Warren Mead, global co-lead fintech, KPMG, said the move was in response to expectations of increased client demand for fintech alliances.

‘Through 2015 and 2016, a total of $71bn (£55bn) was invested in fintechs globally as traditional financial services companies increasingly recognised tech innovation as the best way to remain relevant, manage compliance and cut costs.

‘Firms can’t possibly filter the thousands of fintechs on the market so KPMG’s Matchi platform will help them block out the noise and focus on what will work,’ Mead said.

Matchi includes more than 2,500 fintech companies offering innovative solutions to legacy problems or launching ventures into new markets. The platform allows financial institutions to search for a specific company or product, or to use the proprietary ‘Innovation Challenge’ to present specific problems to the fintech community and receive recommendations on solutions. In this way, firms can access the brightest and best thinking to address their challenges.

David Milligan, Matchi CEO, said: ‘Together, we are positioned to help clients find and deploy the fintech solutions that are most relevant to their business needs. We are fulfilling the promise of collaboration between financial institutions and fintech firms, which can ultimately benefit all consumers and businesses.’