This article was originally posted on the Tech City UK website.
Tech City UK today launches the hunt for fintech startups that can make a difference to those people who are in danger of being left behind by financial services as currently provided by conventional banks, building societies and credit card providers. We want to find the startups that could help to end the challenges that some people face when managing their money and truly make financial services available to all.
Supported by the DCMS and the Treasury, we are excited to launch our Fintech For All competition, run in association with our partners the Money Advice Service and Experian, the global information services company. The competition, as envisaged in the Government’s Digital Strategy, is also supported by Lloyds Banking Group, Bethnal Green Ventures, Mustard Seed Ventures, Citizens Advice, Toynbee Hall and Ascension Ventures.
UK headquartered startups have until the 20 October 2017 to make a submission.
We want to see applications from fintech companies that are transforming how we access financial services and offer new tools for money management to the most vulnerable in our community.
Access to financial services is a crucial part of everyday life yet at least 1.5 million* people in the UK do not have a bank account, or have less than £500 in savings.
But change is happening rapidly and traditional sectors, like banking, are having to move with the times. This is where you and your company can make a difference. Innovative new products and services from fintech companies have the potential to transform people’s lives and opportunities. And we want to find the very best of them.
Who should apply?
Companies whose businesses help people to do any of the following are invited to enter:
Start actively saving and plan for the unexpected
Confidently manage money and track day-to-day financial transactions
Understand and manage credit better
Identify and access more suitable financial products
Facilitate access to financial products through innovations in credit scoring and ID/address requirements
What’s on offer?
Winners will compete in two categories:
Established fintechs – with an existing product or service in the market
New fintechs – with at least a product in testing or ready to test
The prize package includes:
Customer insight support from the Money Advice Service, worth at least £70k to your business
Expert mentoring sessions with Money Advice Service, Mustard Seed Ventures, Bethnal Green Ventures, Ascension Ventures, Lloyds Banking Group, Toynbee Hall and others
And promotion across key financial services institutions
How does it work?
The top three entrants in each category will be invited to pitch before a panel of expert judges at a final event during Financial Capability Week on November 15th. The judges will choose the ultimate winners in the contest. Five runners up in each category will also get a chance to attend and showcase their product.
Matthew Hancock, minister of state for digital, says:
“Done right, digital technology improves lives, and we want to support technology for the common good. So I encourage the nation’s innovators to apply for this groundbreaking competition, to harness the power of tech for good causes and help ensure the digital economy works for all. It’s another boost for the UK’s booming £6bn fintech sector.”
Eileen Burbidge, chair of Tech City UK and HM Treasury special envoy for fintech, says:
“The UK is the envy of the world for fintech. We are the number one destination for startups that are using financial services technology in new and exciting ways. With this competition we want to find the best fintech businesses in the UK that are democratising finance and improving access to our financial system across the UK.”
Find out all there is to know about our Fintech For All competition here. Interested in hearing more about our fintech delivery panel? Read all there is to know here.
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