First 5 start-ups to join Octopus Labs’ fintech accelerator announced
12-week programme will give start-ups expert mentoring, office space and a chance to secure investment
Octopus Labs, the financial technology (fintech) accelerator launched earlier this year by investment firm Octopus Investments, has revealed the names of the five UK start-ups that will form the first cohort of the programme.
Starting in October 2016, the five companies will receive a 12-week programme of mentoring from financial industry experts and entrepreneurs, office space at Octopus’s central London headquarters and access to the firm’s distribution channel of over 3,500 financial advisers and 60,000 retail customers.
The five start-ups chosen are:
- CityFALCON – a machine learning and crowd-curation-based personalised financial news feed developed for non-institutional traders and investors
- MOOLA – an affordable and accessible investment platform enabling anyone to make informed investments
- Squirrel – a financial wellbeing company that partners with employers to help employees regain control of their finances
- Freetrade – a mobile app that enables its users to invest in the stock market commission free and connect them to a network of financial advisers
- Advicefront – a support platform to give independent financial advisers a “competitive edge”, while allowing average investors to access quality advice
At the conclusion of the programme, Octopus may decide to invest in or ‘spin-in’ the start-ups, which were selected from over 80 competing applications with solutions developed for financial advisers and their clients.
Aggelos Mouzakitis, Octopus Labs accelerator’s programme director, commented: “Whittling the hopefuls down to our final five was no easy task, but I’m thrilled with the cohort that we’ll be welcoming to Octopus over the next few weeks. The quality of their ideas, and the potential they hold, is truly impressive.”
Dan Cobley, managing partner of fintech at Blenheim Chalcot, continued:
“The chosen start-ups stood out for their experienced, talented and ambitious teams, and for their simple yet powerful products, which hold the potential to add huge value in the marketplace.
“I’m excited to see what the future has in store for them as they begin their journey with Octopus.”