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May 3, 2017

Barclays banks on UK FinTech startups, opens largest accelerator in Europe

Will UK FinTech remain dominant after the split from the EU?

By Tom Ball

Barclays has set up a new innovation centre in Shoreditch, London, with the aim to provide education, support and acceleration. At least 40 fintech startups are set to be working within the site, and benefiting from the available services.

Under the Rise initiative, Barclays have established similar centres in Manchester, New York, Tel Aviv, Mumbai, and Cape Town. This latest centre in Shoreditch is set to be the largest site of its kind in Europe dedicated to fintech.

The site will provide a full spectrum of business benefits for the fintech startups, from workshops, hackathons and other learning endeavours, to networking and building a strong foundation for future progress.

Derek White, Barclays Chief Design and Innovation Officer said: “We’re excited to be tapping into some of the most active locations for innovation in the world, connecting them to each other to accelerate the development of fintech. Our sites in London and Manchester will broaden our reach further, which now already spans four continents.”

The move launch this major centre with Brexit on the horizon is also indicative of the success of UK fintech, which has been able to draw great confidence despite the potential instability that the split from the EU could cause.  This display of confidence in the UK going it alone may also encourage other areas of the financial services that were previously sceptical.

READ MORE: AI focussed Fintechs could keep UK in the game post-Brexit

This major centre set up by Barclays has arrived at a time when UK fintech is a dominant force globally, leading the way on many cutting edge technologies. The support from Barclays is a move towards ensuring continued innovation in the fintech space coming out of London.

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In light of the strength of UK fintech, the government has pledged continued support to the industry, with Philip Hammond praising the startups that have risen to success. Since this confirmation of support, a government tech investment of £1 billion has been announced, including areas such as artificial intelligence in the substantial figure.

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