Access to financial services is an important part of everyday life. However, millions of people in the UK don’t have a bank account, or have less than £500 in savings, or can’t access affordable credit. As a result they struggle to manage their money and prepare for the future. At the same time, the UK is No.1 for fintech globally. The best startups in the world are based here and they are revolutionising financial services.
Fintech For All is an opportunity to showcase how this innovation can contribute to solving financial inclusion and improving the financial capability of people in the UK.
Applications are invited from fintech companies which help people to do one or more of the following:
- Start actively saving and plan for the unexpected
- Confidently manage their 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
Applications are encouraged from both B2C and B2B companies who:
- Are a fintech startup (including all new business models facilitated by technology in the financial services sector such as regtech, insurtech, cybersecurity etc.)
- Can demonstrate how their product or service helps British people in one of the five areas above. Note: you do not have to exclusively serve the financially vulnerable or underserved customers but you must include them in your strategic development plan
- Have their HQ in the UK
Unfortunately applications from large, established financial services providers will not be accepted.
The prize package includes:
- Customer insight support from the Money Advice Service, worth at least £70k to your business
- The Experian Spotlight Award, awarded by Experian to an entrant in any category and aimed at recognising outstanding concepts, products or services.
- Collaborate with Citizens Advice to further test and refine your product or service with access to target customers
- 2 complimentary tickets to Money20/20 Europe 2018 for each winner
- Expert mentoring sessions with Money Advice Service, Mustard Seed Ventures, Bethnal Green Ventures, Lloyds Banking Group, Toynbee Hall and Ascension Ventures
- Promotion across key financial services institutions
The deadline for applications is 20th October 2017. Find out more and apply here.
The Fintech For All competition was announced in the Government’s digital strategy: “In order to support digital innovation that helps people better manage their money, we will launch a competition to encourage the development of digital approaches to support financial inclusion. This will be run by Tech City UK, as part of its wider role on fintech, with external support from both charitable and financial service providers”
"We are running this challenge to showcase how fintech companies in the UK are changing the way customers interact with financial services. We believe their innovation may have exciting applications to issues such as financial inclusion, financial capability and wellbeing."
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