about the opening of ‘Level 39’ – an accelerator hub set up on level 39 of the Canary Wharf Tower. Wisely this allows such entrepreneurs to have direct access to CIO’s of the major financial institutions as well as the normal support they would get by operating in such a project.
A hi-tech ‘sandbox’ also allows software developers to work intensely on one-off financial projects and this looks likely to be a good resource for the banks themselves.
One to watch http://level39.co/