First cohort of firms join rebranded IA FinTech hub - Engine
- Five new firms to join the IA's FinTech accelerator.
- Accelerator rebranded ‘Engine’.
- New Global Fintech Partners Programme launched.
Tuesday 21 April 2020
The latest five firms chosen to take part in the Investment Association’s FinTech accelerator programme have today been unveiled by the trade body, as it announces the programme and FinTech hub will be rebranded ‘Engine’.
The six-month FinTech accelerator programme (formerly known as Velocity) aims to connect best-in-class FinTech innovators with investment managers looking to transform the investment process. The role of technology during the coronavirus crisis is fundamental in overcoming operational challenges, creating efficiencies and increasing competitiveness.
The evolution of the IA’s FinTech offering from Velocity to Engine reflects the growth and maturing of the IA’s FinTech ambitions. Since launching, the IA has expanded its hub and accelerator in London, launched its co-working ‘Engine Room’ in Birmingham, and developed global FinTech initiatives and partnerships.
The selected firms will benefit from unparalleled access to the IA and its industry expertise, as well as gaining valuable exposure to industry networks and potential clients. Participants benefit from mentoring from the industry-expert Engine Advisory Panel, which helps firms unlock their potential and implement solutions throughout the sector.
The following firms were selected to take part in the Engine accelerator programme due to the quality of their solutions and focus on key industry problem areas:
- Exabel delivers cloud technology solutions to buy-side firms which enable active fund managers to complement their investment strategies with more data-driven techniques and perspective, including powerful AI predictive models.
- Fundipedia is a leading data management platform empowering the asset management industry to govern their data with ease, make smarter, faster decisions, and meet regulatory reporting requirements with confidence.
- ipushpull transforms data-driven workflow and improves efficiency across capital markets with real-time data sharing and workflow automation, delivering fast time-to-market and cost savings for data producers and services.
- KiteEdge turns knowledge into advantage through a combination of leading-edge technology and human expertise, empowering asset managers to maximise their value by identifying insights and delivering improved outcomes.
- Rungway, the workplace advice platform, is a management tool to foster a safe, inclusive culture and strengthen conduct and culture framework.
Chris Cummings, Chief Executive of the Investment Association, said:
“18 months after the launch of our FinTech offering, our accelerator programme is moving from strength to strength. The COVID-19 pandemic is a clear reminder that now more than ever firms should be pursuing technological avenues to help resolve the operational business challenges of the day.
“The unveiling of Engine is fitting of our ambition to drive broader adoption of new technologies across investment management. Engine will continue to act as a catalyst for industry innovation, bringing together buy-side focused tech solutions addressing current and future business needs.
“Congratulations to Exabel, Fundipedia, ipushpull, KiteEdge and Rungway who have succeeded in securing their place in the first Engine cohort.”
The IA has also announced the development of its Global FinTech Partners Programme in collaboration with PwC, which aims to minimise the cost of market entry for international FinTechs, enhance FinTechs market reach and increase inward investment by building strong relationships with international financial centres. One way it will achieve this is through a new section of the Engine website, built in collaboration with city-level representatives from Abu Dhabi, Dubai and Doha, aimed at promoting, sharing insight and connecting FinTechs, governments, regulators, industry associations and other FinTech hubs.
Engine will also feature a new taxonomy and search functionality (in partnership with The Disruption House) on its new website, that allows for quick identification of solutions across the value chain, asset classes and technologies, providing a single source directly applicable to the specific needs of investment management businesses.
Notes to Editors:
- Siobhan Clarke, Head of International Investment Operations at M&G Investments will serve as the newly appointed Chair of the Engine Advisory Panel, together with Olivia Vinden, Head of Fintech & Innovation at Alpha FMC and John Macpherson an independent advisor as Deputy Chairs.
For further information, please contact:
Katie Martin, Head of Communications: [email protected]
T: +44 (0)20 7269 4655
Helen Ayres, Communications Manager: [email protected]
T: +44 (0)20 7269 4620
David Parton, Communications Executive: [email protected]
T: +44 (0)20 7269 4625
IA press office: [email protected]
T: 020 7269 4696
About the Investment Association (IA):
- The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £7.7 trillion of assets and the investment management industry supports 115,000 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.