Americans invited to submit finance app ideas for $100k competition

Americans invited to submit finance app ideas for $100k competition

Americans are being invited to submit personal finance-related mobile app ideas for a competition which could see them given expert advice and resources to build their product and claim a share of a $100,000 prize fund.

Earlier this year the D2D Fund and Center for Financial Services Innovation (CFSI) teamed up with the US Treasury on the MyMoneyAppUp Challenge, asking members of the public to submit ideas and designs for "next-generation mobile tools to help Americans control and shape their financial futures".

With the winner - an app for helping users manage their student loans - announced last week, the D2D Fund and CFSI have moved on to a new project, called the FinCapDev competition, that will see apps actually built.

Like its predecessor, FinCapDev is an open, nationwide call for app design proposals that will "encourage positive financial choices and behaviours that align with financial goals".

Submissions can be made by MyMoneyAppUp participants, and new entrants, online until 10 December, when they will be judged by a panel of judges from the technology, financial services and education worlds.

These finalists will then get to build their apps with advice from senior executives, start-up cash and technology resources. In June the apps will be shown off, with five developers sharing a cash prize pot of $100,000.

Tim Flacke, executive director, D2D, says: "Use of mobile devices is ubiquitous and growing, especially among younger Americans and those underserved by the mainstream financial services industry. The FinCapDev Competition will accelerate development of useful tools that promote financial capability in ways that fully leverage technology."

Money for the event is being put up by the Ford Foundation, Citi Foundation, and Omidyar Network. Meanwhile, Capital One, Citi, Dell Social Innovation Challenge, Facebook, H&R Block, ideas42, MasterCard, and Yodlee are all offering technical and professional support.

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