UK bank Barclays is shuttering its decade-old fintech accelerator programme, Rise.
As first reported by Axios, Rise and its associated academies will be wound down by the middle of the year.
Founded in 2015, the programme has a mission to "connect technology, talent and trends from across the Rise ecosystem to accelerate innovation and growth in the financial services industry," according to its website.
With sites in London and New York, as well as a virtual community in India, the programme hosts dozens of mentoring and industry events every year.
The academy has over 120 alumni, including wealthech WealthOS and AI-based data security platform Velotix, both of which have also received investments from Barclays.
However, the bank now says that in the decade since Rise's launch, fintechs have gone from niche startups to the mainstream with numerous opportunities to work with the FS sector.