The Akoni team is excited to announce we are one of five Retail Banking fintech startups selected for the Accenture Fintech Innovation Lab in London, amongst the cohort of twenty across categories including CIB, Insuretech and Tech4Tech. The Lab is a three month accelerator and mentorship programme uniting fintech startups with global financial services institutions, including HSBC, Barclays, RBS, Lloyds Banking Group, Citibank, Santander, Credit Suisse, Goldman Sachs, amongst others. The programme focuses on meeting the top execs and decision-makers at partner banks as well as legal, pitching and proof of concept mentoring.
Further information on the programme and the other startups selected can be found at https://newsroom.accenture.com/news/fintech-innovation-lab-london-kicks-off-largest-programme-in-its-five-year-history.htm
The Akoni team is ensconced in our new offices, and surrounded by an awesome environment and passionate teams, with the bonus of incredible London views. We are looking forward to the acceleration of the experience! Our team is working on several product releases and collaborating with various new partners over the next few months, aiming to deliver value for the UK’s 5.3 million businesses! We are already thoroughly enjoying the shared experiences with other startups, the awesome Accenture lab team and our mentors and banks.
Akoni is an innovative fintech startup which aims to improve financial outcomes for businesses while at the same time providing banks with benefits including customer loyalty and increased margin through Basel III LCR reductions.
The Akoni platform is a digital cash treasury manager and uses technology and data science to provide customers a cash portfolio manager, business marketplace which is updated daily, and personalised cash report and dashboard, as well as innovative cashflow projection tools including algorithm-based allocations, automated monitoring and utilising statistical techniques and neural networks for projection outcomes.
Akoni’s chairman and lead investor, Duncan Goldie-Morrison, is a seasoned banking CEO and Chairman. Mr. Goldie-Morrison was previously CEO of The Americas Credit Agricole CIB, Head of Global Markets and Asia, Bank of America, Chairman of Newedge Group SA and Newedge UK, President Ritchie Capital Management and Director Kleinwort Benson Bank. The business is further supported by the Deputy Chairman, Yann Gindre, previously CEO of Natixis UK and the Americas and financial services veteran.
Founder and CEO, Felicia Meyerowitz Singh, explains: “Scientific tools are changing the way we work in financial services, right down to conventional cash management activities that are traditionally based in Excel. Akoni plans to be a key leader and driver in delivering these changes. At last, corporates and SME businesses have access to similar cash management facilities to institutions with in-house treasurers and Treasury management systems. We are delighted to be part of the Accenture fintech lab, working with people and organisations of such calibre and looking forward to the programme innovation drive for our business.”
Banking sector undergoes disruption
The UK banking sector is already facing a range of issues, including ‘banking as a service’, ongoing cost reduction pressures, opportunities and challenges as a result of CMA requirements, open APIs and PSD2, and the Challenger Banks bringing a new approach to services and customer solutions. Businesses are part of this change, with the latest Accenture 2020 SME Banking report showing that 70% of businesses are prepared to pay non-banking customers for financial services.
To date, fintech innovation has been focused primarily on consumer banking for B2C and lending for B2B. Now, for the first time, Akoni brings technology benefits to UK SMEs and businesses for cash treasury management, with further business products planned in future roadmap.
For more information, please contact Felicia@akonihub.com