Barclays has unveiled plans to launch its physical and virtual global start up community Rise in Tel Aviv, Israel in March 2016 to facilitate fintech innovation.

The new Rise Israel hub will serve as a physical site for innovative fintech companies, featuring co-working environment, event spaces and meeting rooms.

The site will also host the country’s first Barclays Accelerator, which is a 13-week programme for fintech and cyber security startups, powered by Techstars.

The Israel Barclays Accelerator will offer 10 companies focused on fintech and cyber security innovation the chance to participate in intensive networking, mentoring as well as development, and also offer them the option of spending part of the programme at other Barclays Accelerator global sites, Barclays said in a release.

Barclays chief design and digital officer Derek White said: "At Barclays we are actively embracing the opportunities and expertise of the startup ecosystem. With Rise and our Accelerator programme we are able to help translate emerging technologies into what could be the future of financial services.

"We’re excited about the prospect of tapping into Tel Aviv’s hot-bed of innovation, connecting some of the world’s most active innovators."

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By GlobalData

The British banking giant has already opened Rise hubs in London, Manchester and New York and recently announced the Cape Town hub.