Lloyds Banking Group has announced three new strategic innovation challenges as it opens the next cohort of its Launch Innovation Programme.

Working in collaboration with FinTech Scotland, it follows the first programme, which saw 12 fintech firms selected from across Scotland and Europe.

The bank is using the programme as a platform to form partnerships with innovative fintechs that can help them achieve their sustainability goals, improve customers’ financial lives and support their colleagues in a post-Covid pandemic world.

“Lloyds Banking Group Launch Innovation Programme is a perfect example of how collaboration can deliver innovation and better outcomes for all,” said Nicola Anderson, CEO at FinTech Scotland

She added: “Amongst other things I was delighted to see three innovation themes this year which demonstrate how fintech can help with financial matters, well-being and sustainability. I’m looking forward to reading the applications.”

Successful fintech applicants will have 10 weeks to refine and test their innovative solutions, working in collaboration with colleagues across the bank. This will include direct access to challenge sponsors and mentors in the bank, as well as business development support, clinics and external business masterclasses.

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The Launch Innovation Programme is an initiative that aims to create collaboration opportunities between the banking group and fintech SMEs to enable faster innovation and deliver for customers.

David McLeay, Innovation Product Owner for Insurance & Wealth Transformation at Lloyds Banking Group added: “We are super excited to open our Launch 2022 programme as it’s a key part of our strategy to improve collaboration with fintechs and harness the power of Innovation.

“The 12 companies from the initial 2021 cohort delivered amazing ideas and experiments for our colleagues and customers. This year we are looking to build on that with additional investment and scale to identify up to 24 partner companies across a broader range of business challenges.”

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