Lloyds Banking Group has opened applications for its Launch Innovation programme, targeting the UK’s next standout start-ups and scale-ups. The initiative gives founders from any sector direct access to the Group’s technology and expertise, with successful applicants working alongside specialists from across the bank.
Access to 29 million customers and banking expertise
Participants will gain insight into the needs of 28 million retail customers and around one million businesses across banking, mortgages, insurance, investments and motor finance. The bank, which has branches in Birmingham, will allow founders to develop and test their ideas against real customer and business challenges.
According to Lloyds, the strongest propositions could potentially progress to a commercial proof of concept or a longer-term partnership. Applications are open to technology businesses and individuals from any sector that can demonstrate a relevant solution, a clear customer benefit and a credible commercial case.
Programme details and potential opportunities
Lloyds stated: "Selected participants will work with Lloyds Banking Group specialists from mortgages to investments, to develop and test their solution against one of the challenges, while getting valuable insight into customer and business needs."
Ideas will be pitched to the bank’s expert Launch Innovation team, with the strongest ideas potentially progressing to a proof of concept or longer-term collaboration. The bank added: "Taking part can be a springboard for ambitious people and businesses, helping them sharpen their ideas and build other relationships across Lloyds Banking Group. Relevant applications may also be reviewed by the Group’s Fintech Investment team, with the potential to explore wider opportunities beyond the programme."
Director highlights route to investment and partnerships
Paul Wilkinson, Rewards and Launch Innovation Director at Lloyds Banking Group, said: "For an ambitious start-up, finding the right entry point into a large financial services group can be challenging. Launch Innovation gives founders a clear route to our specialists, customer insight and the opportunity to test whether their technology can solve a genuine business challenge."
Wilkinson added: "We have seen participants turn that opportunity into investment, customer-facing services and longer-term commercial relationships. We are looking for founders with strong technology, a clear customer benefit and the ambition to take their proposition further."
The programme is designed to help participants sharpen their ideas and build relationships across the Group, with successful applicants potentially moving toward commercial proof of concept or longer-term collaboration.
