Many fintechs struggle in the current economic climate. That has resulted in companies either shutting down or being acquired by competitors. Unfortunately, there are also many industry-wide layoffs, although Barclays’ Rise may offer some help.
Rise Focuses On Fintech Talent
It is no secret the fintech industry continues to get battered every day. Growing concerns over the macroeconomic client make life very difficult for innovative companies attempting to launch new products and services. That has become very outspoken in the BNPL sector, where layoffs are too common. Many people find themselves out of a job – or close to it – but that also creates a new opportunity.
More specifically, Barclays has a plan to revamp its Rise project. As such, it organized the first Rise Start-Up Academy earlier in 2022 to connect founders looking to transform fintech. As there have been numerous fintech layoffs over the summer – and fewer open positions – Rise wants to play a bigger role of importance. The Start-Up Academy will try to help laid-off fintech talent venture into the industry again through a different approach.
Rise’s Sonal Lakhani adds:
“This time, we have selected this impacted founder population because we believe out of adversity comes innovation and invention. Sometimes it gives you a fresh opportunity to do things you could not or did not think to do before. Historical data has shown that recessions, while tough, can spark new thinking in a needs-must environment and create a hot bed of innovative new ideas and successful global businesses.”
Under the new approach, Rise will connect participants with financial and technical experts to help launch their idea of business. It is a 24/7 learning module that runs for 20 weeks with opportunities to engage in workshops and connect with peers. Ultimately, it may help some people get back on their feet despite the rough overarching industry conditions.