Barclays Africa has opened its Rise innovation hub in Cape Town’s Bandwidth Barn. The opening of this hub will provide start-ups with a physical location to facilitate financial technology (fintech) innovation.
Barclays has officially launched the ‘African arm’ of its global innovation network called Rise. Located in Cape Town (South Africa), at the The Bandwidth Barn, the hub is also partnering with the renowned global accelerator, Techstars. The opening of the innovation hub in Cape Town is the latest expansion within Barclays’s global Rise network, which includes London, Manchester and New York.
Barclays Africa Chief Information and Digital Officer, Ashley Veasey explained that: “Rise provides an opportunity to leapfrog ageing analogue infrastructure deployed in most developed economies, and with it the capacity to solve some of Africa’s development challenges.”
“We’re embracing this by creating an open innovation ecosystem with great young minds and expertise. We want to tie that with Barclays in Africa where we’ve been around for over 150 years,” Veasey explained.
CiTi CEO Ian Merrington explained, “this collaboration with Barclays Rise follows on from a very successful partnership with Telkom which runs its FutureMakers programme in partnership with the Barn.”
According to Ventureburn: “Rise has over 20 000 startups in its network around the world, with established hubs in London, Manchester, New York and now Cape Town. The programme is also opening up new offices in India, Tel Aviv, and Vilnius in Lithuania. With its entry into Africa, the multinational banking giant seeks to further create a community for startups, corporates and innovators, helping them connect, co-create and scale the ideas that could become the next revolutions in financial services.”