Octopus launches start-up accelerator to “fix” financial services industry
Octopus Labs will be focused purely on product-ready businesses in financial technology with funding on offer to successful cohort members...
Fund management firm Octopus Investments has this week announced the launch of Octopus Labs; an in-house accelerator programme dedicated to growing start-ups in financial technology (fintech).
Octopus has claimed that the 12 week programme – a first for the fund – will go some way to “fixing the broken financial services industry” and has said that with “fintech yet to really break through into the mainstream”, the fund has the “credibility to endorse fintech solutions and bring them to a wider audience”.
The programme is only open to product-ready start-ups and will give successful cohort businesses the chance to receive investment or be ‘spun in’ by Octopus.
The ‘Labs’ arm will also be self-building fintech solutions in-house following the success of its first self-built fintech product Octopus Choice.
Alex Mcpherson; head of ventures at Octopus Investments, and Chris Barling; chairman of invoice, quoting and scheduling app Powered Now, are among the judges that will be selecting successful participants.
Richard Wazacz, head of Octopus Labs, commented:
“When our founders launched Octopus 16 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. 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.
“Our accelerator is a great example of the ambitions we have as a business unit. We want to take existing innovations and ready them for our mainstream audience of advisers and retail investors.”
To submit your entry for Octopus Labs or to find out more, click here.