Lloyds Banking Group has launched a new mentoring scheme to support start-ups in the financial technology space.
The scheme will help fintech start-ups benefit from knowledge sharing with the bank’s experienced staff, including refining concepts to improve business models, the British lender said.
The scheme will involve participation of mentors from diverse areas of the banking group. The bank initially plans to enroll 100 mentors to work with the same number of start-ups.?
Lloyds Banking Group innovation and digital development director Marc Lien said: "The mentoring programme is an opportunity to boost our support to the UK as one of the main fintech hubs, allowing us to share the insights of the challenges and opportunities that come with scale and an existing customer base to provide fintechs with a complementary understanding of the market.” ?
To identify ideal candidates for the scheme, the bank will collaborate with fintech accelerators Innovate Finance and Startupbootcamp.
The lender eventually intends to roll out a bespoke platform where these start-ups can register their interest, highlight their reasons to look for mentorship, and their required support areas.?
"Through collaboration and partnerships with start-ups, we can support the evolution of how the financial services sector will serve its customers. This programme will be mutually beneficial as we can also learn lessons from fintech firms’ successes and failures that will help shape and inform our digitisation journey," Lien added.?