Barclays Launches Fintech Accelerator Program in New York
Barclays and Techstars plan to launch their flagship Accelerator program in New York, following its resounding success in London; ten companies will have the chance to shape the future of financial services.
The Barclays Accelerator, powered by Techstars, will open in New York in July 2015. The program will provide the opportunity for ten companies to participate in thirteen weeks of intensive networking, mentoring and development, aimed at supporting breakthrough financial technology innovations.
The first Barclays Accelerator program ran in London last year. A range of innovative fintech ideas were developed, including a new credit scoring system, a new money management tool to help people regain control of their finances, and an analytics platform designed to help companies manage risk and reputation.
“At Barclays we recognize that innovation will not solely be driven from within our organization so we are actively embracing the opportunities and expertise of the start-up ecosystem. Our Accelerator enables us to help translate emerging technologies into what could be the future of financial services” said Derek White, Barclays Chief Design and Digital Officer. “Our goal in New York is to help innovators develop new disruptive fintech technologies, particularly in the investment banking, wealth management and credit cards industries. We’re thrilled that we are able to extend our program to New York, a hub for global finance, building upon the successes we have already seen in London.”
The ten companies will be based at new, custom-built premises in Manhattan when they join the program in July. The companies will also have access to a catalogue of Barclays APIs and data to help them build and refine their business models. The program will culminate with a Demo Day in October, when the companies will have the opportunity to pitch their business ideas to industry leaders.
“Through this expanded partnership with Barclays, we’re able to build on the successes of our London accelerator program, now in its second year, by bringing the same level of fintech innovation to New York City,” said David Cohen, Founder and Managing Partner, Techstars. “Companies joining the New York program will have the opportunity to leverage not only the Barclays network but also the vast fintech community that we’ve been building for the last two years.”