Lloyds Banking Group launches Innovation programme
Lloyds Banking Group has opened applications for its Launch Innovation program aimed at discovering potential FinTech partners. The 12-week program is designed to foster collaboration with FinTechs and InsurTechs, and successful applicants will work with the Group to further develop their business. The top performers will have the opportunity to run a commercial experiment in partnership with Lloyds Banking Group, potentially leading to a further partnership. Last year's participant, Caura, received a £4 million investment from the Group. The Launch Innovation program aims to support emerging FinTech and InsurTech companies.
The program provides FinTechs and InsurTechs with expert guidance from Lloyds Banking Group, enabling them to develop their businesses further. The most successful applicants will be invited to participate in a commercial experiment in partnership with Lloyds Banking Group. The Launch Innovation program was highly successful in 2022, with Caura receiving a £4 million investment from the Lloyds Banking Group FinTech Investment team. Applications for 2023 are now open, and successful applicants will have access to senior management and subject matter experts, who will provide valuable insights into working with large financial institutions. The Group's FinTech Investment Team will also review applications and have funds available to invest in seed to Series B businesses.
Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, stated:
"Our ambition is to become the best bank for FinTech and InsurTechs to work with, and we recognise that better collaboration with FinTechs and InsurTechs is key to delivering exceptional service and enhancing our capabilities. We are excited to hear from this year's applicants and to explore ways to build the bridge between the needs of our business and personal customers and the FinTech community."