Barclays Bets Big on Fintech in UK Despite Brexit Fallout

At a time when other lenders are eyeing a succinct exit from the UK, Barclays is looking to shore up at least one segment of its operations in London, strengthening its fintech capabilities in the capital. The group’s fintech arm, Rise, is also looking to dramatically expand its operations.

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Indeed, the mood in the UK may be doom and gloom for the banking sector, though opinions surrounding the fintech space are much more optimistic. London has already to date seen a massive influx in fintech spending and investments, with Barclays being the latest lender to shift its focus towards the space.

Despite the onset of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term, London’s Shoreditch block is slated to become the new nexus for Barclay’s 'Rise'. The bank runs a total of seven Rise workspaces worldwide, including in such financial hubs as New York, Mumbai, and Tel Aviv, among others – it hosts a business Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term in partnership with Techstars and offers co-working space for small financial tech businesses.

The trend foster continued growth for the fintech sector in the UK, with banks looking for alternative forms of investment to enter into. Many lenders have opted to embark on more digitized strategies, a clear attempt to depart from traditional banking strategies that have been mired in low profitability.

On Barclay's part, the investment could also prove to be a bright spot – the news on the heels of its recent expansion of its European equities unit, which saw nearly twenty new hires earlier this month.