UK bank Barclays is closing its fintech accelerator programme, Rise, which has been in operation for the past ten years. As first reported by Axios, Rise and its associated academies will be discontinued by mid-year.
Launched in 2015, the programme aimed to “connect technology, talent, and trends from across the Rise ecosystem to accelerate innovation and growth in the financial services industry,” according to its official site. With locations in London and New York, as well as a virtual community in India, Rise hosts numerous mentoring and industry events annually.
The academy boasts over 120 alumni, including wealthech company WealthOS and the AI-based data security platform Velotix, both of which have received funding from Barclays. However, the bank has noted that in the ten years since the launch of Rise, fintechs have evolved from niche startups to prominent players in the financial services sector, creating multiple opportunities for collaboration.