Barclays is setting up a specialist-team as part of a wider drive to help accelerate the growth of digitally-focused start-ups in the UK. The bank has announced a team of 50 senior managers, who’s role it will be to concentrate on fast-growth companies – helping them to eventually IPO and float on the stock market.
“It’s imperative that the financial system in the UK is able to fully back brave entrepreneurs” said Ashok Vaswani, chief executive of Barclays Personal and Corporate Banking, “who create jobs and unlock new innovation”.
Barclays have appointed Richard Heggie, head of proposition and delivery for entrepreneurs at Barclays, as head of the team. An additional 13 specialist credit sanctioners will bolster the 50-strong team. The bank has also allotted £150m of debt funding to help grow tech-focussed businesses.
“We believe the industry needs to do more” said Mr Heggie, “to support this segment and the $1bn-plus companies of tomorrow”.
The bank has also hinted at plans to open-up its branches to young fast-growth companies as a base. This would promote collaboration, and allow start-ups to utilise the bank’s resources – such as 3D printers.