17 Jan 2018
The report ‘Transformation and innovation: a guide to partnerships between financial services institutions and fintechs’, published by TheCityUK, sets out how greater collaboration between financial services institutions and fintechs can smooth the path to developing innovative new digital products and services.
The industry-led body representing UK-based financial and related professional services showcases seven possible models for collaboration, each addressing common pitfalls and legal issues that should be considered. These include intellectual property rights, regulatory compliance and data protection and privacy.
The study highlights that InnoCells, the venture arm for Banco Sabadell, is considered as a hybrid. We operate with a versatile business model that allows us to act as a venture builder, creating and fostering new digital businesses, as well as making digital and technological investments, and collaborating with start-ups and corporations.
In September 2017, we co-led our first investment in Bud, the leading UK platform in aggregating financial services and products into a single marketplace. The start-up raised a total of £1.5 million (around €1.6 million) in seed capital from different investors.
TheCityUK describes the model as a great example of the benefits of bringing together the start-up and corporate worlds to make customer experience richer and more engaging, which is a key priority for TSB and Banco Sabadell.
The study also underlines how important these partnerships will be in helping to strengthen the UK’s position as a world-leading fintech centre.
Download it here.