EY Launches First UK FinTech Lab, Announces Ambitious Investment Plan for Growth and Increases Regional FinTech Focus

EY has announced the launch of its first FinTech lab, based in London, with a second planned in Edinburgh next year. The laboratories are designed to collaborate with start-ups and scale-ups focused on innovation and creating solutions to economic challenges, such as fighting financial crime and financing a sustainable economy. The labs will be run by new hire, Mark Jannetta, and are part of EY’s ambitious UK FinTech growth plans which include multi-million pound investment over the next twelve months.

New EY FinTech Lab – London

Located in EY’s financial services office in Canary Wharf (London), the new lab will be a dynamic workspace designed for collaboration, experimentation and rapid test-and-learn prototyping. FinTechs, potential investors, customers, established financial services firms, regulators and other partners will be able to connect to share information, brainstorm big ideas and develop real-world solutions to serve markets and customers more effectively.

Mark Jannetta, head of the new Fintech Lab, joins EY from Barclays where he was head of the Barclays Fintech Venture Studio. Mark has extensive experience in leading complex transformation programs and has 10 years of experience working directly with FinTechs in the innovation space.

The wider FinTech team is led by EY partner and former Interim Chief Executive of the FCA, Chris Woolard, who pioneered the UK Regulatory Sandbox which has been widely adopted in countries around the world. Chris is supported by EY partners Anita Kimber and Tom Bull – all of whom have significant experience in FinTech and challenger banks.

Chris Woolard, UK FinTech Head at EY, comments: “FinTech is the future and we have clear and very ambitious plans to grow our FinTech business in the UK. Our overall aim is to connect FinTechs, established financial services players, potential investors and the official sector and work together to bring new products and services to the market, and further strengthen the UK’s reputation as a global leader in FinTech. EY Fintech Labs will be central to our growth and I am delighted that Mark has joined to lead our work.”

Mark Jannetta, head of the FinTech Lab at EY, comments: “I am delighted to be joining EY’s FinTech team, leading up its new FinTech labs. The laboratories are set to be vibrant, strategic capabilities that will drive change and provide critical support to the entire financial services market. I am delighted to help clients create more value and build on the UK’s reputation for innovation.”

Alongside the new labs, EY is also launching its FinTech growth program aimed at early stage and growing businesses helping to equip them with the skills and knowledge needed to succeed. The program will be managed by Katja Palovaara, former Tech Nation and FinTech Rising Star of the Year at the London FinTech Awards 2022. Applications are open until 22 December 2022.

EY expands regional capabilities, partners with FinTech Scotland and launches 2nd Lab in Edinburgh

EY has also today announced the launch of a financial services innovation center in Bristol, combining design, data analytics and engineering functions. The hub will be led by directors Dan Harris, Oana Beattie and Liam Snelling and will also work with FinTechs across the South West and Wales to help serve clients locally, across the UK and internationally.

EY has also announced further measures to increase capacity in the Scottish market, with a second FinTech lab planned to open in Edinburgh in 2023. In addition, EY has become a strategic partner of FinTech Scotland to help Scotland become one of the world’s leading FinTech clusters .

EY Seren, the firm’s global research and design consultancy, will also establish a dedicated presence in the Scottish market, led by Mary MacPherson who joined the firm over a year ago, in addition to the London and Bristol offices.

Sue Dawe, EY Scotland Managing Partner, comments: “It’s an exciting time for Scotland’s FinTech market, which is growing from strength to strength. EY is dedicated to building its capabilities to support Scottish entrepreneurs as they design and develop ground-breaking financial products, services and solutions. Our new strategic partnership with FinTech Scotland will also not only help us achieve our goals, but support Scotland in becoming a world-leading FinTech cluster, creating highly skilled local jobs and driving economic growth.”

Nicola Anderson, CEO of FinTech Scotland, comments: “We are delighted that EY will join us as a strategic partner. The FinTech cluster in Scotland has seen significant growth in 2022 and we look forward to working with EY and other partners to continue this growth and opportunity in 2023 . EY’s leadership, expertise and depth of insight will enable further development. Their plans and commitment to working together to accelerate FinTech innovation align with the focus and opportunities we see in FinTech Scotland and for FinTech across the UK. I look forward to building more opportunities for collaboration and driving our FinTech research and innovation agenda together.”