May 19, 2016
LTP’s new FinTech market network, MEDICI, is teaming up with Nordea Startup Accelerator, the biggest of its kind in the Nordic region accelerator with a program designed to grow FinTech startups. Through this synergy with the MEDICI platform, Nordea Accelerator will provide startups an outstanding opportunity to gain exposure to the pool of 75 FinTech investors and 150+ financial institutions.
Founded in 2013 to provide independent insights & data-driven research in emerging financial services and payments, the LTP team has defined the contours of the global FinTech startup ecosystem; this has been an unparalleled effort thanks to our almost 60K global subscriber base.
Dedication to the new global FinTech allowed us to build MEDICI, the only FinTech-specific market network that helps startups gain premium visibility and contextual exposure in front of investors, accelerators and financial institutions.
MEDICI is the only FinTech engagement platform that provides domain-specific insights and research along with contextual engagement. It is a powerful tool to accelerate a company’s growth strategy through quick identification of target companies for a commercial relationship, partnership, investment or acquisition.
LTP’s deep domain knowledge flows into the MEDICI platform, which in conjunction with curated expert analysis and an intelligent search algorithm, becomes a powerful tool to follow this fast-changing sector that Goldman Sachs estimates to be worth $4.7 trillion globally.
Being passionately devoted to the FinTech ecosystem and its growth, the LTP team now extends its support for FinTech startups in the team-up with Nordea Startup Accelerator, an intensive programme that offers bright entrepreneurs a unique opportunity to work in close cooperation with external entrepreneurs, international tech specialists, Nordea experts and key decision-makers.
The synergy between MEDICI and Nordea Startup Accelerator will provide all startups enrolled to the accelerator programme an opportunity to be included in the vast MEDICI network.
Not only will it provide a rare chance to be included in the massive network of 4000+ startups, but it will also open doors to the world of 75 FinTech investors and 150+ financial institutions looking for the next breakthrough in the industry.
Through this move, Nordea Startup Accelerator will be interacting with MEDICI ecosystem as a FinTech-specific accelerator in order to discover, learn and interact with startups. MEDICI is the only place where entrepreneurs looking to make a step forward in developing their network and taking their idea to the next level can encounter right accelerators and best-match partners, like Nordea Startup Accelerator.
Topi Jarvinen, Co-founder and MP of Nordea Accelerator, shared with the LTP team the main areas/themes of focus of the accelerator in 2016. Startups focusing on the mentioned themes are of a great interest for the company. However, Nordea does not limit opportunities for other startups that can make its’ customers’ life better or easier.
Mr. Jarvinen believes that a thorough understanding of new and emerging technologies and their potential can provide inspiration and ideas for better customer services. How can Nordea serve our customers better by using emerging technologies, such as cognitive computing, artificial intelligence and blockchain to build new services?
Digital life and pension is another important area of innovation. As Mr. Jarvinen commented, For most people life insurance and pension is hard to understand and simply boring. Many would rather go to the dentist than think about what happens if they get sick, die or when they retire. Especially younger customers have no positive relation to their pension company. How can we change this? What does the future of life insurance and pension look like? How can we use technology to make life insurance more relevant and easier to understand?
Understanding and embracing the role of banks in sharing economy is also one of the goals Mr. Jarvinen has for Nordea in 2016.
More and more people have started to share cars, homes and durable goods instead of owning everything. Sharing instead of owning is often being considered to be both good for the environment and personal finances. Banks are good at handling customer relations, risks, guiding customers and analyzing huge amounts of data. How can banks turn these capabilities into new services for sharing networks, for example, by providing new ways to finance houses, identifying partners or helping to exchange money in a trusted manner? Where can banks provide value in sharing networks?
Enabling rapid transactions in collaboration economy is also one of the top priorities of Nordea for 2016. Mr. Jarvinen believes that partnerships and collaboration are an important part of every business and every consumer’s life today. Therefore, there should be easy and fast ways to establish trusted partnerships even if these relationships only last for a short time.
However, as Mr. Jarvinen notes, Today, many new opportunities are not realized, because forming a trusted relationship is not fast or easy enough. There is no time for heavy due diligence process or other traditional ways to make sure you can trust the other company or person. What can banks do to enable better ways of building trusted partnerships and rapid transactions in collaborative ecosystems? This may be between companies, companies and consumers or even between consumers. How should banks offer, for example, their extensive network, market insight, authentication or compliance information to businesses and individuals?
Last but not the least is a matter of compliance and changes in regulation. Nordea believes that customers should always get the best services for them. Although there may be many different service providers, it still should be easy without sacrificing a high level of trust and security.
New legislation, compliance demand and regulation are pushing banks to provide better services for customers and prevent fraud: take a look, for example, at Payment Service Directive 2 (PSD2) and Know your customer due diligence (KYC). How can banks turn these administrative demands into real benefits and value for the customers? Mr. Jarvinen added.
Nordea program offering for startups
Application deadline for startups is August 7. Out of the 50 most promising startups invited for selection and training in August, 20–30 will join the program that begins on Monday, September 12 and runs together with Nestholma Venture Accelerator, developed to help startups and large corporations to work together.