A flurry of tech start-ups have embarked on a programme run by BNP Paribas' technology innovation tracking and consulting specialist.

BNP Paribas-owned L'Atelier has paired eight start-ups with business units of the bank as part of its innovation accelerator programme.

Over the next four months, each of the eight selected tech start-ups will work in tandem with BNP Paribas businesses to develop innovations, with the aim of opening up new business opportunities and helping to create new products and services for the bank's customers.

Of the business pairings, two start-ups were assigned to BNP Paribas Wealth Management. These are KYC3 (Know Your Customer, Counterparty and Competition) and TwinPeek. KYC3, based in Luxembourg, provides customer due diligence and KYC research tools while TwinPeek, based in France, provides a personal data protection and monetisation solution.

“The fact that 142 start-ups applied to take part, close to a third of them from abroad, confirms our belief that banks and start-ups are natural allies in the process of rethinking banking and insurance services going forward,” said Yoann Jaffré, head of the open innovation lab at L'Atelier BNP Paribas.

Working at a BNP Paribas space dedicated to innovation in Paris, the companies will be coached on areas such as IT, marketing, business practice and fundraising. They will also receive mentoring from entrepreneurs and financial industry experts.