A new initiative is set to stir innovation in the banking and financial services sector globally after the Barclays and US’s Techstars joined hands to launch The Barclays Accelerator.
Set to select ten companies from around the world, the three month intensive startup programme is designed to help startup entrepreneurs to deliver breakthrough innovations by giving them seed funding and providing custom built facilities in Mile End near Tech City.
The successful entrepreneurs will also be mentored by Barclays Group Chief Information Officer, Darryl West, and Chief Design Officer, Derek White, alongside mentors from Techstars, including Jon Bradford, Managing Director of Techstars in London and David Cohen, founder and CEO of Techstars. With plans to go for three years, Barclays and Techstars will run five more different accelerator programmes in a bid to help sixty different companies.
According to Derek White, Barclays Chief Design Officer, “Combining the breadth and depth of Barclays’ global financial expertise with the experience and extensive mentor network of Techstars is a recipe for success for a select group of entrepreneurs.”
Barclays says technology is a key driver of innovation and it will be paramount for it to achieve its mission to become the ‘Go-To’ bank. Barclays recently launched Barclays Pingit app, and aim to support entrepreneurs to develop their businesses.
The programme, open to entrepreneurs and start-up companies worldwide will pick ten companies to join the Barclays Accelerator where their business models will be refined as they work towards the Barclays Executive Demo Day and a Public Investor Demo Day in London. Applications are open now at www.barclaysaccelerator.com and will be open until March 21, 2014. The programme will begin in mid- June 2014 with the Demo Days scheduled for September 2014
David Cohen, founder and CEO of Techstars said partnering with Barclays will bring the next wave in FinTech.
“It’s a great opportunity for those entrepreneurs who have the right ideas that will make a difference in banking, whether it’s a new payment solution or a financial management tool.”