New business accelerator launched aimed at developing the future shape of banking

Barclays and Techstars are today launching a programme that will give ten innovative businesses the chance to shape the future of financial services.

The Barclays Accelerator, powered by Techstars, is a three month intensive startup programme designed to support new businesses on their journey to delivering breakthrough innovations. It is the first financial technology accelerator of its kind to be run by Techstars, who have previously run programmes for clients including Nike and Microsoft.

Entrepreneurs and start-up companies worldwide can apply for the programme, with their applications focused on improving the banking experience for consumers. Upon review of applications, ten companies will be selected for a place on the prestigious accelerator programme.

The ten companies will be guided through the process of growing and developing their business with the help of seed funding from Techstars and custom built facilities in Mile End near Tech City. They will also be mentored by notable executives from Barclays, including 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. Over the next three years, Barclays and Techstars have committed to working together to offer six different accelerator programmes, this being the first, which will ultimately help sixty different companies.

Commenting on the partnership, Derek White, Barclays Chief Design Officer, said “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. 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.

“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.”

David Cohen, founder and CEO of Techstars said, “We are excited to partner 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 in banking, whether it’s a new payment solution or a financial management tool.”

Each company accepted into the Barclays Accelerator will refine their business model, culminating in a 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