Barclays Bank is entering formal engagements with eight of the 11 startups to pass through its latest fifteen-week accelerator programme and spinning out an internal team as a separate company.
The accelerator graduates pitched their ideas to 250 people on a demo day held at Barclays’ new Rise London base in Shoreditch.
Barclays used the event to unveil the new facility, which houses internal banking and technology teams alongside more than 40 fintech startups.
Michael Harte, Barclays group head of innovation, says: “Financial Services is experiencing a period of major technological disruption. Rise, and specifically our Accelerator, has created a platform for experimentation, with new generation businesses and entrepreneurs, to build new products, services and platforms.”
Of the eleven startups emerging from the Accelerator, Barclays is spinning out an internal team as a separate company. Dubbed Nivo, the startup offers secure mobile messaging for smarter customer service, and will pilot with Barclays Premier.
Other startups to secure deals with Barclays, include: Simudyne, which is working with the bank’s risk team on scenario planning; predictive anti-fraud and outage startup Barac has been engaged by Barclays UK and Barclays International; digital receipt outfit Flux will get to run a pilot of its technology with over 10,000 Barclays customers; operational risk firm Alyne will help the bank beef up control functions and react to new regulations more effectively.