Barclays Launches Its First US-Based Fintech Accelerator, Rise

Following up from its success with UK based accelerators, opening shop in the US was merely a question of time for the UK bank. Rise will be a global digital network aimed at promoting online collaboration and participation in innovation challenges.

Barclays’ existing open innovation sites, previously known as Escalators, in London and Manchester will be rebranded as Rise locations. In each location the FinTech Accelerator will provide a physical site for innovative companies, offering a co-working environment, world-class event spaces, and meeting rooms.

Rise will also house the Barclays Accelerator, a 13-week intensive startup program designed to help businesses deliver breakthrough innovations in fintech, run in partnership with Techstars.

“We are thrilled to build on the success of the Barclays Accelerator, powered by Techstars, in London.”
— – Jenny Fielding, Techstars Managing Director

“It is time to redefine financial services,” said Michael Harte, Barclays’ Chief Operations and Technology Officer. “Rise is designed to help shape the future of our industry and drive growth. We’re seeking to connect the world’s most active innovators to each other, to corporates, and to resources and support networks.”

“By accelerating the development of groundbreaking products and services, we know that we can help to keep Barclays at the cutting edge of financial services, all while helping to revolutionize the industry.”
— – Michael Harte, Barclays’ Chief Operations and Technology Officer

Rise New York is based in the city’s iconic Castro Building on 23rd Street, in the heart of Silicon Alley, and will be home to the first New York cohort of the Barclays Accelerator.

The New York cohort of the Barclays Accelerator will follow in the footsteps of the two London cohorts and will build on the many milestones already achieved. 21 startups have participated in the Barclays Accelerator programs, and more than 80% of those companies achieved their self-defined funding goals after completing the program.

Seven out of the ten companies from the most recent London Accelerator cohort are currently exploring opportunities with Barclays, while 3,800 startups have been engaged through events hosted at the London and Manchester sites, and over 130 companies have used a Rise site for co-working spaces.

“Bringing this same focus to the U.S. will provide this new class of fintech companies with the same access to our worldwide networks in addition to providing new resources and benefits that come with being part of the Rise community in New York."
— – Jenny Fielding

Derek White, Barclays’ Chief Design and Digital Officer added, “With Rise and the Barclays Accelerator, we are unlocking the power of open innovation. By using our collective resources, we hope to accelerate the speed of innovation in financial services, and potentially unlock significant benefits for millions of people across the globe.”

The 11 companies that will participate in the Barclays Accelerator program in New York were selected from hundreds of applications received over the past four months from companies based in 55 countries.

• LiveOak Technologies (US) – a real time communication, collaboration and eSignature platform. Skype meets Docusign with an added layer of security
• <remesh (US) – an application that allows decision-makers to understand quickly what a crowd is thinking. Using the power of artificial intelligence, users can understand the thoughts and opinions of a group in real-time
• Syndicated Loan Direct (US) – a research platform to convert customized legal documentation into actionable financial information. The platform streamlines the workflow of lawyers and bankers, ultimately creating a marketplace for the various parties
• The First Mile Group (US) – building APIs (application programming interfaces) to make building and using financial services easier, faster and safer
• Wayerz (Israel) – an integrated platform that optimizes international bank wire transfers, correspondent inter-bank reporting and reconciliation
• Vequrity (Estonia) – a cloud-based platform for developing, selling and executing live, hands-on cyber trainings on real systems, creating a market place for security trainings
• OGY (Israel) – creating a safer, faster and more advanced Bills of Lading for the shipping industry
• Chainalysis (Denmark) – building the layer of compliance and networking for the future of value exchange on the blockchain
• Seeds (US) – a platform that boosts gaming revenue and payer conversion through in-app purchases channeled toward real world microloans in developing countries
• Logrr (Canada) – an identity-as-a-service platform that enables employees to connect to cloud-based business applications without passwords. Allows enterprise and government employees to log in to their websites using just their phones
• Cashforce (Belgium) – a platform for providing CFOs at international mid-size / large companies with transparent, accurate and efficient cash forecasting

Among the participants is Bitcoin focused Chainalysis. The company provides financial institutions with the means to obtain regulatory compliance through real-time analysis of the blockchain, with an API that allows in-depth real-time blockchain transaction analysis.

“We serve our customers data visualization tools and live risk scores to manage their interactions with other entities on the Bitcoin network. The transparency of the blockchain enables companies of any size to be compliant and provide excellent customer service.” – Chainalysis

Chainalysis customers include financial institutions, regulatory bodies, and law enforcement. These clients will be able to trace transactions recorded on the blockchain, determining the origin of a bitcoin, and any platforms that the coin has moved through, such as illicit trading sites.

Mainstream financial firms like Barclays want to promote fully compliant operators and regulated digital currencies. Having financial institutions being able to comply with AML regulations could be the missing piece of the puzzle that could help Bitcoin reach mainstream adoption.