The initiative is aimed at uncovering the next M-Pesa or Paypal
December 23, 2016: Barclays has opened up an opportunity for fintech startups in South Africa, it aims to accelerate the growth of startups in the financial service industry by allowing them to work with financial technology experts in the coming year.
The bank opened the Barclays Accelerator Programme powered by Techstars -“an initiative aimed at uncovering the next M-Pesa or Paypal”. Ten qualifying fintech startups will be given the opportunity to take part in the 13 week programme, beginning in May 2017.
The participants will be given the opportunity to expand their global footprint through Barclays, as well as with Barclay’s extension of its innovative arm in Africa, Rise- that has over 20,000 startups in its network around the word.
Yasaman Hadjibashi, leading the innovation agenda for the bank says: “Africa has tremendous untapped potential to not only pioneer its own creative solutions for its unique contexts, but to also create solutions that the rest of the world can adopt for their own contexts.”
This is the second time Barclays is opening this window for fintech startups after its first venture was successful. The bank previously collaborated with 7 of the 10 startups that participated in the programme.
Barclays says its accelerator programme “offers companies an advantage over others by providing a proven curriculum and lifelong access to the Techstars global network of mentors, investors and venture capitalists”.