Source: Barclays Bank
After 13 weeks of development, mentoring and networking, the 10 companies in the fifth London cohort of the Barclays Accelerator programme today revealed their propositions at Rise London in Shoreditch: the largest FinTech community site in Europe.
The Barclays Accelerator, powered by Techstars, is an intensive programme designed to fast-track the next generation of FinTech businesses, while also bringing innovation and application opportunities to Barclays. With help from Barclays, Techstars, and a team of high-level mentors, the participants aim to evolve their business propositions and solve problems at the cutting edge of FinTech: from artificial intelligence to cybersecurity; from blockchain to identity. The programme operates from our Rise offices based in London, New York, and Tel Aviv. The London 2018 cohort are the 12th cohort since the Accelerator was established.
An audience of 240 industry leaders, venture capitalists, senior executives and corporate partners came to the event, and heard from the 10 teams, whose propositions are helping shape the future of financial services. The companies showcased their enterprise-ready solutions and impressive market traction with several teams announcing sales of over $2m.
Throughout the programme, the teams have participated in workshops and customer focus groups with Barclays and some of the companies already have a formal engagement. These include:
• Crowdz is planning a Proof of Concept (PoC) with Barclaycard and selected clients in the Home and Office furniture supply chain
• Barclays is sharing data with Nimbla to support and augment their proprietary risk models and pricing
• Sitata is running a PoC to keep Barclays employees informed of real-time travel updates while they are working abroad. This will help Sitata shape their corporate travel proposition.
John Stecher, Barclays Chief of Innovation, said: “The Financial Services industry is experiencing a period of major technological disruption. Rise, and specifically our Accelerator, has created a platform for experimentation, with next generation businesses and entrepreneurs, to build new products, services and platforms. We’re committed to this customer-focussed approach, so our businesses are able to innovate at scale. By partnering with FinTech startups, and companies like Techstars through Rise, we have been able to deliver increased value to our customers and clients by developing products and services that best meet their changing needs. We look forward to continuing to work with this talented cohort in order to drive new value and change both within Barclays, and the financial services industry as a whole.”
Chris Adelsbach, Managing Director of Techstars added: "The Barclays Accelerator, powered by Techstars, once again showed why our programme in London is the preeminent FinTech accelerator in the world. This class will now join 1300 other companies in the Techstars Accelerator and venture portfolios that together have a market cap of over $85 Billion. Techstars is the worldwide network that helps entrepreneurs succeed. Our network of founders, mentors, investors, and corporate partners now spans 168 countries. No matter the stage these entrepreneurs are in, Techstars helps them Do More Faster. FinTech is an exciting vertical for us. These companies are using technology to solve large real world problems that impact so many of us. I'm excited by their prospects and look forward to supporting them on their journey."
Barclays continues to work closely with Techstars as partners through our global Accelerator programme. The Accelerator in Tel Aviv is now underway, and applications are open for New York.
More information on the Barclays Accelerator can be found at www.barclaysaccelerator.com
Notes to editors
The 10 Companies
• Keybot - Keybot helps property managers automate access for rental showings, maintenance, and short or long-term renters, without WiFi
• Audit XPRT - a hassle-free platform that uses AI and machine learning to automate auditing and compliance. Audit XPRT solution can review 100% of a company’s documents in a fraction of the time it takes today, eliminating sampling
• Sitata - The Sitata app provides travellers with real-time alerts, access to emergency numbers and hospital locations and connects travellers to trusted doctors
• CashDirector - CashDirector’s automated accounting platform helps SMEs manage cashflow and enables banks to offer products based on data insights about their client’s needs
• Nimbla - SMEs use Nimbla to purchase single invoice insurance policies in one click. Nimble help them plan their cash-flow by insuring against the risk of late or no customer payment
• UniZest - The Aspire account allows international students to open a bank account prior to leaving home, and even before they know their UK address
• DEVCON - DEVCON’s cyber security software fights fraud and money laundering in digital advertising
• Crowdz - Crowdz Zeno Market is a blockchain-based digital marketplace and invoice exchange that will streamline and accelerate commerce along supply chains
• Gatsby - Gatsby is a reimagined options trading app that cuts through the jargon, limits a user’s risk, and makes options approachable to the masses (available in the US only)
• Oathello - Oathello operates an instant booking and payments platform for document certification and notary services so that anyone anywhere can find, book and pay for these services on demand.