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Barclays launches financial tech start-up accelerator

Matthew Finnegan | Dec. 11, 2013
Barclays has launched an accelerator programme that will give start-ups an opportunity to receive mentoring from senior executives including CIO Darryl West and chief design officer Derek White.

Barclays has launched an accelerator programme that will give start-ups an opportunity to receive mentoring from senior executives including CIO Darryl West and chief design officer Derek White.

Start-ups worldwide are invited to apply for the three-month programme, with 10 successful applicants offered seed funding of £12,500 in exchange for six percent equity, and given access to office space in London's Mile End, near Tech City.

Applications will be open until 21 March 2014, with the programme beginning in June and 'demo days' in September where the start-ups will present in front of banking execs and investors.

The project is being supported by Techstars, which has previously run technology accelerator programmes for Nike and Microsoft.

Barclays, which claims to have take a start-up approach to the development of its Pingit customer payments app, aims to launch a total of six accelerator programmes in the next three years.

"We've identified technology as a key driver of innovation and it will be paramount to Barclays achieving our ambition of becoming the 'Go-To' bank," said White.

"We've already had great successes using an entrepreneurial approach to future design, including the launch of our innovative Barclays Pingit app, and we're keen to ensure we build upon these by supporting entrepreneurs and putting them in an ecosystem where they can grow and develop."

Barclays was one of the banks involved in the first Fintech Innovation lab launched in London last year, receiving backing from major banks worldwide.

 

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