Barclays is launching a new accelerator program for financial technology startup companies, according to a statement released today by the bank. The program will be launched and managed in partnership with Techstars, which has partnered with Microsoft and others on similar startup accelerators, the statement said.
Innovators and startups can apply to the program, and ten finalists will be chosen to participate in the program, which will start next June. The program will focus on improving customer experience in banking, the statement said.
The ten finalists will receive seed funding and will work in custom built facilities. Barclays and Techstars executives will also be on hand for mentoring, the statement added. The finalists will get to demo their business model for Barclays executives at the end of the program in September 2014.
This is the first of six accelerator programs that Barclays and Techstars plan to partner on in the next 3 years, according to the statement.
“We’ve already had great successes using an entrepreneurial approach to future design with 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,” Derek White, Barclays chief design officer, said in the statement.