Barclays’ chief operating officer, Mark Ashton-Rigby, recently made an open call to out-of-work technology professionals, looking to tap into distinct opportunities borne of the downturn.
“I’m a firm believer that when one door closes, another one opens, and out of adversity can come opportunity,” Ashton-Rigby said in his announcement on LinkedIn, which served as a recruitment for new technology workers at the banks and participants in a program for startups.
In both payments and more general digital banking, firms are firing workers after a runup in hiring early in the pandemic. That has produced a new market of available talent that is landing at mature financial firms, but also in development hubs, technology labs, accelerators and other initiatives dedicated to training technology workers or spotting and nurturing new concepts in payments and other fintech.
Capital was overallocated to fintech and valuations inflated, making a correction inevitable, said Eric Grover, a principal at Intrepid Ventures, adding that a lot of fintech talent, consequently, is being freed up.
“Some of that talent will take refuge working for large banks and traditional payment processors and networks,” Grover said. “But some or much of it it is likely to look to launch new ventures. It’s their idea of the next better mousetrap, which would be good for accelerator/hubs or incubators.”
Here’s a sample of some accelerators, training hubs and development labs that have recently launched or expanded.