For Immediate Release
Citigroup Inc. (NYSE: C)
July 31, 2013

Citi Launches the First Financial Technology Accelerator Program in Israel

Tel Aviv – Citi announced today the establishment of the first Accelerator program in the Financial Technology industry in Israel. The Citi Accelerator program is designed to help young startups grow and achieve key milestones. The program will operate as part of the Citi Innovation Lab TLV, within Citi's global network of innovation centres and will be located in their new premises in Atidim.

The first cycle of the Accelerator program is expected to start by the end of 2013 for a duration of four months. The program will offer startup companies the unique ability to be exposed to and gain knowledge from Citi's experts from relevant fields of interest as well as acquaintance with some of Citi's top executives. Citi views the work with the startups as an integral part of its innovation goals.

The Accelerator program will focus on offering:

  • Expert mentoring from Citi in the startups' specific financial fields
  • Effective product development for the global financial industry
  • Exposure to senior executives at Citi, boosting the companies to the next level
  • Breaking the entry barrier for early and growth-stage companies into a Tier 1 Bank

The Accelerator program will allow startup companies to apply from all areas within financial technology, such as payments, markets, trading and analysis. Companies should apply by August 21, 2013. Interviews will be conducted during September.

"While Israel is at the forefront of technology and has great experience in creating successful startups, this move is intended to grow and enhance the country's involvement and participation in the development of financial technology around the world", said Lyron Wahrmann, Head of Citi Innovation Lab TLV, "The Lab has been meeting with local startups since its creation two years ago".

Ornit Shinar, who will be heading the Citi Accelerator program, commented: "The purpose of the Accelerator is to help startups test and share their ideas with Citi's mentors, receive immediate feedback enabling them to develop the most relevant product and penetrate Tier 1 financial institutions in record time".

Startup companies interested in applying should send presentations explaining their idea, market, competitive landscape and what the Citi Accelerator could do for them (without disclosing IP information) to by August 21.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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