Barclays has opened its flagship innovation site known as Rise in Shoreditch, London, to support innovation in the fintech space.

Rise London will serve as a site for fintech startups, corporate clients and other experts to co-create new products, services and platforms.

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The innovation hub will house over 40 fintech firms and will act as a gathering place for leaders in the fintech and venture capital communities.  It will host over 200 hours of learning, workshops, hackathons and networking every month.

The British lender said that Rise London will be the largest co-working space dedicated to fintech in Europe.

In addition to the new London hub, Barclays has Rise hubs in New York, Manchester, Mumbai, Cape Town, Vilnius, London and Tel Aviv.

Barclays group CEO Jes Staley said: “Through Rise, we glean important insights; we can actively experiment with emerging technologies, and we can spot early trends and new markets as they form. This allows our employees, customers and clients to do things faster, better and at lower cost.”

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Barclays group head of innovation Michael Harte added: “Rise is an open innovation platform to engage FinTech startups with customers and clients to invent new business solutions. Our vibrant community taps into the agile and disruptive nature of these ventures. By matching FinTechs with the business challenges that we face as a diversified financial services firm, we drive customer and shareholder value.”