Tech City UK calls for start-ups for financial inclusion challenge
Tech City UK is looking for start-ups for a competition to find the best products and services from the fintech sector that promote financial inclusion.
As part of the UK Government’s Digital Strategy, the Department for Digital, Culture, Media and Sport (DCMS) has asked it to hunt for the best across the country.
The competition is run in association with the Money Advice Service and information services company Experian. It is also supported by Lloyds Bank, Bethnal Green Ventures, Mustard Seed Ventures, Citizens Advice, Toynbee Hall and Ascension Ventures.
According to Tech City UK, at least 1.5 million people in the UK do not have a bank account, or have less than £500 in savings. Other stats it cites include one in five cannot understand a bank statement; and 8.8 million people are over-indebted.
Matthew Hancock, UK minister of state for digital, says: “Done right, digital technology improves lives, and we want to support technology for the common good.”
Companies whose businesses help people to do any of the following are invited to enter:
- Start actively saving and plan for the unexpected;
- Manage money and track day-to-day financial transactions;
- Understand and manage credit better;
- Identify and access more suitable financial products;
- Help access to financial products through credit scoring and ID/address requirements.
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 Money Advice Service, worth at least £70,000;
- Mentoring sessions with the firms listed above;
- Promotion across financial services institutions.
The top three entrants in each category will be invited to pitch before a panel of judges at a final event during Financial Capability Week on 15 November 2017. Runners up in each category will also get a chance to attend and showcase their product.
UK-headquartered start-ups have until 20 October 2017 to apply, which can be done here.
Banking Technology Awards 2017 are still open for entry!
Know any innovative products, inspirational projects, skilled teams or visionary leaders that deserve a special recognition this year? Nominate them for a Banking Technology Award!
Deadline for submitting the nominations has been extended to 8 September 2017.