Barclays introduced the ten FinTech-focused startups that will join the 2020 London Barclays Accelerator, powered by Techstars – the seventh London programme to date since being established in 2014. The participating companies span across a diverse set of sectors including Data Science, Gig Economy, InsurTech, Enterprise Software, Asset Finance, SME Finance, PropTech and Consumer Protection.
One of the most selective programmes in the world, the Barclays Accelerator is an intensive 13-week programme for FinTech startups designed to help businesses accelerate their strategy and deliver breakthrough innovations. With 17 completed programmes and more than 170 alumni companies to date, the Barclays Accelerator is currently one of the largest single-bank-powered portfolios globally, currently valued at over $1.1 billion.
Over the next three months, the companies will work closely with a team of Barclays executives, the Techstars worldwide network, and other industry leaders to refine and validate their business models. At the end of the programme in April, the companies will highlight their progress and showcase their propositions in a Demo Day event at Guildhall in London.
Participating companies will also be eligible for Rise Growth Investments, investment capital solely focused on the companies accepted into the Barclays Accelerator programme. The funds allow Barclays to invest up to £10m per accelerator class.
“We’re extremely excited to launch our seventh Barclays Accelerator London class,” stated Mariquit Corcoran, Managing Director, Group Innovation at Barclays. “Thanks to our amazing accelerator team and mentors, our 2019 global programmes were remarkable and we continue to see great things from our alumni companies – many of which have made Rise, created by Barclays, their professional home. We look forward to working with these ten exceptional companies over the next three months to help them achieve their goals.”
Kartik Varma, Managing Director at Techstars, said: "This year's class is diverse across geographies, sectors and end markets – and includes 40% female founders. With our longstanding partner, Barclays, we are privileged to offer our 2020 class the power of two global networks, hands-on transformative mentorship and the resources they need to #DoMoreFaster and accelerate their businesses over the coming 13 weeks."
The companies of the 2020 London class of the Barclays Accelerator, powered by Techstars, are:
· Cachet: Cachet provides a trustee data layer between gig economy platforms and financial service providers aggregating across platforms to enable businesses like insurance companies to sell better priced and personalised coverage.
· Docsumo: Docsumo provides intelligent workflow automation for financial services companies to save back office costs by up to 70% through document data capture, analytics and fraud detection.
· EquipmentConnect: EquipmentConnect is an asset finance marketplace hosting equipment vendors and funders that offer small businesses access to lease finance, resale and lifecycle management of assets.
· Inspektlabs: Inspektlabs uses Inspection-as-a-Service software to automate photo or video-based inspection of any asset using artificial intelligence.
· Muse Corporation: Muse Corporation is a cash flow management tool offering small business owners working capital analytics and access to invoice finance.
· Offr: Offr uses secure and transparent bidding technology for the property industry providing a swift digital experience for property transactions on a smartphone.
· Oper Credits: Oper Credits is a Software-as-a-Service solution that helps lenders digitise mortgage processes from contact to contract.
· Pryml: Pryml uses software that allows data scientists to deploy machine learning models and pipelines onto data that cannot be disclosed externally due to regulations and privacy concerns.
· The Accountancy Cloud: The Accountancy Cloud is a challenger accountancy service offering cloud-based software to automate bookkeeping.
· Toucan: Toucan is a digital service for banks to protect their financially vulnerable customers by providing tools for carers that are in line with new emerging regulations.