Tech City UK launches nationwide hunt for innovative FinTech solutions to Financial inclusion challenges

7 Sep 2017

Opportunities to really make a difference to the world around us are rare.  Here is one – are you ready for it?

Tech City UK today launches the hunt for fintech startups that can make a difference to those people who are in danger of being left behind by financial services as currently provided by conventional banks, building societies and credit card providers. We want to find the startups that could help to end the challenges that some people face when managing their money.

As part of the Government’s Digital Strategy which aims to make a digital economy that works for all, the Department for Digital, Culture, Media and Sport has asked Tech City UK to run a competition to find the best products and services from the fintech sector that promote financial inclusion

Supported by the DCMS and the Treasury, we are excited to launch our Fintech For All competition, run in association with our partners the Money Advice Service and Experian, the global information services company. The competition, as envisaged in the Government’s Digital Strategy, is also supported by Lloyds Banking Group, Bethnal Green Ventures, Mustard Seed Ventures, Citizens Advice, Toynbee Hall and Ascension Ventures.

UK headquartered startups have until the 20 October 2017 to make a submission.  Apply here! We want to see applications from fintech companies that can transform access to financial services and offer new tools for money management to the most vulnerable in our community.

Access to financial services is a crucial part of everyday life yet at least 1.5 million* people in the UK do not have a bank account, or have less than £500 in savings.

The financial challenges people face today occur against a backdrop where we all expect a certain standard of living.

But change is happening rapidly and traditional sectors, like banking, are having to move with the times. This is where you and your company can make a difference. Innovative new products and services from fintech companies have the potential to transform people’s lives and opportunities. And we want to find the very best of them.

Companies whose businesses help people to do any of the following are invited to enter:

  1. Start actively saving and plan for the unexpected
  2. Confidently manage money and track day-to-day financial transactions
  3. Understand and manage credit better
  4. Identify and access more suitable financial products
  5. Facilitate access to financial products through innovations in credit scoring and ID/address requirements

Winners will compete in two categories:

  1. Established fintechs – with an existing product or service in the market
  2. New fintechs – with at least a product in testing or ready to test

The prize package includes:

  • Customer insight support from the Money Advice Service, worth at least £70k to your business
  • Expert mentoring sessions with Money Advice Service, Mustard Seed Ventures, Bethnal Green Ventures, Ascension Ventures, Lloyds Banking Group, Toynbee Hall and others
  • And promotion across key financial services institutions

How it works:

The top three entrants in each category will be invited to pitch before a panel of expert judges at a final event during Financial Capability Week – a week of events that focuses on efforts to improve financial well being – on 15 November. The judges will choose the ultimate winners in the contest. Five runners up in each category will also get a chance to attend and showcase their product.

What are you waiting for? Get your submission in here: http://fintechforall.techcityuk.com/apply