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EY launches First Fintech Lab in London With Second to Follow

Tax, transaction and advisory service provider EY has launched its first ‘Fintech lab’, based in London. The launch looks to further collaboration with start-ups and scale-ups focused on creating solutions to financial challenges.

The ‘Fintech lab’ is designed to collaborate with companies that are fighting financial crime, helping finance a sustainable economy and more. EY also plans to launch a second hub in Edinburgh in 2023.

EY’s new lab aims to become a “dynamic workspace”, tailored toward experimentation and rapid test-and-learn prototyping. Fintechs, potential investors, clients, established financial services companies, regulators and more will be able to use the labs to connect. Organisations will also be able to share information, brainstorm big ideas and develop real-world solutions to serve markets and customers more effectively.

Mark Jannetta, head of EY fintech lab
Mark Jannetta, head of EY fintech lab

Mark Jannetta, the newly appointed head of EY Fintech Lab, is set to run both labs. Jannetta brings extensive experience leading complex transformation programmes. He also has 10 years of experience working directly with fintechs in the innovation space. Mark has joined EY from Barclays where he was head of Barclays’ fintech venture studio.

Jannetta commented: “I’m delighted to join EY’s FinTech team, heading up its new FinTech labs. The labs are set to be vibrant, strategic capabilities which will drive change and provide crucial support to the whole financial services market. I’m excited to help clients create more value and build on the UK’s reputation for innovation.”

EY’s commitment to launching and running the two locations also forms part of its UK fintech growth plans. The advisory service plans several million pounds worth of investment over the course of the next year. EY’s London fintech lab location is in its financial services office in Canary Wharf.

Growing fintech in the UK
Christopher Woolard, partner at EY
Christopher Woolard, partner at EY

Christopher Woolard, UK head of fintech at EY, explained the work the lab aims to do. He said: “Fintech is the future. We have clear and very ambitious plans to grow our fintech business in the UK.

“Our overriding objective is to connect fintechs, established financial services players, potential investors and the official sector and collaborate to bring new products and services to market, further enhancing the UK’s reputation as a global leader in fintech.

“The EY fintech labs will be central to our growth. I am also thrilled Mark has joined to spearhead our work.”

Alongside the new labs, EY is also launching a fintech growth programme aimed at early-stage and growing businesses. The programme’s overall aim is to help equip companies with the skills and knowledge needed for success.

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