Barclays Accelerator, the intensive program of British finance and banking company Barclays to help fintech startups deliver breakthrough innovations, has culminated with 11 businesses revealing their innovative fintech propositions at demo day in New York. This is the conclusion of the third cohort of Barclays Accelerator to date after two previous cohorts which took place in London during 2014 and 2015.
Over the 13 weeks of concentrated networking, mentoring and development, 11 companies participated in the Barclays accelerator, powered by Techstars and assisted by Cisco and Thomson Reuters who also provided mentoring and strategic assets to the participating start-ups.
Derek White, Chief Design and Innovation Officer, labelled the event an “Outstanding Success”, where each company evolved their concepts with the end goal of furthering the development of fintech.
The participants, some of which have progressed entirely from inception and strategy to product development over the duration of the event, showcased their advances to an audience of over 400 industry leaders, serial entrepreneurs, senior executives and corporate partners.
10 of the companies have engaged with a variety of Barclays’ businesses to investigate implementation in future, including Chainalysis and Wave (formerly OGY).
Swiss-based Chainalysis are focused on security and tracking digital identities, and are assisting Barclays in carrying out transactions with bitcoin and blockchain based companies. Utilizing Chainalysis’ tools will allow Barclays greater control over their interactions with blockchain as their financial crime and transaction monitoring teams will to obtain information about their customer’s financial transactions – potentially spotting any malicious parties.
Wave manages ownership and exchange of documents on blockchain. It is developing safer, faster and more advanced Bills of Lading, built on the blockchain. They are also investigating into an electronic, paperless Bills of Lading process on blockchain with Barclays’ Corporate Bank.
A 13-week long fourth cohort will start in London in January 2016 and Barclays have announced two more that will take place in Tel Aviv and in Cape Town in March 2016.