PayPal’s Start Tank arrives in London

Online payments firm PayPal is to bring its Start Tank programme for new technology companies to the UK.

The move follows the success of the first Start Tank scheme in Boston, and aims to help new tech businesses develop and drive profitable growth.

Five technology companies from across the UK will be selected to take part in the scheme, which will see the firms hosted at PayPal’s central London office for six months.

The startups will be mentored by executives from companies including PayPal and its recent acquisition Braintree, and will benefit from networking and business opportunities with angel investors and venture capitalists.

The finalists will also have access to PapPal’s Startup Blueprint, an accelerator programme where eligible firms receive support from a customer care team and have PayPal and Braintree processing fees waived for 18 months.

“The UK startup industry is a vibrant and exciting ecosystem, and we are committed to helping them continue to grow and succeed,” said John Lunn, senior director at PayPal and Braintree.

“Several of the startups that took part in Start Tank Boston have already graduated from the programme, and we look forward to emulating this success in the UK.”

Applications to participate in the Start Tank scheme are now open, and will close on 18 August.

PayPal’s latest announcement follows several other initiatives aimed at startup tech companies, including the FinTech Challenge from Dassault Systèmes and Santander’s $100 million FinTech fund.

PayPal itself also signalled a further move into the financial services sector last week, confirming it is to start advancing cash loans to small businesses.

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