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."