Velocity Birmingham, a new state-of-the-art FinTech hub, is set to open in November, with applications now open for FinTech firms.

Did you know @IAVelocity is launching a brand new #coworking space in the heart of #Birmingham? @IAVelocity will support tomorrow’s innovators & unlock cutting edge solutions to ensure investment managers drive innovation & the industry. Could it be you? https://t.co/EVcERucNkX https://t.co/2pFob9SEhI

— IAVelocity (@IAVelocity) October 7, 2019

Velocity Birmingham is a unique industry collaboration between the Investment Association’s (IA) FinTech hub and accelerator, Velocity, and IA member, Wesleyan, a specialist financial services mutual. It is the next step in the IA’s strategy to make sure that the industry’s customers get the benefits of the latest technological advances. The IA is inviting FinTech firms across the UK to join its latest innovation hub, where they can work with existing investment management firms to develop technology to help Britain’s savers and investors.

To mark the launch, Velocity Birmingham is offering up to ten of the most innovative FinTechs the opportunity to benefit from one year’s free co-working space and access to the IA’s expertise. Firms are invited to register their interest from today, with applications closing at midnight on 11 November.

The FinTech firms will be chosen by a selection panel of industry experts overseen by Graham Kellen, Chief Digital Officer of Schroders and Chair of the Velocity Advisory Panel, and will be revealed at the official launch of the co-working space later this year.

The new FinTech hub, located at Wesleyan’s Head Office in the heart of Birmingham’s city centre, will offer over thirty workstations, an auditorium, and meeting spaces for firms operating in Greater Birmingham and the West Midlands region. Velocity Birmingham will also offer FinTechs networking opportunities, resources and policy reports from the IA, along with a bespoke programme of events and expert briefings.

Chris Cummings, Chief Executive of the Investment Association, said:

“The investment management industry is looking for cutting-edge FinTech firms, who will help drive innovation and ensure that the UK remains world-leading. Birmingham has a proud history of innovation, with a deep tech talent pool and a strong cluster of FinTechs, so it was a natural choice to open our latest market-leading FinTech centre in the city.

“Velocity Birmingham is set to provide a critical hub for FinTechs operating in and around the West Midlands and builds on the success of Velocity London, which launched a year ago this month. Successful firms will be able to benefit from the brand new co-working space, industry expertise and an insightful range of events, giving them the opportunity to develop and showcase their exciting technology.”

Mario Mazzocchi, Group Chief Executive of Wesleyan, said:

“As one of Birmingham’s oldest firms and a key regional employer, we are delighted to work with the IA on this venture to support new technological development in the region. We’re really excited at the prospect of welcoming FinTech firms into our Head Office and hope that, in time, we can share in their innovative thinking to benefit our members and customers.”

Source: IA