Barclays To Close Rise Fintech Accelerator, Impacting NYC Startup Community

Barclays is winding down its fintech accelerator program, Rise, leaving New York City-based founders and investors feeling unmoored, as one founder likened the loss to being without a home.

The bank’s Head of Partnerships and Innovation informed Rise members that both the program and its associated academies would be closing and vacating their New York space.

Many in the community view that location as the heart of fintech in New York City—a central gathering point for founders, investors, operators, and others involved in the financial services industry.

Rise’s Closure Leaves A Void In NYC’s Fintech Scene As Barclays Shifts Strategy

One venture capital principal described it as the place he turned to for all things fintech, especially during busy conference seasons. He knew there would always be a roster of events organized by the Rise team. With its closing, founders, investors, and operators will no longer have that dedicated venue to discuss industry developments and connect with peers.

Barclays introduced Rise long ago, and its accelerator has helped launch several notable fintech ventures, including Chainalysis and Novo Bank. One fintech Chief Executive Officer, whose company achieved a valuation of over $1 billion, shared that their firm was essentially born at Rise.

Beyond accelerating companies, Rise served as a free event space and co-working facility, making it a vital hub for the community.

A Barclays spokesperson confirmed the program’s closure, noting that when Rise was first established, fintechs were mostly niche startups seeking to disrupt traditional financial services.

Today, fintech is an integral part of the broader financial ecosystem, offering abundant opportunities for partnership and collaboration. Although Rise will be phased out, Barclays plans to continue engaging with and investing in fintech companies.

Community Leaders Mourn The Loss Of Rise As Fintech Loses A Key Gathering Space

Several industry leaders expressed concern over the loss of this central space. A founder of a women’s fintech group likened the closure to losing a home and predicted that the local fintech community would become more scattered without a standard anchor. As a result, many—especially women in fintech—may need to seek support and resources elsewhere, potentially finding them less accessible.

Another community organizer noted that Rise’s role in hosting casual meetups and intimate events can’t easily be replaced. While larger gatherings found other venues as they outgrew Rise’s capacity, there was never a valid alternative for smaller, informal meetups. The end of Rise marks the close of an era for New York’s fintech scene.

Barclays PLC is a British multinational universal bank headquartered in London, operating primarily as two divisions—Barclays UK and Barclays International—supported by a service arm called Barclays Execution Services. The bank’s roots trace back to a goldsmith banking operation in London, where James Barclay later became a partner.

Over time, several London and provincial banks merged under the Barclays name, allowing the institution to grow into a nationwide bank. Barclays introduced the world’s first cash dispenser and expanded through acquisitions of various banks and financial firms, including London, Provincial, and South Western Bank; British Linen Bank; Mercantile Credit; the Woolwich; and the North American operations of Lehman Brothers.