Lloyds Banking Group has launched a scheme to support start-ups and help innovators develop their businesses.

The Launch Innovation programme enables firms from all industries to work with the Group’s team to try to solve strategic challenges.

Lloyds said that all those who take part in the scheme will have their applications reviewed by the Launch Innovation Programme team and the Group’s FinTech Investment Team, who are ready to invest in seed to Series B businesses.

At the end of the programme, some of the participants will have the opportunity to run a commercial proof of concept experiment with Lloyds Banking Group, which the company said could open doors to potential future partnerships.

Previous successful participants in the scheme include UK motoring app Caura, which received a £4 million investment from the Lloyds Banking Group FinTech Investment team, and Doshi, which partnered with Lloyds to develop a gamified financial education platform.

“UK start-ups are an incredibly vibrant part of the UK business landscape, with creative and passionate individuals using innovative technology and fresh ideas to empower people financially,” said Tamara van den Ban, customer propositions director at Lloyds Banking Group. “Our ambition is to innovate at pace, and we believe that collaboration is key to delivering exceptional services and enhancing our capabilities for customers.”

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