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PayPal’s Start Tank is coming to London

British startups are being given the opportunity to work out of PayPal’s London offices for six months.

Start Tank London, which follows the first Start Tank programme in Boston, will select up to five of UK startups to be housed for free.

Applications are now open for the scheme and will close on August 18th.

The perks

The companies that are selected will have access to mentors within Paypal and Braintree, the mobile payments company that PayPay acquired in 2013.

John Lunn, senior director at PayPal, says the startups will also receive “network and business opportunities with angel investors and VCs” as well as access to Startup Blueprint.

Startup Blueprint gives startups $1.5m of free transaction processing to help startups get off the ground.

Altruism?

Of course, PayPal will have their reasons for giving away their desk space.

Lunn explained that the London offices had spare space and they wanted to help the community that helped them be successful.

They do also hope that the startups will use PayPal to manage their transactions which, if the companies are successful, will benefit the payments company in the future.