BMW selects five start-ups to join fintech innovation lab

'Industry first' will see each business awarded dedicated office space, mentoring, product testing and access to L Marks investors

BMW Group Financial Services has announced the five start-ups chosen to join its financial technology (fintech) business incubator – thought to be “the first of its kind” in the automotive sector.

Each business will receive dedicated office space at the BMW Group Financial Services head office in Farnborough, mentoring, product validation and testing, access to investors at L Marks – partner of the Innovation Lab – and a specially designed entrepreneurship education programme.

The five finalists are:

  • Divido – Startups 100-featured fintech firm that lets consumers split the cost of a product, service, or car over a period of time
  • Wrisk – Insurance that integrates motor, travel and home cover together to make it more flexible and affordable for consumers
  • UKVehicle.com – A big data start-up aiming to identify every available car on the market to make car purchase safer and easier
  • Drover – A car rental marketplace for use on ride-sharing platforms that connects owners and drivers of licensed cars
  • Warwick Analytics – A predictive analytics tool aiming to make BMW Group Financial Services more efficient by automating data analysis

Stuart Marks, technology entrepreneur and partner of the Innovation Lab, commented: “Every start-up that attended the pitch day presented a new idea for changing automotive finance, which meant that selecting only five to participate was a difficult challenge.

“However, we’re certain we’ve selected five strong companies who will benefit tremendously from being members of the Innovation Lab – it’ll be thrilling to watch them develop over the next 10 weeks.”

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