KPMG Australia has announced the launch of a market-first fintech accelerator program, mLabs.

The new accelerator process launched by KPMG will connect authored deposit-taking institutions (ADIs) with Australia’s most prominent new fintech start-ups to promote innovation and develop business challenges in the style of the Startupbootcamp accelerator.

mLabs will give fintech ventures the opportunity to work with like-minded mutuals in one program and will be initially utilised by seven banks and credit unions: Teachers Banks, Geritage, Police Bank, IMB, Greater Bank, Beyond Bank and CUA.

“The KPMG Mutuals Review 2015 noted that mutuals are well placed to implement new technologies and ideas and to collaborate with fintech start-ups. KPMG mLabs is designed to catalyse this process,” said KPMG head of innovate, James Mabbott.

“It will be a platform for collaboration and a safe space for experimentation – and help bring some exciting new services to life for mutual banks and credit unions and their customers.”

The seven mutuals will work closely with 14 start-ups to develop new solutions, test assumptions and create prototype services.

Participants will participate in a 3-month structured course where they will receive mentoring from key KPMG industry advisers and were chosen based on input from mutuals.

The participants for mLabs in 2016 as listed by KPMG are:

Avoka – Accelerates digital customer acquisition and increases business agility for financial services, government, education, and other industries.

Brighte – the easiest way to pay ‘no interest ever’ for home energy and improvements.

Chekk  – A digital identity start-up enabling consumers to own, manage and share their personal data with other individuals and businesses, supporting improved customer experience and interactions for businesses to request access to up-to-date customer information.

Cloudcase – Omni-Product loan origination software enabling financial institutions to on-board customers and originate any financial product.

DSYNC – integration platform that joins fragmented systems together. The platform enables companies to integrate both cloud and on premise applications with an advanced data transformation and mapping engine.

Easyshare – A secure, online platform designed to simplify the payment of shared house, residential and commercial rent, bills and expenses.

Edstart – Provides a simple, low-cost financing solution, leveraging the latest technology to deliver a service to customers which is both easier to use and lower cost than traditional finance providers.

Fitchain – a fitness-based rewards program leveraging wearables and blockchain technology to improve engagement between both employees and customers.

Flamingo  – A customer experience personalisation platform that provides businesses with a retention, acquisition, co-creation and analytics capability.

Moneycatcha  – A loan origination solution that is built on the Blockchain, delivering significant competitive advantage through improvements to speed, efficiency and security.

Moroku – Moroku creates engaging mobile experiences by gamifying consumer interactions in banking and payments with the Moroku Game System.

Pocketbook – a free budget planner that makes managing personal finance ridiculously simple.

Simplekyc  – Hassle free, business process management solution for both large and small entities that greatly reduces the man hours involved in onboarding new customers.

Spriggy – Helps parents teach kids about money.  Using prepaid cards and a purpose-built mobile app, young people learn vital earning, saving and spending skills with real world practice under the safe supervision of their family.

KPMG global co lead for fintech, Ian Pollari, said that it was important for organisations with financial services to recognise the growing contribution of fintech within the sector.

“The objective of KPMG mLabs is to systematically foster greater levels of collaboration between the participating mutual ADIs and fintech start-ups. The mutuals are eager to engage the start-up community and for the fintech ventures, the prospect of innovating with the mutuals, who represent a combined customer base of more than two million.”

“Established organisations increasingly recognise the strategic importance of engaging with and sourcing capability from the fintech start-up community.”