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Barclays supersizes New York accelerator

Barclays supersizes New York accelerator

Barclays is turbo-boosting the New York arm of its Rise accelerator and introducing an investment pool of £10 million for each cohort to go through the programme.

Launched in 2014, the Rise programme is now active in London, New York and Tel Aviv, with more than 140 companies in its portfolio.

The New York version has proved so successful that Barclays is giving it five full floors, spanning 66,000 square feet, capable of hosting 200 businesses and featuring a state-of-the-art events space, an auditorium and a recording studio.

John Stecher, CIO, Barclays, says: "The fintech community is growing faster than ever with a number of game-changing start-ups. With the expansion to create our largest-ever Rise site, not only can we give those in our Accelerator programme the room to grow - we can also help to house more of the best and brightest innovators."

In addition, the bank is introducing Rise Growth Investments, which will be focused purely on accelerator participants. Barclays will invest up to £10 million per accelerator class.

Andy Challis, MD, principal investments, Barclays, says: "We can support start-ups as they continue to develop their proposition and reduce the burden for access to funding, which can be very time-consuming for founders.

"At the same time, the funds allow Barclays to capitalize on early-stage opportunities ahead of potential strategic investment further down the line, ultimately positively impacting the bank."

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