Barclays and Techstars have joined forces to launch a new accelerator.
Barclays Accelerator is a three month bootcamp-style programme specifically targeting fintech startups – a first for international accelerator Techstars.
It follows the launch of Techstars London in Warner Yard earlier this year, the first step outside the US for the accelerator.
Six different programmes
As well as the Techstars mentoring and business development support, Barclays Accelerator startups get £12.5k of funding in return for giving up 6 percent equity.
Ten startups will be accepted for the three-month programme, and can come from anywhere in the world.
Barclays and Techstars have committed to offering six different accelerator programmes over three years, meaning a total of 60 companies will benefit from the scheme.
Across the pond
The move follows last year’s launch of FinTech Innovation Lab, supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board.
Both ventures are modelled on US counterparts: fintech accelerators have been run on behalf of Nike and Microsoft, and Barclays were among the companies represented in the judging at NYC’s FinTech Innovation Lab.
‘Making a difference’ to banking
Techstars CEO David Cohen said the accelerator is excited to be working with Barclays on the next wave in FinTech.
It’s a great opportunity for those entrepreneurs who have the right ideas that will make a difference to banking, whether it’s a new payment solution or a financial management tool.