UK consumer banking group Barclays announced earlier this week the ten Fintech-focused startups that will join the 2020 London Barclays Accelerator, powered by Techstars. This is reportedly Barclays’ seventh accelerator class since the program’s establishment in 2014 and the participating companies notably span across a diverse set of sectors including Data Science, Gig Economy, InsurTech, Enterprise Software, Asset Finance, SME Finance, PropTech, and Consumer Protection.
According to Barclays, the Barclays Accelerator is a 13-week program for fintech startups and is designed to help businesses accelerate their strategy and deliver breakthrough innovations. With 17 completed programs 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. Each of the participating 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 program in April, the companies will share details about their progress and showcase their propositions in a Demo Day event at Guildhall in London.
The companies of the 2020 London class of the Barclays Accelerator are the following:
- 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 personalized coverage
- 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: An asset finance marketplace hosting equipment vendors and funders that offer small businesses access to lease finance, resale and lifecycle management of assets
- Inspektlabs: Uses Inspection-as-a-Service software to automate photo or video-based inspection of any asset using artificial intelligence
- Muse Corporation: A cash flow management tool offering small business owners working capital analytics and access to invoice finance
- Offr: Uses secure and transparent bidding technology for the property industry providing a swift digital experience for property transactions on a smartphone
- Oper Credits: A Software-as-a-Service solution that helps lenders digitize mortgage processes from contact to contract
- 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: A challenger accountancy service offering cloud-based software to automate bookkeeping.
- Toucan: A digital service for banks to protect their financially vulnerable customers by providing tools for carers that are in line with new emerging regulations
Mariquit Corcoran, Managing Director of Group Innovation at Barclays, went on to add:
“We’re extremely excited to launch our seventh Barclays Accelerator London class. Thanks to our amazing accelerator team and mentors, our 2019 global programs 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.”