A New Fintech Accelerator in London Will be Launched by Natwest in April

By Belovedfreak (Own work) [CC BY-SA 3.0] via Wikimedia Commons

Today, Natwest bank announced that it is scheduled to launch new fintech accelerators in four cities across the United Kingdom, including one in London.

The bank will also launch units in Manchester, Bristol, and Edinburgh. It will support up to 80 fintech companies with a “technology team mentor” and access to contacts of the government.

The bank said that the acceleration programmes that will span for six to 18 months are set to offer free office space and internet access. It will also offer business advice and coaching, and an “access to the bank’s networks and supply chains.”

The big banks in Britain have launched a series of fintech accelerators during the past years as they attempt to stay ahead of the competition from other banks of all sizes and the bids of start-ups that are backed by technology companies who had less interest into branching into the world of finance previously.

Santander, Barclays, Lloyds, and HSBC are all currently involved with the fintech accelerators in London to differing degrees.

Meanwhile, last week, Natwest, launched an animated chatbot that answers the queries of customers. The technology is called “Cora,” and it attempts to keep its operations leading ahead of their competition.

Read more: AI Bot Cora Recruited by Natwest to Answer Customer Concerns

Dell EMC will also give some advice to companies in the Natwest accelerators, while Pinsent Masons, a law firm, will offer the firms with legal advice as partners on the project.

Natwest is owned by the Royal Bank of Scotland. It currently has 12 accelerator locations across the United Kingdom, which can host a maximum of 1,000 people in new businesses collectively.

The fintech accelerator corresponds with plans to support approximately 5,000 entrepreneurs across industries through free coaching and mentoring. It will also provide 12-week courses for “pre-acceleration” to 50 start-ups that are still in their early stages.