Volvo Group to finance startups through iLabX program

Volvo Financial Services, a subsidiary of the Volvo Group that develops and coordinates AB Volvo Group’s operations in dealer and customer financing, insurance, and related services, has launched a program for the development of startups. The program will provide selected start-ups with the opportunity to develop and test their ideas and technology alongside Volvo Financial services’ leading experts in the commercial transport and financial industries. The program called iLabX, is a 10-week program for selected startups.

The screening process of the program included a live pitch from the startups to a panel of judges from Volvo Financial Services and L Marks. Of the 183 applicants, just seven were selected to enter the 10-week program. The selected startups include Supermoney (digital wallet), DOVU (global transportation ecosystem), Encompass-CX (customer experience management app), Rein (software platform), Wagonex (flexible care subscriptions), Launch mobility (shared mobility service), E-bot7 (hybrid Agent +AI solution).

During the program, the startups will develop and test technologies and solutions that can potentially deliver added value to Volvo Group customers and dealers. Some of the technologies in the program, including data analytics, blockchain and artificial intelligence solutions being developed, are at the forefront of business innovation. At the end of the program, Volvo Financial Services will assess whether to make further investment to finalize and progress the ideas.

Daniel Saunders, chief executive of L Marks, said, “I am delighted to be supporting Volvo Financial Services as we kick off the iLabX program. The selection process was incredibly competitive and we have chosen seven exciting companies who can really challenge the status quo and help Volvo Financial Services build exciting new solutions for their business and customers. This program is the fourth L Marks has run in the auto-finance sector and is another example of L Marks’ strength in bringing transformational change through connecting great startup businesses with our corporate partners.

Scott Rafkin, president of Volvo Financial Services, said, “We were targeting 100 applications at the start of the program, so it was exciting to see almost double the number of companies express interest in iLabX. The program is helping us explore ways to create new solutions and business models for our markets, while giving start-ups access to our company’s global scale in order to help them grow their own businesses. This is an exciting time for everyone involved, and we are looking forward to seeing what can be developed to further innovate, drive speed and business performance.”