Citi Ventures, the corporate venturing unit of US-based financial services corporation Citigroup, launched a partnership with US-based accelerator Plug and Play Tech Centre on Tuesday to increase Citi’s accelerator efforts internationally.
Citi Ventures launched its first fintech accelerator in 2013 in Israel and is planning to expand the accelerator model to the US, Germany, Singapore, Brazil and Spain.
Plug and Play Tech Centre’s global network includes more than 300 startups and 180 investors. Its parent company, Plug & Play Ventures, has made investments in online payment provider PayPal, credit marketplace Lending Club and online credit management provider Credit Sesame.
Citi’s accelerator will launch next year and consist of two cohorts each made up of 20 to 30 startups. The 12-week programme will focus on mobile payments, banking, security and authentication.
Startups will get access to both Citi’s and Plug & Play’s global networks, as well as those of sponsoring partners. Financial management services provider Intuit is the only publicly disclosed sponsor so far.
Debbie Brackeen, managing director and global head of Citi Ventures’ innovation network, said: “Working with Plug and Play enables us to deepen our relationships with companies, investors and entrepreneurs that are passionate about the future of financial services.”