Barclays UK has established a new unit ‘Barclays UK Ventures’ to develop new business lines, encourage innovation and drive returns within the company.

The new unit will be led by former Barclays’ group head of strategy Ben Davey.

The new unit will be responsible to identify and develop opportunities within as well as outside Barclays that can grow the company.

Subsequently, the opportunities will then be developed through a combination of organic build-out, partnerships and venture investments.

The team of the new unit will work semi-autonomously in coordination with the rest of Barclays UK.

Barclays UK CEO Ashok Vaswani said: “Barclays has long been at the forefront of technology in banking that adds value and convenience for customers and Barclays UK Ventures will take this work to the next level combining our main strengths of agility and scale.

“We are a growth business and Ben’s appointment will put real weight behind this new unit to provide new lines of revenue growth in addition to the organic growth of our core business.”

Barclays UK Ventures will utilise the latest technology through a rapid test-and-learn platform to streamline the development of new customer propositions and services.

Primarily, it would provide dedicated management support to accelerate the growth of new business lines as well as develop new customer propositions in the areas of disruptive technology.

Barclays UK Ventures can form partnerships with third parties or acquire equity stakes in fintech and other non-financial technology companies to carry out the task.