Barclays has officially opened its flagship innovation site, Rise London, in the UK capital’s eastern district of Shoreditch, which it said will be Europe’s largest co-working space devoted to financial technologies (fintechs).
Rise, the bank’s fintech innovation division, has a total of seven fintech workspaces with two UK locations in London and Manchester plus New York, Cape Town, London, Tel Aviv and Vilnius.
Rise London, at 41 Luke Street, Shoreditch, provides 30,000 square feet of workspace and will be home to more than 40 fintech companies. The workspace will also be a meeting place for venture capital communities and will host more than 200 hours of learning, workshops, hackathons and networking each month.
According to Barclays, Rise was created to bring together from across the world a carefully curated community of fintech start-ups, along with the bank’s corporate clients and other experts, to work on customer and business opportunities and together help to create the future of financial services.
“We believe that technology must be a core competency of a global financial institution, and we intend to be a leader in the industry,” said Barclays’ chief executive officer (CEO), Jes Staley. “Last week we announced the creation of 750 new jobs in our UK technology centres.
“Fintech start-ups are at the front of the technology wave that is changing our industry. Through Rise, we glean important insights; we can actively experiment with emerging technologies, and we can spot early trends and new markets as they form. This allows our employees, customers and clients to do things faster, better and at lower cost.”
Barclays is reported to be entering formal engagements with eight out of 11 start-ups to have passed through its latest 15-week accelerator programme and is spinning out an internal team as a separate company, named Nivo, which offers secure mobile messaging.
Other start-ups to secure deals with Barclays include: Simudyne, which is working with the bank’s risk team on scenario planning; predictive anti-fraud and outage start-up Barac has been engaged by Barclays UK and Barclays International; digital receipt outfit Flux, which will run a pilot of its technology with over 10,000 Barclays customers; and operational risk firm Alyne, which will work with the bank to strengthen control functions and react to new regulations more effectively.
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