Lloyds and FinTech Scotland launch second round of incubator programme

Lloyds Banking Group has expanded the tech incubator scheme it developed with FinTech Scotland in 2020, with up to 24 businesses set to benefit from the second round of the Launch Innovation Programme.

The programme supported 12 companies from Scotland and Europe when it initially launched, with the focus of the first round being on fintechs operating in the insurance sector.

In the latest round, Lloyds is seeking fintech partners from across the globe whose innovations could help the bank achieve its sustainability goals, improve customers’ financial lives and support staff in the post-pandemic world.

Successful applicants will have 10 weeks to refine and test their ideas, working in collaboration with the bank’s own staff.

David McLeay, innovation product owner for insurance and wealth transformation at Lloyds, said the programme is “a key part of our strategy to improve collaboration with fintechs and harness the power of innovation”.

“The 12 companies from the initial 2021 cohort delivered amazing ideas and experiments for our colleagues and customers,” he added.

“This year we are looking to build on that with additional investment and scale to identify up to 24 partner companies across a broader range of business challenges.”

FinTech Scotland chief executive Nicola Anderson called the programme a “perfect example of how collaboration can deliver innovation and better outcomes for all”.

Lloyds said it is “committed to enabling greater diversity” in the fintech space and as such is actively targeting applications from female founders as well as businesses run by BAME (black, Asian and minority ethnic) entrepreneurs.

The application deadline is 1 April.