Running over the next three years, the Barclays Accelorator initiative focuses on improving the banking experience for customers by introducing groundbreaking technology and IT solutions.
It is run in partnership with Techstars – an organisation that provides seed funding from venture capital firms and individuals – and comprises a three-month intensive programme designed to support new businesses deliver breakthrough innovations.
Entrepreneurs applying to take part in Barclays Accelerator will get the chance to pitch their ideas to a team of experts at Barclays and Techstars, with 10 start-ups then selected to join the first wave of the programme. There will be two waves each year, adding up to 60 start-ups over the length of the programme.
Barclays has identified technology as a key driver in our ambitions to become the ‘Go-To’ bank, particularly in terms of developing new customer solutions and experiences.
Commenting on the partnership, Barclays Chief Design Officer Derek White said: “We believe that entrepreneurship is important in boosting the global economy and so developing and harnessing people’s skills and entrepreneurial instincts has become increasingly important.”
Barclays is already delivering great success through the combination of technology and banking with, for example, the Barclays Pingit app. Our award-winning app allows customers to make quick, easy and secure mobile payments via their smartphone. Launched in 2012, the app has been downloaded more than two million times, offering customers greater convenience in their banking activities.