Citi today announced that it is establishing its first accelerator in Israel for start ups in the financial technology sector. The program is designed for newly established start ups. The accelerator will be headed by Ornit Schneur and will operate in Citi's Technology Innovation Center in Israel headed by Lyron Wahrmann.
The accelerator program will last four months. During the program start ups will have access to Citi's activities and know-how and will get to meet senior executives worldwide. The first program will begin towards the end of 2013 and candidate companies have several more weeks left to apply.
Citi said that it would not restrict the relevant areas that the companies could operate in and that applicants could come from any area in finance technology. Citi is planning to accept 5-10 companies in the opening course. The model will not include any equity stake by Citi in the start ups.
The accelerator opens as the financial world undergoes a major shake up with the introduction of products and services once only available through bank clerks and tellers but that can now be accessed online.
Schneur said, "The aim of the accelerator is to help start up companies examine ideas and mentor with Citi, get immediate feedback and allow them to develop excellent products."
Citi's Technology Innovation Center in Israel develops algorithmic trading platforms, (mobile) eTrading solutions, distributed risk engines, and more.
Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2013
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