Entries invited to Capital One Growth Labs programme to shape the future of finance
Capital One UK announced on 17 May the launch of Capital One Growth Labs, an accelerator programme for early-stage start-up and high-growth companies.
The initiative, in partnership with corporate innovation specialist and tech investor L Marks, aims to discover innovative new businesses and give them cutting-edge support to develop technologies for the financial sector.
Working out of Capital One’s Nottingham headquarters, selected start-ups can rapidly accelerate product development inside the walls of a digital leader.
Chris Owen, programme leader, said: “One of the key aims of the programme is to discover and partner with some of the most promising new technology start-ups and unlock the truly leading-edge and innovative ideas of tomorrow. Having early access to start-ups, and the products they build, will enable Capital One to continue expanding its technological capabilities, as well as maintain a strong view on the customer needs of tomorrow while at the same time turbo-boosting those businesses by giving them unrivalled support.”
Applications are being invited to the programme in any of six categories:
- Unstructured data insight
- Security and fraud prevention
- Money management tools
- Enabling healthy financial habits
- Agent technologies
- Open category
The ‘Open’ category is available to any start-up with a potential offering to Capital One and could include: payment solutions, tracking, new lines of business or the physical/digital bridge.
Around 25 applicant companies will be selected to attend a pitch day on July 6, from which up to six will be accepted. During the ten-week programme, successful businesses will have direct access to Capital One in order to refine and test their products as well as receiving close mentor support from the company’s extensive panel of experts as well as those from the wider tech industry.
The programme will conclude with a final presentation to a panel comprising business experts and investors.
Stuart Marks, Chairman at L Marks, said: “There are a number of FinTech initiatives being established around the UK, but none are aiming to deliver such meaningful engagement with a potential partner and customer. It’s very difficult for start-ups working in or with the financial services industry to navigate its complex regulatory environment. Capital One Growth Labs will give teams dedicated business support focused on education, strategy and partnership – all essential to becoming successful in this field. We are excited to be partnering with Capital One and introducing our proven labs model into this dynamic sector.”
June 12, 2016 – application deadline
Technology start-ups interested in participating in Growth Lab can apply online before June 12 2016, by completing the application form that can be found here.
July 6, 2016 – pitch day
Following the initial application process, a shortlist of up to 25 start-up companies will be invited to a pitch day on July 6, 2016. Applicants will meet with a number of Capital One’s senior team to pitch their business proposition in order to secure a place on the programme. A final shortlist of start-ups will then be selected to participate in Growth Lab.
August 1, 2016 – Capital One Growth Labs presentation day
On August 1, 2016, participants will showcase their achievements and be offered the opportunity to bid for investment capital to support their business ideas.
Chris Newkirk, Capital One UK’s CEO, said: “Capital One UK was founded on the belief that technology, data and great talent could revolutionise consumer finance. Two decades later, those convictions continue to fuel our success. The pace of innovation has never been faster and the power of technology to help customers succeed financially has never been greater. We look forward to discovering the wealth of innovation and joining with them to push the boundaries of what’s possible.”