Bitcoin Spending Platform Safello Deal With Barclays to use Block Chain in Fintech

Safello Bitcoin UK CCNSafello, a bitcoin spending platform based in Stockholm, Sweden, has signed a proof of concept (PoC) with Barclays to explore how the financial services sector can harness block chain technologies. The agreement marks one of the highlights of the Barclays Accelerator Demo Day in London. It also marks first PoC that a U.K. high street bank has announced with a bitcoin company. Safello has already enrolled more than 20,000 users in Europe.

Safello is among 10 businesses that showcased their innovative Fintech propositions at a Demo Day in London, as the second cohort of the Barclays Accelerator concludes.

The Barclays Accelerator, powered by Techstars, is a startup program designed to support new businesses to deliver their breakthrough innovations in Fintech.

Demo Day Draws 400

An audience of more than 400 entrepreneurs, senior executives and corporate partners heard from the 10 companies to understand how they plan to help their businesses and ultimately help shape the future of financial services.

At this morning’s event, the startups highlighted the progress they have made since the start of the Accelerator program. Some of the companies developed their technologies from inception and strategy through to product development in just three months. Seven of the 10 companies also announced that they are currently exploring opportunities with Barclays.

Post Quantum has signed a contract with Barclays to implement its innovative cyber security solutions to help further build Barclays’ resilience to cyber threats in the future.

Stockfuse is working with Barclays to launch a global market insight game later this year, which would form part of the bank’s global graduate recruitment campaign.

Fintech Ecosystem Evolves

Today is about celebrating the successes, partnership and an exciting future with some of the leading start-ups in the Fintech ecosystem right now

said Derek White, Barclays chief design and digital officer.

At Barclays, we’re embracing the digital revolution, exploring innovations early on so that we can help to shape their development and co-create the future of financial services with these startups. We’re leading the industry with new pioneering technologies, which will be paramount to helping us achieve our ambition of becoming the ‘go-to’ bank.

“Fintech is red hot right now,” added Greg Rogers, director of Techstars. “The 10 startups in this class are each tackling a different part of financial services, providing further evidence that the entire category is under disruption. At Techstars, we are proud to play a role in this revolution, in partnership with Barclays as it leans forward into the changes of its industry.”

Also read: Bitcoin Fintech Accelerator to open in Cayman Islands

Barclays And Techstars Share Vision

Barclays and Techstars have committed to working together to run further Accelerator programs, with the next one kicking off in New York in July. The programs demonstrate Barclays support and commitment to the flourishing global Fintech sector. It also follows Barclays recent launch of a new £100m fund to help fast-growing U.K. technology businesses accelerate to the next level.

Information on the Barclays Accelerator can be found at www.barclaysaccelerator.com.

Techstars provides access to over 5,000 founders, mentors investors, and corporate partners, allowing entrepreneurs to accelerate the pace of innovation and do more faster.