International

Citi Backs New Accelerator

Citi Ventures is backing a new financial technology accelerator, with locations in Germany, Singapore, Brazil and Spain, as well as in the U.S. It is partnering with Californian accelerator Plug and Play.

"The bank is calling for pitches from startups to join an inaugural 12-week U.S. program consisting of two classes of between 20-30 firms with a focus on mobile payments and banking, as well as security and authentication. Citi Ventures will act as an anchor partner to Plug and Play for the programme, and has secured Intuit as its first sponsor," reported Finextra. "With investments in Paypal, Lending Club and Credit Sesame, Plug and Play’s network includes more than 300 tech startups, 180 investors, and a community of top-flight universities and corporate partners in the U.S., Europe and Asia."

Participating startups will be offered mentorship, feedback on product ideas and roadmaps, and introductions across Citi's global network, the story noted.

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