Labs plans to “fix the broken financial services sector”. According to Octopus Group, the existing marketplace is unnecessarily complicated and inaccessible, thus the new venture is set to build mainstream solutions to solve the problem.The firm is managing some £6bn worth of assets on behalf of more than 50,000 customers at present, which provides the accelerator with “financial services credibility and expertise”. With Labs, Octopus will work with growing fintech companies and support development, while also independently building its own products. Applications are currently being accepted for Labs until 16 September and the programme will begin in October. Octopus is hoping to introduce “next generation fintech” that will be welcomed by financial advisers and retailers with open arms – an area it’s called “advisertech”. “When our founders launched Octopus sixteen years ago, they did so with a belief that the financial services sector was broken, that customers deserved better, and that we could deliver it,” said Richard Wazacz, head of Octopus Labs. “The world has changed dramatically for our customers since then – but our ambition hasn’t. We want to rebuild financial services the way it should be.”
Read more on the fintech sector:
- New financial technology offering sees industry heavyweights unite
- The future of fintech in the wake of Brexit
- $13m investment for GoCardless, the fintech service used by Thomas Cook and FT
During London Technology Week, it was revealed 12 ambitious digital happenings are expected in the next 20 years.
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