Another traditional bank opens its doors to innovation as Royal Bank of Scotland launches its own fintech accelerator. This relationship hub will be based at the bank’s refurbished Gogarburn headquarters in Edinburgh.
As Finextra reports, the headquarters have been home to an Entrepreneurial Spark Business Accelerator Hub since 2016, which includes a ‘Hatchery’ for early stage start-ups and a ‘Nest’ for high growth, high impact businesses. RBS announced that the Entrepreneurial Spark initiative will be fused with the fintech accelerator to create a cohesive and diverse community of innovators and incumbents.
The hub includes a sandbox environment allowing startups to test and validate new applications with customers and the bank’s innovation team. Furthermore, each startup will benefit from the support of an Entrepreneurial Spark expert and of the bank’s Technology Relationship Team as well as a dedicated bank contact from the business side.
Louise Smith, Head of Design at RBS, commented about the initiative: “The fintech sector has huge potential for our economy so it is essential that these entrepreneurs are given all the support they need to ensure Scotland is at the heart of the fintech revolution.”
Smith is a fintech expert and, as special envoy to the UK Government, she is a key influencer in the development of new opportunities and support systems for the Scottish fintech community.