Barclays has announced the closure of its fintech accelerator program, Rise, by mid-2025, leaving the New York fintech ecosystem grappling with the loss of what many consider a cornerstone of the community.
The decision has sparked significant concern among founders, venture capitalists, and industry leaders who viewed Rise as an indispensable hub for innovation and collaboration.
Rise, which Barclays launched a decade ago, played a pivotal role in nurturing fintech startups and fostering an interconnected community of founders, investors, and operators.
Located in the heart of New York City, Rise became a space for networking, hosting events, and co-working, which many industry leaders fondly referred to as their “home.”
Kristen Bennie, Barclays’ Head of Partnerships and Innovation, has recently communicated the news to Rise members last week, confirming that both the program and its physical location in New York City would be winding down.
The news was met with dismay.
Abdul Abdirahman, Principal at F-Prime Capital, described Rise as “the home of fintech in NYC” and highlighted its critical role as a gathering place for key stakeholders in the financial services ecosystem.
Abdirahman noted that the closure would create a “significant gap” in the fintech landscape, particularly during conference seasons when Rise hosted high-profile events and networking opportunities.
Rise’s impact over the past decade has been profound.
The accelerator program helped launch notable companies like Chainalysis, a blockchain data platform, and Novo Bank, a small business banking startup.
Alloy CEO Tommy Nicholas credited Rise as the birthplace of his company, which has since achieved a valuation exceeding $1 billion.
Beyond its role as an incubator, Rise functioned as a central venue for fintech events and initiatives.
Michelle Tran, founder of NYC Fintech Women, emphasized that Rise was “the anchor” of the city’s fintech community, offering a vital space for women and underrepresented groups in the industry.
Nicole Casperson, founder of the fintech-focused platform Fintech is Femme, also lauded Rise for enabling her to host impactful events that showcased women’s leadership in fintech.
A Barclays spokesperson confirmed the closure and stated that the decision reflects the evolution of the fintech industry.
When Rise was established, fintech companies were seen as niche disruptors.
Today, they are deeply integrated into the financial ecosystem. Barclays aims to continue supporting fintech through investments and partnerships, even as the Rise program winds down.
However, the loss of a centralized hub like Rise has raised concerns about the future cohesion of NYC’s fintech ecosystem.
Tran noted that the closure could lead to a more fragmented community, making it harder for founders, especially women, to find accessible support and resources.
For many in the fintech space, the closure of Rise marks the end of a transformative era.
As Casperson observed, there is currently no equivalent venue that offers the same ease of access and community-building opportunities as Rise.
While the fintech ecosystem will undoubtedly adapt, Barclays’ decision underscores the need for new spaces and initiatives to fill the void left by Rise.
Whether another organization steps up to replicate its success remains to be seen.
Barclays’ decision to close Rise signifies a turning point for New York City‘s fintech community.
Although the banking institution’s continued investment in fintech offers a silver lining, the absence of a centralized hub like Rise may disrupt the cohesion and accessibility that have driven innovation and collaboration over the past decade.
The challenge now lies in finding new ways to sustain the community spirit that Rise fostered and ensuring that future innovators, particularly underrepresented groups, have the resources and support they need to thrive.