A total of 10 financial technology (fintech) startups have begun a 13-week journey on the Barclays Accelerator programme.
This is the second time the programme, which is supported by startup accelerator Techstars, has run. It will include networking, mentoring and development aiming to support fintech innovations.
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The 10 companies will work from the London Escalator, which is an open space for startups based in Whitechapel. Each team will also receive $20,000 seed funding from Techstars.
Hundreds of companies from across 60 countries applied for a place on the programme, with startups being chosen for ideas such as encryption technology for cyber security, a new bond marketplace and a bitcoin company.
The 10 companies will work on their business ideas before concluding in a public demo day in London in June 2015.
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Barclays chief design officer Derek White said the company recognises the need to look outside of the organisation and embrace the startup ecosystem to drive innovation.
“As the second cohort kicks off in London, I’m looking forward to working with these startups as we shape and co-create future financial technology," he said.
“Many of the teams enrolling today are exploring technologies that could particularly help transform the ways banks operate, so I’m keen to see how their ideas develop.”
Techstars managing director Greg Rogers said the organisation is "ecstatic" to launch its second cohort in partnership with Barclays.
“Fintech is white-hot right now and is evidenced by the amazing quality of innovators we get to work with through this unique programme,” he said.
Applications for the New York-based version of the programme are also now open.