Applications have opened for Barclays’ second fintech accelerator programme to give $20,000 of funding and London office space for the chosen companies.
The accelerator programme runs for three months in collaboration with Techstars. Applications will close on January 9 and the programme is expected to start in March.
The 10 startup companies selected will receive mentoring from Barclays executives as well as Techstar directors and fintech entrepreneurs. In return for 6% equity, they will also receive $20,000. Barclays could also decide to invest in the startups.
Barclays received applications from approximately 300 startups from across 50 countries during the first fintech accelerator application process. The first batch of companies that got through the entire process included businesses involved with alternative payday loans, credit scoring, and peer-to-peer lending for real estate.
The London fintech sector has grown substantially in the past year, with three accelerator programmes from various banks set to keep on top of technological advances in finance.
However, Barclays is the only major British bank to start its own accelerator programme. The bank also supports a fintech programme run by the consultancy company, Accenture, and other financial institutions like Citi and Goldman Sachs.
The increase in fintech activity has also seen more support from the public sector in the UK.
By: Kirsty MacGregor
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