Octopus Investments said it launched Octopus Labs, a combination incubator and accelerator for fintech businesses.

The firm said the labs will develop fintech solutions in-house, including Octopus Choice, the first self-built fintech product coming out of the facility. The product is being distributed across the Octopus Investments network.

The labs at the same time will sponsor an accelerator program, offering central London office space and access to Octopus Investments’ distribution channels of financial advisers and investors. Octopus said it may choose to invest or “spin-in” successful businesses. Applications for the 12-week program are open until September 16, with activities starting in early October.