Barclays has launched new division to focus on venture capital investments as the group hopes the new arm of its bank will add a revenue source to increase its bottom line in a bid to add a new revenue source.
The new venture capital investment division will be led by Ben Davey, the bank’s former head of strategy.
It’s being reported that the new unit will take standard equity stakes in firms, while on the other hand, also considering investing in commercial partnerships and internally developed ideas.
However, listed machine learning, blockchain and intelligent contracts have been highlighted as examples of the types of technology expected to be invested in.
The bank has previously taken stakes in companies such as messaging platform Symphony and payments processing group Form3.
It’s said that the new arm of Barclays will also consider commercial partnerships and work to develop new business ideas internally.