LLOYDS BANK is looking for a new ‘fintech tsar’ as part of a £1bn commitment to fintech expansion. The new hire will be expected to identify potential partnerships and investments across London’s fintech sector.
According to an advert placed on the company website, the new ‘Head of Fintech Discovery’, will lead “focus on initiatives to drive opportunities for innovation and fintech in Lloyds Banking Group”, as well as raising awareness of the sector within the wider organisation.
The successful candidate would have “a solid understanding of the London fintech sector with relationships to incubators, accelerators, academia, service suppliers, professional services firms, start-ups, venture capitalists, regulators and government institutions within the industry,” the advert continued.
Lloyds is just the latest bank to tap the fintech sector for talent and growth. Santander, HSBC, and BBVA are already investing in fintech start-ups through their sector-specific venture capital funds, while Barclays and Standard Chartered sponsor a series of mentorship programmes with fintech’s rising stars.
Last week, Jason Purcell, chief executive of First Capital told Peer-to-Peer Finance News that he expects to see more high-street banks broker partnerships with fintech companies and P2P lenders.
“In the early days, the financial services industry ignored what was going on with technology, but now they’re looking at it with more interest,” he said.
“I absolutely expect to see more banks experiment with this space, either by building their own platforms, investing in platforms or lending through platforms.”