Lloyds and AmEx back fintech startup competition

Lloyds and AmEx back fintech startup competition

Some of the biggest names in financial services are throwing their weight behind a UK competition giving fintech startups the chance to win a share of a £175,000 cash prize pot.

Run by Innovate UK's IC Tomorrow programme, the contest will see SMEs compete in five fintech-related categories, each of which will be overseen by major industry players:

  • Personal financial management - Money Advice Service and Experian
  • Cyber Security - the Department for Business Innovation and Skills with RBS Group
  • Consumer financial literacy - Lloyds Banking Group
  • Hyper-local transactions - American Express
  • Compliance and regulation - Accenture

Interested firms have until 21 April to apply online. These will then be whittled down to 15 - three in each category - to go through to a presentation and Q&A session on 27 May, after which the five finalists will be named.

The winners will get up to £35,000 each to develop their technology and the chance to trial their proposed offering with their industry partners for at least 3 months. Participants also get promotion, support and advice, and keep 100% of their intellectual property.

Matt Sansam, programme manager, IC tomorrow, says: "This collaborative contest aims to support and accelerate their growth by providing commercial introductions to industry leaders. It also enables UK-based global players to harness the creativity of start-ups and help bring their ideas to market."

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