Barclays has unveiled plans to launch its physical and virtual global start-up community Rise in Vilnius, Lithuania to support fintech innovation.

Expected to launch in mid-2016, Rise Vilnius will serve as a physical site for innovative fintech firms and startups, featuring co-working space, an auditorium for events and meeting rooms.

The British banking group has already opened Rise Hub in London, Manchester, New York and Cape Town. The lender is also expected to open Rise hubs in Tel Aviv and Mumbai soon.

Barclays global operations Lithuania interim head Mariano Andrade Gonzalez said: "Lithuania is one of Europe’s fastest growing economies and the startup space in particular has been heating up over recent years.

"Vilnius offers a vibrant and friendly environment for startups to thrive, with advanced IT infrastructure and capabilities already in place. Barclays has been a key employer in the country for many years now and the opening of Rise will further deepen its commitment to the country."