Rise FinTech Insights Embedded Finance

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01 / Rise FinTech Insights01 / Rise FinTech

Carbon investments 23 embedded investments 19 through sustainability Enabling Point of sale financing Point 17 driving ecommerce driving 15 is of Sale financing Point

Cloud and APIs enable Cloud new journeys banking digital 11 as a Service 09 Banking role in FinTech’s infrastructure The next wave of FinTech The of FinTech next wave 05 for financial servicesfor financial Embedded Finance: a seamless future Creating 03 Contents Embedded Finance: Creating a seamless future for By embedding financial services into their Technology is key – APIs and the cloud offerings, fields such as healthcare and allow core financial services to be re-formed, In simple terms, Embedded Finance allows companies to create agriculture, and even the music industry, offered and co-developed with third-party stand to benefit. companies, bringing to life the predicted innovative financial offerings that are integrated into the act of B2C-to-B2B shift for FinTechs. As change in purchasing a non-financial product or service. You might ask what's new and whether these technology domains takes place, a this has been done before. It has, but in new era of rapid evolution may present itself a relatively small way. In payments alone, to the industry. Being prepared for that and By embedding financial services (from The growth of Embedded Finance is a Embedded Finance 2020 revenues were being open to the opportunities and payments and lending to savings and reliable indicator that those predictions are $16.1 billion, but by 2025 they’re forecast partnerships it presents will be vital because insurance), new customer journeys that playing out. It’s a trend that everyone in to reach $140.8 billion2. Embedded Finance, of the opportunities for the FinTech solve real-world problems for consumers are financial services should be familiar with, on a deeper and bigger scale, really opens ecosystem, the financial services industry possible in many sectors, including retail, because of its transformative vision of the the door to major innovation. That is, as long and its global clients. health, education, transportation industry, shaped by the combined forces of as three things happen: and agriculture. disruptive technology, new customer If the big incumbents are brave enough, and journeys and banks’ abilities to add value. the FinTech community can continue to be What makes Embedded Finance exciting Together, these factors will shape how nimble in innovating, then new value from a FinTech perspective is not only the brands are experienced by customers and 1. Financial institutions will need propositions and customer experiences possibility of developing creative solutions to clients in many sectors, at an estimated value to discover possibilities by should emerge that truly solve for customer these problems but also the availability of in the US alone of $3.6 trillion in ten years’ redesigning and opening their convenience. In this way, Embedded Finance new, modular technology, in the form of time1. core technology stack (for banks, would enable a ‘win-win-win’ for Banking as a Service, that underlies and this means Banking as a Service) incumbents, startups and consumers alike. supports those solutions. For example, in lending, retailers are embedding loan options when customers 2. FinTechs will need to continue their Read on to learn how market sectors, The importance of new technology reminds purchase big items like large electrical innovative drive and partner with FinTechs and the banking industry are me of the closing keynote, given by FinTech goods at the checkout. In transportation, the financial services sector to fuse responding to Embedded Finance and investor Eileen Burbidge of Passion Capital, ridesharing companies Uber and Lyft have their offerings into that core stack developing new opportunities. to a recent New Frontiers conference, already created seamless payments for Barclays’ annual technology event, which customers, and are now extending this to the 3. Both financial institutions and included a number of predictions about what insurance market by providing cover for their FinTechs will need to explore Paul Compton businesses would be focused on in 2025. One drivers – cover that’s active only when they're partnerships across other sectors Global Head of Banking was that innovation and digital strategy carrying passengers. That’s quite different to where the magic of ‘embedding’ and Co-President, would no longer be separated from an traditional car insurance models. really takes place Barclays Bank PLC organisation’s core business strategy. The merging of these formerly distinct elements Neat, innovative ideas like these are a very reflects the growing importance of different way to reimagine the core payment, innovation in our evolving digital world. The insurance and lending operations of a keynote also anticipated that FinTechs would traditional bank or insurance company. If you’re in FinTech and are as excited as we are by these developments, we’d increasingly shift from B2C to B2B models, as New value propositions extend beyond love to hear your ideas and thoughts. Contact your closest Rise team in smaller financial services companies emerge those use cases. London, New York or Mumbai to discuss how we can collaborate. as agents of change, injecting innovation into traditional banking technology. 1. Forbes 03 / Rise FinTech Insights 2. Forbes 04 / rise.barclays The next wave of FinTech infrastructure

In this article, Michael Gilroy, General Partner at Coatue Management, considers Banking as a Service (BaaS) infrastructure, which is providing opportunities for forward-looking technology companies.

It's expected that greater disruption in the Today, all that’s changed. The current Embedded Finance space will result from scale at which FinTechs’ P&Ls are growing BaaS, along with more innovation by banks is unprecedented and, judging by the total and newer, better ways to meet customers’ market capitalisation across financial financial needs. services globally (which is growing at a rate of 6%), there's still a lot of legacy infra BaaS companies are attacking one of financial services out there ripe for the largest total addressable market FinTech disruption. opportunities on the planet, but BaaS is a term that’s much overused and, in some Payments cases, misused. For example, people use it when they’re simply providing a basic One area – the biggest financial service card-issuing capability, purely by connecting to become embedded – is B2B payments. consumers to banks. That may be a growth Historically, payments live at the edges of an model for many in the industry, but it experience for businesses. A majority were doesn’t capture BaaS to the fullest. BaaS either offline, or buried in PDF invoices being encapsulates not only the offering of a scraped by ‘version 1’ bill pay solutions. For struct financial product, but also provides the forward-looking technology businesses infrastructure to manage the product from today, payments are fully embedded into a compliance through marketing and servicing. software suite that provides not only a better customer experience, but also a nice gross Additionally, the best-in-class BaaS platforms margin lift. will allow brands to become ‘programme managers’, companies that banks underwrite BaaS providers today are not only enabling and authorise to distribute their products brands to decide which financial institution and that take on the additional compliance to partner with on processing payments. ure burden in exchange for economics. They’re also helping them to offer additional financial products via simple APIs. For a I’ve been investing in FinTech since 2014 SaaS business that has historically only and in many ways it felt too early – adequate processed payments, they can now infrastructure did not exist. Millions of very easily complement that experience venture dollars went into working with with a business bank account or regional banks to stand up even the most merchant cash advance. basic of programmes, which instead should have been spent on new and innovative financial products.

05 / Rise FinTech Insights 06 / rise.barclays Merchant benefits BaaS platforms are the final piece of the Get BaaS, get creative " The best BaaS platform will puzzle and allow brands to dynamically Remember, at its core BaaS eliminates As these merchants move beyond simple adopt the latest infrastructure pre-approved offer brands the greatest choice time and money to market. So, whereas in payment processing, the next logical step by their partner bank. For the last five years, the past companies would spend millions every step of the way." becomes proprietary credit opportunities startups have been steadily building the API of dollars and months on end getting a enabled by an eager audience, proprietary stack for financial services. During that time, Bank Identification Number (BIN) to launch Michael Gilroy data and direct access to payment flows. As all of those services have been integrated a basic card, with BaaS you can now software platforms have evolved, they’ve into one brand or another, after having been General Partner, Coatue Management drastically reduce that outlay, allowing opened their APIs, and created a treasure approved by the appropriate regional bank. you to reallocate the effort on creating trove of underwriting data that merchant FinTech infrastructure has matured new financial products and features. lenders previously never had. Once the significantly during this last cycle, but there underwriting problem is solved, the next are certainly new and interesting pieces on Share this… thing is to have a fail-proof way to get paid. In this respect, perhaps the most compelling the horizon that are being demanded by The ability to immediately credit and debit application of BaaS, one supporting societal brands. For example, recently the market has the merchant account by accessing its change, is getting important financial been asked for a way to seamlessly move payment processing is the way. products into the hands of individuals direct deposit accounts to and from historically underbanked. BaaS has the Michael Gilroy incumbent payroll providers. As consumer- Infrastructure ecosystem potential to easily stand up programmes General Partner, facing FinTech has grown from relative for them, freeing up budget for more Coatue Management obscurity to scale in the last few years, it’s While BaaS is the connective tissue important activities like product become clear that direct deposit accounts between the brand and the bank, it also development and marketing. coatue.com have higher long term value than non-direct relies on an entire ecosystem of value-add michaelbgilroy deposit ones. As other areas of FinTech services. BaaS platforms are evolving to offer @MBGilroy reach scale, there will surely be new areas ‘app stores’ for key functionality including of demand. account aggregation, KYC, payroll and brokerage.

07 / Rise FinTech Insights 08 / rise.barclays FinTech’s role in Banking as a Service

Access to financial services should be a human right not a privilege, For the same reason, B2B platforms should Whatever new product or service industry concentrate on their platform offering and players are contemplating, a test and that requires changing the way financial services are provided never compete for customers. Railsbank has environment is key. Railsbank provides two and redesigning the customer journey in what's now called adopted the latter model. sandbox environments to experiment with Embedded Finance. APIs and prototype workflows, value And talking of launching new products, propositions and app integrations: Play uses regulatory approval is key. With three things simulated data, and PlayLive uses actual FinTechs are one of Railsbank's segments, There’s an analogy with how Amazon still - new core technology, streamlined money, bank accounts, IBANs and partners. especially those who want to embed owns servers and warehouses (akin to the operations and a licence from the regulators You can validate that everything works in extra services within a brand’s customer API infratructure of BaaS) but what matters – FinTechs have a big part to play in the BaaS your app in Play first, using small transaction experience, whether the brand is a just as much to the customer is the transformation that’s impacting financial values (in Sterling, Euros or Singapore supermarket, a telco or other consumer operational piece, the massively digital services now. Dollars), then check in PlayLive, issuing a real product offering. As a leading global BaaS processes that fit on top of that legacy bank account, receiving real money into it platform, our aim is to allow FinTechs to hardware and real estate. And that's what A word of warning to FinTechs. Don’t make and sending money to another real account. prototype and launch financial services BaaS does as well - replacing traditionally the mistake of equating BaaS with ‘white Compliance is ensured using a firewall, apps rapidly, globally and cheaply. very analogue banking practices with fully label banking’, which is just tinkering at the which enshrines a partner’s risk policy. digital frictionless processes and great new edges and re-badging broken, legacy The two key questions for any of us products built on API infrastructure. processes. API-led BaaS is much more than Railsbank considers it quite profound that interested in Embedded Finance are how will that. It’s a toolkit for your creativity, and lets new BaaS models, technologies and testing the current world of highly silo-based We see two main models in the market you trailblaze using the best of your FinTech capabilties are enabling services and banking change to accommodate this new adopted by businesses launching new skills. That’s really important and it’s financial inclusion in the new API economy. phenomenon, and how exactly will target products: B2B BaaS providers delivering a allowed Railsbank to provide new global The potential for FinTechs to embrace that consumers and corporates benefit from it? platform for their business customers, and infrastructure and services from the ground and pivot into new sectors and brands is B2C BaaS providers, also delivering a up in the US, UK, Europe and Southeast Asia. immense. One piece of the puzzle, which many platform but with a retail banking operation Banking as a Service (BaaS) providers focus too. The distinction is not one that’s APIs may have been around for ages on, is the underlying API technology that discussed often, but it could be an important but, as an industry, we’re really only now Nigel Verdon fundamentally simplifies connectivity to a consideration in the success of your BaaS beginning to realise their full potential with Co-Founder and CEO, bank or its services. For consumers to model. The fundamental difference between the emergence of the ‘API economy’. This Railsbank experience seamless journeys involving the two is that retail operation in the B2C is what BaaS is all about, especially for railsbank.com financial services, the product structure model. If that’s you, and one of your retail and corporate banking where API nigelverdon of traditional banks will need to be customers is a FinTech building use has been dormant for a long time. For @nigelverdon hidden behind this set of APIs, giving infrastructure, be aware that your BaaS team incumbents, Open Banking has been a access to whichever services are might well inadvertently be competing with start but it’s more than the compliance needed in those journeys. your FinTech customer – not a great position requirement that some banks still consider if they come to realise that their banking it to be. This powerful technology can take Another piece is operational - streamlining provider is also a competitor. My take on us a lot further. For example, Open Banking and automating workloads, money these two models is that B2C banks will be does not have APIs for issuing a card, movements, settlement, clearing, more successful if they continue to go opening a bank account, onboarding an reconciliation and so on. This is equally ‘direct-to-customer’ and not build a platform, end-user, etc. but customers would most important and is a focus for us at Railsbank. avoiding this potential conflict. certainly benefit from new APIs like these.

09 / Rise FinTech Insights 10 / rise.barclays Cloud and APIs enable new banking digital journeys

How do incumbent banks view the growing world of Embedded Finance, worth an estimated $7 trillion globally in the next 10 years?1

In this article, I take a look at how technology Other benefits include getting reward points Embedded Finance is even seen by some transaction at the end of your taxi ride or a and regulation are impacting this trend and (which after all are liabilities and IOUs) off the as a growth model for neobanks3. request for an instant personal loan when you the ability of traditional banks to get deeply books quicker and savings on print and mail purchase a luxury item, there are numerous involved in it by adopting Banking as a costs for vouchers. Big Tech firms are also keen to drive jobs-to-be-done4 that culminate in a banking Service (BaaS). Embedded Finance into their offerings. transaction. Research tells us that users are The cloud and APIs remain vital For example, Barclays recently partnered reluctant to move to a different digital site Large financial institutions have been with a leading smartphone provider on the to complete that transaction, and APIs are investing heavily in Embedded Finance with A key technology, central to BaaS, is cloud pre-launch of their flagship product, with behind-the-scenes operations that support the intention of bringing banking in its many computing and its on-demand and highly applications for financing from customers a seamless experience. And such frictionless forms to their customers wherever they are elastic and configurable capabilities. It has proving highly popular. experiences are king in today’s digital world. – even in the digital world. Users have shifted lowered the barriers to entry for non- traditional players and allowed them to offer in recent years to digital journeys involving All of this shows how ‘getting the cloud right’ Customer journeys drive technology ecommerce sites, aggregator sites and apps. services of all kinds across many sectors in is key for any organisation – big or small – The COVID-19 pandemic has accelerated this, the last decade. Financial services are no interested in Embedded Finance. It’s essential Embedded Finance sounds easy to achieve with McKinsey even suggesting digital exception. Disruptors in this space have to Barclays for several reasons. In addition but there are challenges for incumbents. products have leapfrogged seven years due varied pedigrees – FinTechs, Big Tech, to improved elasticity, resilience and For a start, we need to think about banking to the crisis2. By placing banking functionality neobanks and incumbent banks are all economics, it helps us focus on apps instead services in new, customer-centric ways. such as payments and credit financing at the leveraging the cloud’s potential to innovate of infrastructure, increase our release Instead of providing a financial product, very centre of these journeys, banks are faster at a lower cost and to support newer cadence and inspires us to new ways of we’re part of the customer journey and are creating new and innovative value and better B2B and B2C use cases. working and thinking. meeting a financial need along it. It sounds propositions faster than ever. like a subtle change in mindset but it can be a In the drive to take financial services to new Regulators are beginning to recognise the lot of work, especially for large organisations heights using cloud technology, FinTech As an example, some Asian banks now allow importance of the cloud and are working with traditional, product-centric business- representation is, as you’d expect, healthy customers to redeem loyalty reward points at with financial institutions to understand the development processes. Reframing a banking and has allowed some startups to scale fast. merchant sites, creating a compelling associated risk and to ensure that customers product this way may have dramatic results in In the payments space, for example, Adyen win-win-win proposition for the customer, continue to get great services in an evolving terms of core technology, and how and when and have built modern platforms merchant and bank. Customers win because tech landscape. As a result, in the future that’s exposed to users. they save money by instantly redeeming designed from the ground-up with the cloud we may see more regulations that support loyalty rewards at ecommerce sites. at their core. Embedded Finance. Hopefully, these will be Another challenge that comes after this Merchants win because they pay a much developed collaboratively with innovators of mindset change is the need to remove Traditional banks are keenly aware of the lower interchange rate on these transactions all sizes to enable new services to come to non-value-add human touchpoints from disruption to banking experiences brought by compared to card schemes. Banks win market smoothly and at pace. digital journeys. This requires redefining neobanks. They of course rely heavily on the because they make money through an customer journeys from scratch. The cloud, and may be able to leverage this interchange rate on these transactions that’s APIs are another key technology enabling challenge is seamlessly transitioning to the core strength to embed payments and lower than card schemes. BaaS. They’re what lets a bank extend new proposition (with a better, redesigned other financial features into third-party, its reach into those new digital journeys flow) from the old one with a similar set of web-based products more easily than that users take. Whether it’s a payment processes and technology stacks. many incumbents currently can.

1. FinTech Futures 3. Embedded Finance 11 / Rise FinTech Insights 2. McKinsey 4. Strategyn 12 / rise.barclays Speaking of technology stacks, new digital An ‘embedded future’ for us takes many services must be always-on, reliable and forms. Sustained innovation with partners performant at all times. This will often has taken Barclays in new directions, require a significant uplift to current including a recent football fan loyalty technical capabilities, as will dealing with programme that uses embedded payment legacy systems that are decades-old and technology to enhance match-day costly to adapt to new propositions. This is experiences of ticketing, online and offline possibly why incumbents invest so heavily purchases, and rewards5. in digital-only propositions and their tech stacks. FinTechs are important to Barclays. For example, a collaboration with us has led to a Think like a FinTech new way of providing insurance to business customers: insuring single invoices simply Back to mindset for a final challenge. and quickly helps protect them from Embedded Finance means collaborating with insolvencies and late payments6. Another nimble digital players – they might be collaboration resulted in new technology nimbler than you or your organisation as a that allows our mobile banking app whole. You need to move fast to partner with customers to digitally store their loyalty some of the big retail and tech brands, and cards and earn rewards and other benefits that can be a challenge to banks if their simply by paying with a linked payment processes are slow and cumbersome. card7. Read more success stories from Rise Don’t forget developers members on our website. The good news is, of course, the When building your BaaS model, the FinTech Many of the examples in this article were opportunities that are available to those who How can large financial institutions developer experience should be key. After made possible by Barclays embracing the overcome the above hurdles. Banks that can collaborate with FinTechs to enable all, they will be the first consumers of your possibilities of APIs and creating the Barclays innovate – aggressively – through digital innovations in BaaS? For those of us in big service, and if they struggle with opaque API Exchange . If you’re a developer excited transformation are rewarded not just with banks, embracing fresh thinking and some of processes, difficult integrations or non- by the idea of collaborating on BaaS, take a new propositions and successful the culture of FinTechs is a must. We can intuitive interfaces, you will lose the agility look at the range of secure Open Banking partnerships (often in very new areas). They bring a sharper focus to our banking services and scale of delivering great customer and experimental APIs, or get in touch. also benefit from a culture shift that allows by making them more available and seamless experiences. This includes test environments. The ‘embedded future’ awaits us. them to face multiple headwinds – using the cloud, APIs and digital-first FinTech developers must be allowed to competition, low economic confidence and customer journeys. But it’s not only experiment easily with ‘safe’ data and Saket Saith a generally uncertain future. The ability to reimagining that backend technology or sandboxes because, only if they’re in place, Chief Technology Officer, inspire new ways of thinking and to innovate those frontend journeys. Other processes will financial institutions be able to deliver at speed through Embedded Finance has such as our legal workflows, risk and co-created value propositions at scale. Barclays UK far-reaching benefits to the banking sector. compliance operations and supplier saketsaith onboarding also need to be examined and Barclays has a long history of innovation. streamlined to make it easier for FinTechs In the last few years, we've transformed to work with us. the way we think about and deliver technology, partnering with new providers to deliver better products, customers experiences and to do things faster.

13 / Rise FinTech Insights 5, 6. 7. Barclays 14 / rise.barclays Point of Sale financing is driving ecommerce

Innovation in Point of Sale (PoS) financing is driving change in Embedded Finance.

The model, also known as ‘buy-now-pay- of Gen Z and millennials are relying less on later’, is growing in popularity, with Capco traditional forms of credit. Merchants are research showing that more than ten million keen to support this evolving behaviour. people in the UK have used it for purchases in 20201. Its simple premise is that providing Recently, Barclays Investment Bank helped quick and convenient purchasing options is in one PoS lender, Affirm Inc., with its IPO, possible in secure and financially empowering its mission to deliver honest appropriate ways. The model is growing in financial products that improve lives. Affirm’s popularity and allows consumers to procure vision demonstrates how radical the important or desirable things through payments space can be reimagined. Founder in-store and, increasingly, online purchases and CEO Max Levchin (a PayPal co-founder) that are paid for through instalments. reminds us that the user interface for cards has changed significantly in the last few Models vary among the FinTech players in decades, with developments such as this area but, in ecommerce, customers are swiping, chip-and-PIN and latterly digital presented with different payment options at storage on mobile devices. The underlying checkout - typically, they can choose from financial product is also benefiting from this multiple payment providers. FinTechs make rapid innovation. What are the trends in PoS financing? This FinTechs in this space are aware of the their money from merchant fees, which alternative payments model is here to stay ethical implications of extending payment means customers can be offered zero- Affirm’s platform integrates with a wide and, judging by its recent growth, will soon terms, and are driving responsible spending interest repayments. In addition to core PoS range of merchant technology, and they’ve become mainstream. North America has to through transparency and customer offerings, integration with loyalty cards and already partnered with brands like Walmart, date proved the biggest region in the market education as part of their propositions. This other branded lifestyle features can be Expedia Group, Dyson and Peloton. The but Asia Pacific is predicted to grow fast. theme among new providers is noticeable offered and allows FinTechs to expand their company’s vision is to be a payments Globally the market is expected to reach and is bound to continue as part of their product offerings to merchants and financial platform that delivers convenience and $13 million by 2022. Spends in fashion and vision not only to provide convenience but institutions. transparency for consumers, and sales apparel are likely to fuel this growth in the also to drive more transparent and ethical volumes and customer retention for short term2. ways of paying. In a year that saw such economic and social merchants. To do that requires reinventing turbulence, 2020 has seen several tech how payments work from the bottom up. companies in the PoS lender space roll out Jeremiah Leong new products to support customers with Barclays Investment Bank evolving online purchasing behaviour. The demographics are interesting. As the 56% jeremiah-leong-guang- increase in transactions across Europe on hao-42331516 Black Friday 2020 showed, growing numbers

15 / Rise FinTech Insights 1. Capco 2. Coherent Market Insights 16 / rise.barclays Point of Sale financing

Case study: Jifiti’s proprietary PoS-financing platform enables traditional banks to compete Key features in the buy-now-pay-later space.

End-to-end, white-labeled solution for • Built-in merchant onboarding platform The company banks and merchants allows merchants to instantly sign up and launch the bank’s POS financing service • Unified experience both online and in-store • Requires no new hardware. Merchant Banks can easily scale and deploy their Jifiti is currently active in North America and operations continue business-as-usual consumer loan programmes as an end-to- Europe, facilitating consumer loans for • Deep client-side technology to increase end financing solution to customers at any global financial institutions and major retail financing adoption and average order Advanced payment stack merchant’s point of sale without the need for brands. value integration with the merchant systems. • Funds can be disbursed to merchant via a • Supports one-time loans, revolving credit, number of options such as a virtual card lease-to-own, split payments and other for use only at the merchant, Automated loan programmes Clearing House payments or direct The proposition deposit to merchant account

Quick to market • Seamless integration with ecommerce Consumer loans have trended over the past The Jifiti platform provides banks with platforms years towards the point of sale. Shoppers capabilities to make their loan programmes • Requires zero integration with merchant online or in-store are seeking payment accessible and available for consumers systems – merchants can be live within • Contactless payments for in-store use options at the point of purchase, making in-store and online. It includes a fully days big-ticket purchases more affordable with white-labeled and seamless checkout easy and accessible monthly payments. financing experience, with fast and easy integration for both merchants and financial Working with Barclays The team Traditional banks have historically institutions. specialised in consumer loans with advanced decision-making and underwriting capabilities. Despite competitive rates, Jifiti has been a Rise New York member Yaacov Martin traditional banks often lack the technological since 2019 and works closely with its Co-Founder, CEO tools required to easily deploy and scale their advisors in the payment and FinTech space. loan programmes at merchants’ point of sale. Rise has helped Jifiti navigate the ecosystems and optimise its solutions. Jifiti is also working closely with the Barclays Meir Dudai Payments team on building out a buy-now- Co-Founder, CTO pay-later solution that can be used by Barclays merchants.

Shaul Weisband jifiti.com Co-Founder, CMO Jifiti

17 / Rise FinTech Insights 18 / rise.barclays new sectors Non-financial companies are turning to Embedded Finance to enhance, or even transform, their value propositions significantly by associating these with financial products and services.

19 / Rise FinTech Insights 20 / rise.barclays Enabling sustainability through embedded investments

Embedded investments can enable non-financial institutions For every security purchased, the company " We are transforming a hard-to- buys and withholds from the marketplace and consumers by simplifying the investment process and one carbon emission allowance, which is a reach asset class into a widely broadening the distribution of the investment product. regulator-issued ‘permit to pollute’. A finite accessible investment product and declining number of allowances is issued that can create significant each year by organisations like the EU environmental impact. " Embedded finance reduces complexity — How can FinTechs enable this change? In the Emissions Trading Scheme. (Unlike carbon for example by reducing clicks and sustainability and EnergyTech space, offsets, these initiatives are designed to drive improving the customer journey when Embedded Finance and embedded decarbonisation. The higher the price of the Elliot Waxman, Spark Change buying a new product online — and it investments are helping to broaden security, the more incentive there is for improves the discovery of innovative or awareness and simplify access to companies or industrials to decarbonise.) niche offerings that might suit potential technological innovation. With this greater Share this… customers or clients. This is also true of awareness and technological availability Research quantifies the nature of this embedded investments because any comes quicker and more widespread environmental impact. If an investor buys investment arguably requires more adoption, in turn creating more and withholds from the marketplace a carbon allowance for 10 years, the total research, analysis and commitment than, environmental impact or helping new ideas Elliot Waxman for example, a traditional retail purchase. to get early traction. Spark Change’s permanent impact on CO2 reductions is 1 CEO, Spark Change embedded investment solution is an example estimated at 1.43 tonnes. This means investors can use Spark Change products Companies like Spark Change, a technology of this. It provides direct exposure to the elliot-waxman-8381762 to gain financial returns or improve risk platform that simplifies investing in carbon value of physical carbon allowances — sparkchange.io management and, crucially, they can also instruments, are keen supporters of the without the complex and costly setup drive significant environmental impact at ability to embed investment solutions that requirements needed by investors to access scale. This is because by holding this are specifically focused on green the market directly and take delivery of investment they are fundamentally investments. We imagine a future in which physical carbon allowances. That’s driving preventing an emitter from polluting and non-financial companies and brands are more investors into the market, which in turn therefore accelerating the rate at which better positioned to serve their concerned means a bigger impact on the environment. emitters are investing in new technologies. customers — those who want to take action but don’t have access to or awareness of How does it work? The core financial sustainable investment products. instrument created by Spark Change is a By anchoring a technology platform like security backed by carbon allowances. Spark Change within the carbon marketplace, By responding to the burgeoning gap investing sustainably becomes easier. It’s a between the world’s climate change great example of the power of Embedded ambitions and the investment products Finance to make a difference to society. currently available, this vision makes great business sense too.

1. Combined analysis of a London School of Economics model and Independent Commodity 21 / Rise FinTech Insights Intelligence Services (ICIS) research 22 / rise.barclays Carbon investments

Key features

• Physically-backed by carbon emission • Spark Change products can be combined The company allowances, with none of the drawbacks with equities and bonds to manufacture of using a futures-backed product bespoke product ranges for third party distribution • Tangible, quantifiable and permanent Spark Change is a technology platform and around the world, as more investors environmental impacts financial product ecosystem for institutional with access can create a bigger and individual investors who are seeking environmental impact. exposure to physical carbon allowances but who are unable to directly access existing The company is focused on accelerating markets. The company is on a mission to the rate at which society can achieve its Working with Barclays The team simplify access to carbon markets and prices climate goals.

The proposition Spark Change graduated from the 2019 Spark Change’s leadership team combines London Barclays Accelerator programme. 100+ years’ experience across ESG, data science, ETFs and algorithmic trading as well In July 2020, the company closed a £3.5m as deep domain expertise in designing, Current research shows that carbon price price to be fundamentally embedded into funding round led by Barclays, and is executing and monetising low carbon exposure plays an increasingly important equity and fixed-income portfolios. working with the bank on some unique and investment strategies. role in investors’ portfolios. For example, innovative Zero Carbon product ideas. asset owners or managers may want to Since investing directly in carbon emissions ensure their portfolios are aligned with requires complex market infrastructure Dan Barry sparkchange.io internal, industry or regulatory-imposed and operational capabilities, investors Chairman environmental benchmarks. Or, from a have typically been forced to use a rolling sparkchange purely financial perspective, they want to futures strategy. This has drawbacks, ensure that if carbon prices reach certain including exposure to a futures price higher levels — so some companies default or their than the spot price (known as ‘contango’) or Elliot Waxman operating margins are impacted — having investors bearing the negative impacts of CEO some carbon price exposure within a interest-rate slippage. portfolio makes sense. Their products give investors flexibility, whatever the reason Only by buying and withholding a physical Joff Hamilton-Dick for investing. carbon allowance, rather than buying a COO and CMO futures-backed product, can you be sure To meet this increasing demand, Spark that the allowance has not been used to Change is creating a new generation of cover CO2 emissions. financial instruments that allow the carbon

23 / Rise FinTech Insights 24 / rise.barclays Monetising the creative economy

What’s driving the change to a more digital, technology-focused approach in media and entertainment? As in some other industries, the answer is dissatisfaction with the traditional way of doing things. Two entrepreneurs in the music industry tell us how they're responding.

For customers, ticketing is opaque and that Kobalt Music – Empowering artists creates great power to incumbent ticket providers. We accept that, when you buy a Kobalt, based in London, has created a concert ticket, you’re charged different fees centralised platform that allows artists and – but for what exactly, and why are they creators to access their payments, royalties added at the end of the transaction? And and data through APIs linking directly into how come, if a show is sold out, someone global music hubs such as Spotify, Apple and still has tickets for sale – at vastly inflated YouTube. Artists use this service to get prices? It’s created a really bad experience. worldwide, real-time information on transactions that, for example, DICE (see For artists too, an opaque system means later) has collected for them from payees. that finances are traditionally far from This gives artists the transparency and straightforward. The idea that, with five control they seek, and is a far cry from the clicks you’d be able to be paid by concert old days when you might have to approach promoters for your gig and see exactly how your bank with a personal guarantee or much you've made, would significantly negotiate an advance with your record label " Increased velocity in cash flow can benefit their lives. The situation is just as bad or publisher, which could take three to six if not worse with recorded music. Artistic months and come at a very high interest rate. enable the 43,000 small bands that and publishing laws might grant individuals comprise 90% of the music industry the theoretical right to payments but a Kobalt is also using algorithms on new to invest in themselves to define complex and bespoke system has been in music usage data to let artists forecast future place for decades that too often ensures the earnings, which lets them understand their and build their niche brands." money takes years to appear in a bank cash flow and take more informed financial account. The lack of transparency in what Willard Ahdritz and life decisions. payments are due means artists can’t budget Founder and Chairman, Kobalt and their banks can’t rate them for credit. The alternative data streams are key, and are a core part of our offering: the information Share this… Incumbent ticket providers, studios and provided by our technology allows us promoters pull a lot of strings and control to form stronger relationships with the purse, and complexity is an issue. Not artists because it provides the surprisingly, the solution for concert goers answers that they need to plan and artists relies on transparency, simplicity their finances and build and education. their brands.

25 / Rise FinTech Insights 26 / rise.barclays This especially matters for up-and-coming DICE - Engaging with fans content creators and young artists who need to maintain a critical income threshold to Concert ticket sales alone represent over survive, often through financial products $30 billion a year of revenue and for a like revolving credit or SME loans. Increased typical artist it represents over 80% of their velocity in cash flow can enable the 43,000 income. There is some correlation between small bands that comprise 90% of the music streams and social followers, on the one industry to invest in themselves to define and hand, and concert tickets, on the other, but build their niche brands. This is also a win- the investment decision by a fan to pay for win for fans who benefit from more choices a ticket has many more inputs (data points), and more music on the shelves. the principal one being the artist’s ability to perform a fantastic show. By defining this basic financial framework There are huge long term advantages time zone a gig is in, or even what currency through our platform, we are creating the At a macro level, people have more access to in providing financial transparency and they’re using, which is quite fascinating. infrastructure for the new economy – for experts and so-called ‘niches’ are becoming simplicity to the live industry and DICE They just pay. For example, DICE provides example, new markets and revenue streams much more popular now they’re global. It’s has helped thousands of artists become multiple currency options for live streams, that can now begin to monetise social media. just the same in other areas - if I want to profitable by helping them make smarter but fans often choose the best time for them make the best Irish soda bread, I can find decisions about touring. DICE has a huge and pay in whatever currency that time zone This may not be revolutionary in other areas the recipe from the best baker online. With data set and assists with pricing, timing and requires. It makes us wonder what exactly but it is in the music industry, and we see music, the impact is especially great and avoiding conflicts with similar artists. Data ‘currency’ will mean in, say, five or 10 years’ the use of alternative data sets from music is accelerating. An artist in Sydney can get science has been at heart of the company time. The case for a global currency may be consumption growing. It provides valuable popular really quickly in Barcelona, say, now since day one. non-traditional but, from our perspective, it information to artists and other creators, that the whole world has access to their seems an obvious next step. who today are also budding entrepreneurs. songs at the same time. We anticipate a huge shift in merchandising And, like any imaginative business owner, during 2021 with the growth of on-demand, they have complex questions about how their The quality and supply of live concerts is localised printing and the organised product is being consumed by their global increasing, and is powering personalised distribution of physical goods created by Willard Ahdritz customers. Modern artists require marketing experiences for fans, and insights for artists. middle-tier artists and other creators. There’s Founder and Chairman, tools with new underlying technology that DICE acts as a trusted discovery engine for a gap in that market, which parallels the rise Kobalt unlocks their digital and media assets, and fans and has invested considerably in data of Shopify. This is why DICE is launching a kobaltmusic.com makes frictionless connections to audiences. science to ensure fans know what is new way for fans to buy merchandise around willard-ahdritz-b1810a1ba We’re talking behavioural economics on a happening in their city. For artists, venues the world. big, digital scale. and promoters, DICE provides expertise to @WillardAhdritz maximise the potential of touring without To us, Embedded Finance doesn’t just mean over-exposing artists. embedding ticket payments. It enables new Phil Hutcheon scenarios, inspired by gaming, that have Founder and CEO, accelerated as a result of the pandemic. DICE Since lockdown, DICE has ticketed over dice.fm 5,000 live streams. Artists have sold virtual and physical goods around the world and created a new form of virtual meet-and- greet, which will continue after COVID-19. As with gamers, music fans don’t care what

27 / Rise FinTech Insights 28 / rise.barclays Machine learning in healthcare

Case study: Seldon supports enterprises with Benefits their machine learning (ML) deployments.

• Shortens the deployment pipeline for Example ML models The company Working with one bank, Seldon reduced the • Reduces lag times, which can often be in time it took to deploy and update models by the order of months several orders of magnitude: down from months to minutes. This allowed the bank’s Seldon’s technology supports the Seldon also has extensive model • Empowers data scientists to increase their data scientists to be able to test, update and development of machine learning (ML) management and monitoring abilities at the productivity, and become less dependent deploy models themselves on-the-fly, both models at scale. It does this by allowing IT infrastructure layer, which better protects on engineering teams to test, deploy or improving the time-to-market and allowing teams to switch to a ‘model-as-a-service’ models from developing unethical biases, upgrade their models data scientists to iterate freely and improve (MaaS) paradigm, which uses ML-based adopting systematic errors or succumbing to their models. Altogether, this had significant decisioning to automate the packaging and adversarial attacks. • Allows developers to use whatever effects on the quality of products and on the containerisation of ML models. This MaaS languages and frameworks they like speed-to-market, with Seldon’s MaaS paradigm enables businesses in every sector within their ML models, giving them more allowing the production of a new minimal to rapidly improve and deploy their ML- freedom to tackle the business problem viable product in under 90 days. powered products. • Drives innovation in the internal banking stack at every level of a financial organisation including fraud, Know-Your- The proposition Customer procedures, marketing, compliance, finance and customer service

Until recently, the process to adopt a MaaS breakthroughs in the research process. paradigm has been one of the most time- Seldon enables users to screen massive consuming parts of ML deployment. By numbers of new chemicals to predict their The founders automating this step and providing a MaaS properties, like permeability, solubility or Working with Barclays solution, Seldon’s technology has a profound toxicity without having to physically perform effect on any organisation that seeks to the tests in the wet lab. Data scientists and deploy ML models. computational chemists can therefore Seldon was part of the 2016 London Alex Housley drastically cut down the production process Barclays Accelerator. The same year, Founder & CEO Seldon has also proven beneficial in drug by over half and get essential drugs to they moved into Rise London and signed discovery for major pharmaceutical market faster. a deal with Barclaycard to predict credit organisations, speeding up the time it takes default and thereby reduce bad debt and Clive Cox to deploy models key to making enable Barclays to support customers in Founder & CTO difficulty sooner.

seldon.io seldon @seldon_io

29 / Rise FinTech Insights 30 / rise.barclays The development and use of a country- the ratings agencies in particular – it would wide farming data stack is changing that also increase financial inclusion across Using alternative data to rethink perception. FarmGuide’s data-driven the massive farming sector in India. Those technology lets: ratings have, for far too long, been accepted financial services for Indian farmers as the norm by the industry. In fact, they’re inaccurate and exclude millions of farmers. • Insurance companies assess individual With the new satellite data sets and modern farms’ risk rigorously With the world population reaching nine billion by 2050, the world data science techniques that error can be needs to find more sustainable ways of producing food. Whether it’s • Banks check risks quickly before offering corrected, and ratings agencies can now loans more swiftly develop a better, more representative robots planting and picking crops or machine learning and AI analysing approach to credit scoring and, in doing so, crop performance, emerging technology is playing its part in the • Government monitor their subsidies on they can improve inclusion within a large the loans across the country agricultural industry. part of society.

Farming loans are just one example. At These examples demonstrate how, like other FarmGuide, we believe the range of AgriTech industries at the intersections of FinTech, Startups like FarmGuide are helping to Agricultural officers in villages would be scenarios is as great as the data is rich. With AgriTech is benefitting from new types of embed intelligence into financial services ideally placed to gather the required 160 million datapoints from satellite imagery, data. Satellite imagery is opening the door for the farming community in India by information about farms and farmers, you can create a map that distinguishes to new products, segments, processes and building a ‘farming data stack’ for both but in a country with 300 million small- farm boundaries. Other imagery from the ways of looking at the world of farming, and public and private sectors. The data in holdings, on average less than one hectare visible, infrared and microwave spectra lets is shaping innovation among the industry question is the geographical distribution of each in size, it isn’t feasible. Because the you separate water from land, distinguish players in India. farms across the country, interpreted from traditional data sources are scarce and different types of vegetation and determine satellite data and including other unreliable, and also because government local soil and climatic variation. Armed with For more information on how Barclays is information describing the farms in detail. loans aren’t very profitable and are this powerful data and the algorithms to supporting AgriTech businesses, This rich data, backed up with deep- manually intensive, Indian banks have process it, stakeholders can fully digitise see https://labs.uk.barclays/agritech. learning algorithms, can be used by never considered farming loans as a their decision-making and base it on real farmers, banks, insurance companies and strategic proposition. They are data at scale. They can also develop a range state governments to model a wide-ranging merely a compulsory product, of new insights. set of outcomes from crop success to and a burden to manage. "FarmGuide is building a new insurance risk on a farm-by-farm basis. Take the 140 million Indian farmers behind data stack to support 140m the satellite data. Many are underbanked This modern approach using new sources of because they’re subsistence farmers Indian farmers." data to predict individual farm outcomes that traditional credit ratings algorithms, Ankit Gupta, Co-Founder, Farmguide challenges the prevailing view that the based on outdated information and financial services industry has of farmers in old ways of looking at the world, often India. Any agricultural loan for growing overlook. But what if we considered them Share this… crops, even microfinance, is backed by as entrepreneurs? Like any other business government and also requires insurance, so person, they understand all too well the multiple parties are involved. The situation is concepts of cash flow, return-on-investment made more complex by a lack of data. and the bottom line. So why not profile the Ankit Gupta farmers as small business owners and get Co-Founder, insights into a huge and completely new FarmGuide segment, one that deserves new, targeted financial products? That wouldn’t just farmguide.in benefit the financial services industry – ankit-gupta-56757864

31 / Rise FinTech Insights 32 / rise.barclays Rise ecosystem insights

New York • $1.4 bn in VC investments¹ • 48 VC deals¹ • Top VC deals¹: Better.com $200m Paxos $142m Oscar $140m • 15 Rise events2 • 548 Event attendees2

London Mumbai • $1.2 bn in VC investments¹ • $132 m in VC investments¹ • 53 VC deals¹ • 8 VC deals¹ • Top VC deals¹: Molo Finance $343m • Top VC deals¹: $80m CRED $80m GoCardless $95m Turtlemint $30m CoinDCX $14m • 24 Rise events2 • 13 Rise events2 • 366 Event attendees2 • 574 Event attendees2

Sources: 1: Innovate Finance via PitchBook. Q4 data, not reviewed or approved by PitchBook analysts, and not limited to Rise ecosystem companies. 2: Q4 2020 data 33 / Rise FinTech Insights 34 / rise.barclays From our Rise sites

Rise London

As 2020 drew to a close and we reflect on But it’s reassuring that London is well placed the challenges we have all had to navigate to continue leading in both finance and last year, it may seem difficult to pick out any technology, and remains one of the leading positives. But remarkably, individuals, global FinTech hubs, having been placed families and retailers adapted practically second in the Findexable Global FinTech overnight, in part through the power of Index’s city ranking at the end of last year. technology. London FinTechs adapted their business offerings in light of the pandemic. With COVID-19 still at large, there are a lot Rise London member Funding Xchange of question marks over what this year has in partnered with Experian to speed up CBILS store. But one of our strengths in this lending applications to help smaller industry is our ability to innovate and adapt businesses get access to much needed to meet challenges and grab new funding. And Starling launched its opportunities. The pandemic will continue to Connected card, allowing customers to accelerate digitalisation and FinTech will grant trusted people access to a pot of increasingly be applied and adopted to drive money that can be used to buy food and inclusivity, better access, more choice and other essential items on their behalf. greater competition. FinTechs must focus their attention on achievable milestones, We at Rise London also had to pivot to a meaningful partnerships and agility. We have virtual first model, in order to continue every confidence they will, and 2021 will be providing the ecosystem with business another great year for FinTech development. development opportunities. And celebrating Rise’s fifth anniversary, of course! Magdalena Krön Global FinTech Platform As Brexit is now upon us, the UK will lose the Director right to ‘passport’ financial services into other member countries. Until now, UK magdalenakron FinTechs operating in the EU have used @MyKron free-market regulations to do so. Some European FinTechs, like German-based , have announced that Clare Whitehead they will cease operations in the UK from FinTech Platform Lead April, leaving many of their loyal customers clare-whitehead-241ba77b disappointed. @clarewhite200 This will, I’m sure, evoke a shift in strategy from many of our UK FinTechs, who will favour growth in non-EU markets like Asia and North America.

35 / Rise FinTech Insights 36 / rise.barclays Rise Mumbai Rise New York

These efforts are paving the way for financial Like all other regions, India too was affected With changing customer and client There is a long road ahead in 2021, but for inclusion and impact. The idea that products by the pandemic. Life and economy in parts behaviour, traditional incumbents – banks many of us there is light at the end of the need to be more customer-centric has had come to a standstill for some time. and insurance companies too have promptly tunnel in the shape of a new normal. changed how companies perceive their However, the ambitious “Digital India” and responded by accelerating efforts to build Digitalisation will be central to our new ways operating models, hiring practices and “Cashless India” journey that India had digital infrastructure capabilities in of working, and it’s this that has so rapidly mission statements. Alongside social embarked upon few years back, have acted partnership with FinTechs. accelerated the growth and impact of our movements that swept across the US and as tailwinds in its recovery. Most Indian FinTech that it’s now seen as the new normal corporate responses ranging from FinTechs have managed to leverage this For example, according to a recent study by by 73% of Americans1. sustainability to diversity, we are optimistic crisis as an opportunity to push forward their Matrix Partners India and McKinsey, 90% of these efforts will begin to produce tangible innovative solutions. Indian neo-banks surveyed have said banks Some of the big headlines last year shone a 4 results in 2021. are more open to partnerships . As a result, spotlight on the trends and developments to The pandemic provided the much-needed investors too, who were initially wary are watch in 2021 and beyond. News such as Looking further into this year, investors are impetus to digital financial services. Lending betting heavily on this trend, with Indian Visa’s attempted acquisition of Plaid brought optimistic about liquidity events. New and payment FinTechs took a hit initially – FinTechs attracting $1.7 billion investments in attention to Open Banking in the US. APIs 5 vehicles, such as Special Purpose Acquisition with many shutting shop or reducing. 1H20, almost double the investment in 1H19 . are the new building blocks of the financial Companies (SPACs) and IPOs, as well as However, the pandemic eventually was services industry, and the impact of rumours of big mergers and acquisitions – instrumental in pulling customers and small 2021 promises to be a year where FinTechs digitalisation has accelerated this next wave. with even bigger valuations – are all of merchants out of inertia and prodding them will start achieving the scale that they have By unbundling the monolithic financial interest to the FinTech community. With the towards digital financial solutions. Case in always been hoping and planning for. Most services offering and rebuilding it with cost of capital low, money continues to flow point – Unified Payments Interface (UPI), an FinTech leaders in the McKinsey study agility, specialisation and customers in mind, into tech. And, as Embedded Finance begins instant real-time payment system facilitating expect volume recovery in the next 3-6 FinTech is creating a new lexicon for the to feature more heavily in our world, we inter-bank transactions, experienced a 20% months and also have plans to launch new infrastructure of financial services and its begin to see how FinTech can really impact decline in transaction count between March products and capabilities. benefits to consumers. the wider tech sector. It will be a year of and April 2020, before reviving and hitting growth for FinTech as a whole and at Rise new records, wherein it took less than a year Last year also marked the growth of New York, we’re excited by the opportunities to reach the 2 billion transactions per month public-private partnerships in the United Lincy Therattil for startups, and to be part of their growth at as compared to the three years that it took to States. FinTech companies such as PayPal, FinTech Platform Lead all stages of their lifecycle. We welcome reach its first billion transactions per Kabbage and Square partnered with the US back the community to the #HomeofFinTech. month1,2. Digitalisation of the traditionally lincy-therattil-9010157 Government to participate in the Paycheck offline channels such as grocery stores and @LTherattil Protection Program and distribute relief growth of new online segments such as funds. Rise has published several case Alexandra Gheorghe EdTech and over-the-top (OTT) media studies that demonstrate how some of our 3 FinTech Platform Lead services played a crucial role . members have been able to pivot their businesses to support the pandemic relief2. gheorghealexandra While these partnerships were previously @theAlexGheorghe limited to infrastructure projects such as pay roads, there is a newfound optimism about 1. Economictimes.com the future of alternative forms of finance 2. ET BFSI (including Embedded Finance, this edition’s 3, 4. Matrix Partners India focus) and a more digitalised government, 1. Plaid 5. KPMG whether through advanced lending models 2. Rise, created by Barclays or long-awaited digital currencies.

37 / Rise FinTech Insights 38 / rise.barclays Rise FinTech FinTech Award Company of the Year 2020

And the The Barclays Entrepreneur Awards ceremony was winner is… hosted virtually by Reggie Yates this year: Augmenting human intelligence through simulation simudyne.com

It was with great pleasure that, in November last year, we announced Simudyne as the winner of the 2020 Rise FinTech Company of the Year Award.

The Award is a major accolade in the By building more accurate virtual models, FinTech industry, and is part of the annual Simudyne helps banks make better Barclays Entrepreneur Awards, which decisions, and allows us all to reframe highlight and recognise entrepreneurs who how we see the world. The company’s are changing their industries, the economy software creates predictive simulations and society in unique, original and positive for things like stress testing and risk ways. The winner of the Rise category has assessments. been assessed by a panel of judges focusing on identifying the company who is: Reflecting on his company’s experience, Justin Lyon, Founder and CEO of Simudyne, acknowledges that it can be an “arduous • Leading the way as a FinTech disruptor journey to get an enterprise platform • Demonstrating value and impact in adopted by a bank” if you're in the B2B the industry FinTech space. Establishing relationships top-down and bottom-up throughout the • Having a track record of growth organisation is key, as is the challenge of Congratulations also go to Flybits, who received the pitching new technologies to the finance ‘Highly Commended’ recognition in the Rise Award sector when it’s reacting to something as category. Flybits delivers data-driven, personalised Previous winners of the Rise FinTech traumatic as the COVID-19. recommendations and advice inside mobile apps or Company of the Year award include websites to inspire and delight customers. Chainalysis (2019), Shieldpay (2018) Massive congratulations from Rise to the and Trunomi (2017). entire Simudyne team! flybits.com

39 / Rise FinTech Insights 40 / rise.barclays Rise global Enterprise Innovation ecosystem Solutions Services

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This infographic shows companies resident at our Rise sites. The information is accurate at 41 / Rise FinTech Insights the time of publication. 42 / rise.barclays Notes Rise is a trade mark of Barclays plc, used under licence. Registered in England. Registered No: 1026167. Registered Office: 1 Churchill Place, London E14 5HP. E14 London Place, 1Churchill Office: 2021 Registered © Barclays 1026167. No: Registered England. in Registered licence. under used plc, Barclays of mark atrade is Rise your on based advise further seek You should before actingcircumstances on any report. of this the information included within in this report. contained information on impact based the made for liability decisions no any from, accepts arising, Barclays however given. is loss, any or of, information the of completeness or accuracy the regarding undertakings or implied, or warranties no express takes whether Barclays kind, any of Barclays. of intent or policy of statements as taken be they of views should the nor reflect (‘Barclays) Group PLC Bank necessarily not do and Barclays the alone, authors the of views the are article this in the at featured accurate is opinions guide and this in views the However, contained publication. information of the time that ensure to try to made been has attempt Every PLC. Bank Barclays to proprietary is report This visit follow or on: us To join our community, or keep in touch with the latest from Rise, FinTech for place with Barclays. together scale and create to connect, companies in the main FinTech based workspaces and the world, exclusive Rise an is of hubs FinTech of network programmes the world’s of one talent, accelerator leading adiverse With services. to the future financial of create together working the world’s of top community innovators aglobal is by Barclays, Rise, created About Rise, created by Barclays Rise FinTech Podcast FinTech Rise

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