Today, Natwest Bank announced that it is scheduled to launch new fintech accelerators in four cities across the United Kingdom this coming April, including one in the capital.
The bank is set to launch units in Manchester, London, Edinburgh, and Bristol supporting a maximum of 80 fintech companies with a “technology team mentor” and access to the contacts of the government.
The bank said that the acceleration programmes that will span for six to 18 months offer internet access and office space for free, business coaching and advice. It will also offer “access to the bank’s networks and supply chains.”
The big banks of Britain have launched a series of fintech accelerators during recent years as they attempt to stay ahead of the competition from other banks of all sizes and the bid of start-ups that are backed by technology companies who previously had less interest into going into finance.
Santander, Barclays, Lloyds, and HSBC are all involved with the fintech accelerators of London to differing degrees.
Meanwhile, last February, Natwest launched an animated chat bot that aims to answer the questions of customer, going by the name of “Cora”, as it attempt to keep its operations ahead of the competition.
Dell EMC will also offer advice to companies in the Natwest accelerators, while Pinsent Masons, the law firm, will offer companies with legal advice as partners on the project.
Natwest is owned by the Royal Bank of Scotland. It has 12 accelerator locations across the United Kingdom, which together can host a maximum of 1,000 people in new businesses.
The fintech accelerator coincides with the plans to support 5,000 entrepreneurs across industries with free coaching and mentoring. It will also give “pre-acceleration” 12-week courses to 50 start-ups that are in the early-stage.