Barclays launches Rise Mumbai, the innovation platform for fintech startups

Pranjal KshirsagarJun 15, 2016 16:12:38 IST

Rise, the fintech innovation platform created by Barclays was launched in Mumbai today. This is Barclays' sixth site globally, following London, Manchester, New York, Cape Town and Tel Aviv hubs.

Rise Mumbai will provide a physical site for fintech companies, offering a co-working environment, event spaces and meeting rooms. The Mumbai site is in partnership with 91 springboard - a co-working community that helps provide space and organises events.

Prior to this launch, Barclays also held Risehack, a fintech hackathon, whose fianlists will have the opportunity to present their project to a group of Barclays stakeholders, industry experts and the global Rise community.

Jaideep Khanna, CEO and Country Head, Barclays India 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."

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. Rise Mumbai will give technology entrepreneurs in India access to a global network of experts, businesses and partners, setting them up for rapid scale and growth. We are very excited about the launch and look forward to tapping into India's budding fintech ecosystem, widening our global reach.

Speaking to the media after the launch, Manji said that Barclays is keen to become the first customer of the startups that join into the initiative. She added that with this initiative, Barclays looks at getting innovative products at a cost five times cheaper and a speed three times faster than what they would have got by carrying out research and development internally. Manji also said they are expecting to see innovation especially in the area of blockchain and chatbots in banking, two trends that will define the future of banking.