British Multinational banking and financial services company, and one of the oldest in the sector, Barclays, launched its Fintech innovation platform ‘Rise’ for Mumbai this Wednesday. Rise Mumbai, is a co-working space for entrepreneurs in the Fintech sector. This is Barclays’ sixth site globally, following London, Manchester, New York, Cape Town and Tel Aviv hubs.
Rise is designed keeping in view the requirements and work culture of the startups and new entrepreneurs. The co-working model will provide facilities like desks, event spaces, conference rooms, and basic necessities like internet and cafeteria as well.
Barclays recently conducted the largest hackathon in partnership with Ace hackers in Mumbai to launch their Accelerator programme in the city . Also, Prior to this launch, Barclays also held Risehack, a fintech hackathon, whose finalists will have the opportunity to present their project to a group of Barclays stakeholders, industry experts and the global Rise community.
What Barclays say?
CEO and Country Head, Barclays India, Jaideep Khanna said, “The startup ecosystem is witnessing a steep increase in activity and interest from investors with even large corporates looking to invest in this space. Rise provides us with the opportunity to leverage our client relationships and experience to play a relevant role in the growth of the fintech community in India.”
As per Barclays, Rise is not just a physical space for startups. The startups that get shortlisted will have an opportunity to actively collaborate with Barclays, benefiting from their extensive experience while solving problems with their disruptive approach. Lubaina Manji, Barclays Head of Rise and Group Innovation Office said, “At Barclays, we are embracing the opportunities and expertise of the startup ecosystem, working together to drive innovation in financial services”. She added that with this initiative, Barclays is aiming to get innovative products at a cost five times cheaper and a speed thrice than what they would have got by carrying out their own R&D internally.