Applications for the next phase of the Open Up Challenge are now open

The challenge will award a total prize value of £2.5 million

Nesta has opened up applications for the next Open Up Challenge, which will award the most innovative ideas in financial technology with a 2.5 million prize fund.

It invites applicants with a focus in three areas: Business Current Account (BCA), Credit, and New Frontiers, the latter being an open category encouraging those with ideas for next-generation technologies which benefit small businesses to come forward.

"Open banking is becoming a reality and we have already started to see fintechs build tools and services that will impact the way small businesses discover, access and use core financial products and services," Chris Gorst, challenge prize lead at Nesta said.

"The next phase of the Challenge builds on this by encouraging these innovators to develop solutions that will enable small businesses to better navigate the market and compare the products and services now available to them."

Advertisement
Advertisement - Article continues below

Those who impress the independent judging panel will be awarded with grants of up to 100,000 each to develop their ideas and from those, an additional six will be selected to will the overall prize values of "at least 200,000" when the competition comes to an end in November.

The first phase of the challenge has already been completed, with twenty teams receiving a 50,000 development grant each. From those twenty teams, ten teams received a further 100,000. These participants can now apply for the second phase of the Open Up Challenge.

"It was evident from the first phase of the Challenge that there is an abundance of pent-up innovation ready to come to market and open banking has the potential to radically reduce the barriers for these new products to emerge. This is good news for small businesses," Gorst added.

 "The Challenge is open to everyone, not just previous winners, and we are genuinely excited to see what other solutions the prize unearths."

Applications for the second stage will close on 4th May, with the final prizes being awarded in November.

Featured Resources

The IT Pro guide to Windows 10 migration

Everything you need to know for a successful transition

Download now

Managing security risk and compliance in a challenging landscape

How key technology partners grow with your organisation

Download now

Software-defined storage for dummies

Control storage costs, eliminate storage bottlenecks and solve storage management challenges

Download now

6 best practices for escaping ransomware

A complete guide to tackling ransomware attacks

Download now
Advertisement

Recommended

Visit/technology/artificial-intelligence-ai/354205/how-ai-and-machine-learning-can-simplify-your-digital
Sponsored

How AI and machine learning can simplify your digital transformation

26 Nov 2019
Visit/software-as-a-service-saas/33483/freshbooks-review-slick-but-shallow
software as a service (SaaS)

FreshBooks review: Slick, but shallow

23 Apr 2019
Visit/software-as-a-service-saas/33473/freeagent-review-financial-software-you-can-count-on
software as a service (SaaS)

FreeAgent review: Financial software you can count on

17 Apr 2019
Visit/business-strategy/32994/cultural-resistance-not-tech-is-holding-innovation-back-oracle-research
Business strategy

Oracle: Cultural resistance, not tech, is holding innovation

13 Feb 2019

Most Popular

Visit/cloud/microsoft-azure/354230/microsoft-not-amazon-is-going-to-win-the-cloud-wars
Microsoft Azure

Microsoft, not Amazon, is going to win the cloud wars

30 Nov 2019
Visit/business/business-strategy/354252/huawei-takes-the-us-trade-sanctions-into-its-own-hands
Business strategy

Huawei takes the US trade sanctions into its own hands

3 Dec 2019
Visit/hardware/354237/five-signs-that-its-time-to-retire-it-kit
Sponsored

Five signs that it’s time to retire IT kit

29 Nov 2019
Visit/mobile/mobile-phones/354273/pablo-escobars-brother-launches-budget-foldable-phone
Mobile Phones

Pablo Escobar's brother launches budget foldable phone

4 Dec 2019