Barclays closed deals with eight companies that came through its New York fintech accelerator, two of them blockchain-focused: Chainalysis and Wave. In July, Barclays hosted accelerator sessions in Lo
Barclays closed deals with eight companies that came through its New York fintech accelerator, two of them blockchain-focused: Chainalysis and Wave. In July, Barclays hosted accelerator sessions in London where it announced plans to explore opportunities with seven companies and signed a deal with bitcoin exchange Safello.
Barclays has pursued blockchain through several initiatives. The bank is part of the R3 consortium and operates two bitcoin labs in London for entrepreneurs and developers. In September, Derek White, the bank's chief design and innovation officer, announced that Barclays would conduct more than 45 blockchain experiments.
"The announcement of Chainalysis and Wave today is fundamentally a game-changer for us," White told the New York Business Journal.
Starting from OGYDocs, Wave developed a decentralized peer-to-peer network that connects all parties in the international trade supply chain. Its blockchain application handles the exchange and ownership of legal documents. Chainalysis, a Swiss startup, develops compliance tools for financial institutions. The company works with Barclays' financial crime and security teams on transactions involving bitcoin and blockchain companies.
Other companies that secured agreements with Barclays following the accelerator include LiveOak Technologies, which makes videoconferencing and e-signature software; RangeForce, formerly called Vequrity, which trains companies on cybersecurity; and Syndicated Loan Direct, which researches the syndicated loan market.
Barclays and Techstars created the Barclays Accelerator, a 13-week program designed to develop startups working across financial services. White explained what the program means for the bank.
"This program, this day, is one manifestation of our commitment to lighting up fintech and connecting the local New York entrepreneur ecosystem," White said. "We've done it in London, invested heavily over the past two years to connect the ecosystem there, and we're doing it now in New York City."
Jenny Fielding, Techstars' managing director, spoke about the momentum in the city's fintech sector. "It's amazing to be part of the fintech ecosystem in New York City and play an active part in the transformation of the industry," Fielding said. "The eleven startups in this class are each tackling a different part of financial services, providing further evidence that the category is a massive market opportunity."
Barclays runs the accelerator program in four cities: London, New York, Tel Aviv and Cape Town.
