Capital One in McLean, Va., has launched an accelerator program for U.K. fintech startups.
The 10-week program, Growth Labs, will operate from the company's Nottingham, England, headquarters in partnership with the tech investor L Marks. Capital One is inviting pitches from early-stage startups and high-growth companies, it said Thursday. It will select six companies.
"It's very difficult for start-ups working in or with the financial services industry to navigate its complex regulatory environment," Stuart Marks, chairman at L Marks, said in a news release. "Capital One Growth Labs will give teams dedicated business support focused on education, strategy and partnership."
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Investment in London fintech firms is soaring and young companies are being drawn to the area, especially the Canary Wharf district, thanks to the efforts of incubator Level39, a vibrant social scene, and close proximity to large banks.
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Unless banks devote the same amount of investment as standalone incubators, the innovation labs launched by financial institutions will be a short-term fad.
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The launch follows the bank's announcement that it would hire 200 additional software engineers and relocate to its office from the City, London's financial district, to its Silicon Roundabout tech scene.
Capital One is also a partner in the New York program of the FinTech Innovation Lab, a 12-week accelerator that also operates in London, Dublin and Hong Kong.
