Barclays takes action to spur technology start-ups

By November 9, 2015Bitcoin Business

Barclays is setting up a new team, earmarking debt funds and revamping branches in an attempt to accelerate the growth of digitally-focused start-up companies in the UK. The bank has unveiled a team of 50 senior managers who will focus on high-growth companies — helping them to expand and float on the stock market. Richard Heggie, head of proposition and delivery for entrepreneurs at the bank, has been appointed as head of the team in a newly-created role. The bank has set aside £150m of debt funding to help spur the growth of young technology-focused businesses. The move is part of a broader drive by the bank to focus on digital innovation . Barclays works with a range of fintech companies to develop technology for banking, such as adapting the blockchain that underpins the digital currency bitcoin. The bank takes equity stakes in some promising companies. Ashok Vaswani, chief executive of Barclays Personal and Corporate Banking, said: “It’s imperative that the financial system in the UK is able to fully back brave entrepreneurs who create jobs and unlock new innovation.” High-growth companies are those expected to achieve annual growth of more than 20 per cent over the next three years. It is estimated that this nascent sector created more than 230,000 jobs last year, according to the Centre for Economics and Business Research. Barclays’ new team comprising 50 directors will be joined by a further 13 specialist “credit sanctioners” who will support the lending needs of high-growth businesses. The bank is also considering opening its branches to early-stage companies as a base, enabling them to collaborate with peers and gain advice from the bank, while utilising their resources, such as laser cutters and 3D printers. Plans to use Barclays’ UK branches are aimed at creating a local network for […]

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