Barclays spearheads Europe’s largest fintech co-working space

Barclays spearheads Europe’s largest fintech co-working space

Barclays has established Europe’s largest fintech co-working space in Shoreditch, London in an effort to burnish its own credentials in a burgeoning sphere of activity.

Rise London will offer 30,000sq/ft of space dedicated exclusively to startup businesses developing financial technologies under the benevolent eye of Barclays own fintech innovation arm, corporate clients and others working on the banks customer focused and business centric activities.

More than 40 businesses will set up shop in the hip space such as simulation platform Simudyne and Flux which specializes in providing automated receipts and rewards direct to phones.

Explaining the venture Jes Staley, Barclays' chief executive, remarked: “Fintech startups 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 was buoyed last week by the publication of robust first quarter profits which doubled to £1.7bn, fueling a hiring spree which will see 2,000 staff recruited over the next three years.

It has also partnered with Creative England to help guide development of new technologies such as gamification, the Internet of Things and 3d modelling.

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John Glenday is responsible for compiling The Drum's daily morning bulletin and ensuring that overnight breaking news is covered while you're still brushing your teeth. Can also make a mean cup of tea.

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