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Ideas in Motion

iLabX by Volvo Financial Services is a ten-week program, based at the VFS headquarters in Greensboro, North Carolina USA. It will enable startups to trial their products at scale, network with industry experts, receive mentoring from the VFS leadership team and access funding from VFS and L Marks.

Applications are now closed

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Working with Volvo Financial Services

The ten-week iLabX by VFS program is being run by Volvo Financial Services in partnership with corporate innovation specialist L Marks. Successful startups will have access to a large potential market for collaboration and innovation as well as a direct line into the sales companies within the Volvo Group.

All companies accepted into the program will be given first-class mentorship, be able to access insights from leading subject matter experts in the commercial transport and financial services industries.

Successful candidates will be co-located at the VFS offices in Greensboro, North Carolina and will be able to access data, gather insights and aim to test their products/services in live customer environments.

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Our Mentors

Nils Jaeger

President, Region EMEA

Volvo Financial Services

John Rakocy

President, Region Asia Pacific

Volvo Financial Services

Pat Shannon

Chief Credit Officer

Volvo Financial Services

Alexia Maas

Senior Vice President and General Counsel

Volvo Financial Services

Allen Atchley

Vice President, Strategy & Innovation

Volvo Financial Services

Our Categories

Build an Exceptional Customer Journey

We aim to make it as easy as possible for customers to access and purchase Volvo Group vehicles, parts and service, and financial services by selling or “bundling” them as a total offer. We are looking for solutions that enhance our key market differentiators of speed, flexibility, responsiveness, and reliability in every customer interaction, and increase our integration with Volvo Group Brand Partners, with a focus on digital channels.  In doing so, VFS will become a primary reason customers decide to purchase Volvo Group products.


New Technologies such as automation, electromobility, and connectivity are changing our customers’ needs, priorities, and challenges. VFS is committed to transitioning into new solutions and business models that support our customers’ continued success. We are looking for platforms and product offerings that allow for faster and easier vehicle access (through ownership or other means) — and expand access to demographics who might not otherwise purchase a Group product or service.


Operational excellence is fundamental to VFS, defined as both the efficiency of our business and the effectiveness of our processes. We are looking for solutions that can provide a level change in business performance, made possible through digital transformation.


What does the financial services industry look like in 10-20 years? We are looking for solutions that re-engineer long held assumptions in terms of business models, sources of capital, credit and risk evaluation, and capital flows.

If you have an idea which isn’t listed under the categories above but is relevant to VFS, then please apply.

Surprise us!


02 December 2018

Applications close

Applications close 2nd December 23:59 EST.

10 January 2019

Pitch Day

Pitch Day is your startup’s chance to pitch to a VFS senior leadership team to win a place on iLabX. You’ll have the chance to expand on your application and convince the panel that you’re right for the program.

11 February 2019

Program starts

The intensive 10-week period of collaboration starts here. Over this time, we’ll set key objectives for what you want to achieve in the program with VFS and get mentorship from senior leaders and external subject matter experts to help you achieve these goals.

02 May 2019

Demo day

Demo Day is where you’ll show us what your startup has achieved over the 10 weeks and present your proposal for future engagement with VFS.

Volvo Financial Services offers competitive financial solutions which strengthen long­term relationships with Volvo Group customers and dealers. As the number one provider of financial solutions for Volvo Group products, VFS delivers value to customers and builds loyalty to the Volvo Group brands through ease of doing business, speed to market, and knowledge and expertise of the industry.

VFS provides customer financ­ing for more than 200,000 vehicles in 48 countries around the world.

The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The Volvo Group, which employs almost 100,000 people, has production facilities in 18 countries and sells its products in more than 190 markets.

In 2017 the Volvo Group sales amounted to about SEK 335 billion (EUR 35 billion). The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq Stockholm.

Our Brands

Our Partners

L Marks is a corporate innovation specialist and early-stage investor. They build bridges between large corporates seeking to innovate more quickly with young companies with disruptive technologies, products and services. Founded in 2012 by serial entrepreneur Stuart Marks, they run bespoke start-up partnership programs across industry sectors, supporting rapid innovation and connecting them with the best start-ups.

They work with clients such as Arsenal FC, Mischon de Reya and International Airlines Group (IAG) to identify where they believe the challenges are in their businesses and then turn these into opportunities for improvement and innovation. Each program is tailored to deliver real solutions to the corporate partners and create real opportunities for start-up to test and grow their product with a major partner.