EY launches its first UK FinTech lab, announces ambitious growth investment plan and ramps up regional FinTech focus

• EY’s new FinTech lab will be located in London, led by new hire, Mark Jannetta – with second lab planned for launch in Edinburgh in 2023
  
  
• EY will invest several million pounds over the next year into its UK – including Scotland - FinTech practice and launches new innovation hub in Bristol
  
  
• EY signs formal collaboration with FinTech Scotland and establishes new research and design consultancy team in Edinburgh (EY Seren)

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

New EY FinTech Lab - London

Located at 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, clients, 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 leading complex transformation programmes and has 10 years’ experience working directly with FinTechs in the innovation space.

The wider FinTech team is headed up by EY partner, and former interim-CEO 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 considerable FinTech and challenger bank experience.

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

Mark Jannetta, Head of FinTech Lab at EY, comments: “I’m delighted to join EY’s FinTech team, heading up its new FinTech labs. The labs are set to be vibrant, strategic capabilities which will drive change and provide crucial support to the whole financial services market. I’m excited 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 programme aimed at early stage and growing businesses helping to equip them with the skills and knowledge needed for success. The programme will be managed by Katja Palovaara, formerly of Tech Nation and FinTech Rising Star of the Year at the London FinTech Awards 2022. Applications are open up to the 22 December 2022.

EY grows regional capabilities, collaborates with FinTech Scotland and launches 2nd Lab in Edinburgh

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

EY has also announced further measures to grow capabilities 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 its London and Bristol offices.

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

Nicola Anderson, Chief Executive Officer at FinTech Scotland, comments: “We're delighted EY will join us as a Strategic Partner. The FinTech Cluster in Scotland has seen significant growth in 2022, and we're looking 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 for collaboration to accelerate FinTech innovation align with the focus and opportunity we see in FinTech Scotland and for FinTech across the UK. I'm looking forward to building more opportunities for collaboration and driving our FinTech research and innovation agenda together.”

Notes to editors:

In addition to the Head of FinTech role, Chris Woolard remains EMEIA Financial Services Regulation Leader and Chair of EY’s Global Regulatory Network.

EY has also recently announced the establishment of a new Financial Services Technology Hub in Birmingham, further demonstrating its commitment to building FinTech expertise across the UK.