Quantum Leap for the City: How a Mansion House Hackathon is Powering the Future of Finance

The City of London took a bold step toward the future of financial innovation as Lord Mayor Alastair King hosted the final of the Quantum Computing Hackathon at Mansion House, in partnership with IBM and supported by NayaOne.

The pioneering event united some of the brightest minds in quantum computing, finance, and technology, exploring how this fast-emerging field could transform the UK’s financial services sector. Over several days, interdisciplinary teams tackled high-value challenges in portfolio optimisation, fraud detection, post-trade innovation, and market simulation, each using IBM’s cloud-based quantum computers via the Qiskit platform.

Celebrating innovation and collaboration

The winning team, WarwiQC, impressed judges with their project on AI-assisted Quantum Portfolio Optimisation. The group included researchers and industry experts from NatWest, ETH Zurich, the University of Warwick, University of Surrey, the National Quantum Computing Centre, and University College London.

Other finalists included:

• French Qubits – Ecole Normale Supérieure – PSL / Ecole Polytechnique (Quantum portfolio optimisation)
• Quantum Buddies – Sheffield University / Leeds University / Imperial College London (Market simulation)
• Touaregs – Independent team (Post-trade innovation)

A platform for the future

For the City of London, the Hackathon represents a statement of intent. “As we look to capitalise on high value financial use cases, my Quantum Hackathon initiative was designed to bring together the brightest minds across finance and technology,” said Lord Mayor Alastair King.

“In partnership with IBM, supported by NayaOne, this event has shown what successful collaboration between industry and academia can look like. Quantum finance innovation must continue apace, and through both competition and cooperation, the City and the UK can play a leading role in advancing quantum technology.”

The City of London Corporation, already home to Europe’s largest concentration of financial and professional services firms, now also leads as a European tech hub, hosting one of the world’s densest clusters of quantum start-ups and AI companies.

Industry voices

Dr Nicola Hodson, Chair of IBM UK and Ireland, said:

“The finance-focused hackathon that we collaborated on with the City of London is a great example of how experts can creatively explore how quantum computing could soon impact the industry. At IBM, we are committed to achieving a quantum advantage by 2026. It’s through collaboration with the broader ecosystem that quantum applications will run more accurately, cheaply, and efficiently than classical computers.”

Science Minister Lord Vallance added:

“This hackathon demonstrates what the UK does so well, bringing together universities, financial institutions, and technology firms to solve real business challenges. These projects show how quantum computing can transform financial services and drive the high-skilled jobs and growth that will power our economy.”

Karan Jain, Chief Executive of NayaOne, said:

“Quantum may still feel early, but this is exactly how early becomes ready, by giving people the tools, data, and space to experiment together. The City of London is showing what real innovation infrastructure looks like in practice.”

A glimpse into the future

The victorious WarwiQC team reflected on the impact of the experience:

“Getting to experiment directly on real quantum hardware was both exciting and eye-opening, showing us the power and potential of this emerging field. This experience has deepened our passion for shaping the future of quantum technology.”

The Hackathon’s success cements London’s position as both a financial powerhouse and a technological incubator, signalling the City’s commitment to supporting the next wave of quantum-driven innovation.

For a deeper look at how quantum computing is reshaping global finance, visit the National Quantum Computing Centre or explore IBM’s Quantum Innovation Hub.

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