U.K. lender Barclays has opened a new innovation center in Shoreditch, London, for its in-house banking and technology teams, as well as more than 40 co-located financial technology (fintech) start-ups.
The announcement on Tuesday claimed the new Rise facility in east London is the biggest fintech co-working space in Europe. On a monthly basis it will host more than 200 hours of workshops, "hackathons", networking and learning events.
The regular events are designed to help the 40 fintech start-ups firms housed in the new offices to develop innovative new ideas for the financial services sector, while encouraging Barclays' own in-house teams to become more nimble and experimental. The start-ups may also learn some lessons about business and operational tips from the co-located bank staff.
The site forms part of Barclays' Rise program, which has so far signed up 70-plus firms exploring blockchain, big data and other technologies. The new London Rise facility joins existing offices in New York, Mumbai, Cape Town, Manchester, Tel Aviv and Vilnius. All operate with a brief to create new services, products, apps and platforms in conjunction with the start-up partners.