The UK's Open Up 2020 Challenge has named the 15 fintech firm finalists to each receive £50,000 to help unlock the power of open banking.
Run by Nesta Challenges in partnership with the official Open Banking Implementation Entity (OBIE), the competition is tasking fintech outfits to help Brits use Open Banking to make more of their money.
More than 100 companies entered the challenge, bidding for a share of its £1.5 million prize pot. A judging panel has now selected the 15 most promising concepts, each receiving £50,000. Three of them will get an additional £50,000 based on their emphasis on financial inclusion.
Among the ideas selected are a digital debt adviser, a personal finance chatbot, a solution that prevents people from going into their overdrafts, a fraud prevention tool, and a way to make it easier to get a mortgage.
The 15 firms will now spend eight months working with Nesta and the OBIE to develop their effort, getting help with things like marketing and service design. Then, in July 2020, between three and four will e named as winners, each receiving an additional £150,000 to £200,000.
Imran Gulamhuseinwala, trustee, OBIE, says: "Open banking has huge potential to improve our relationship with money, and Open Up 2020 is a vital component in ensuring that the UK continues to be developing innovative open banking-enabled products."