Banks offer £5m to fintech firms developing SMB apps

Barclays, Lloyds, and Royal Bank of Scotland are supporting Nesta's challenge

Nesta is offering 5 million to companies who develop apps for small businesses in the UK.

The innovation foundation's Open Up Challenge will give the cash to 20 winners that prove to the organisation their applications and services are changing the way business is conducted.

Those winners will also get access to a tranche of anonymised UK banking transaction data under the project, to help make their apps more effective.

Advertisement - Article continues below

Banking corporations including Barclays, Lloyds, Santander, HSBC, Royal Bank of Scotland and three Northern Irish banks have all put money forward to support the competition and it will be their anonymised data companies entering into the competition will be able to use. However, Nesta will run the competition itself.

"Open Banking is potentially revolutionary for how banking looks and feels and works," says Chris Gorst, Open Up Challenge prize lead at Nesta told Wired. "The purpose of the prize is to stimulate innovations for small businesses in the UK using that opportunity."

Nesta is appealing for companies to put their ideas forward from 23 March until 31 May, when the call for entries will close. At this point, the organisation's judging panel, including Rowena Ironside from accelerator Digital Catapult and Open Data Institute's CEO Jeni Tennison, will shortlist 20 companies to go forward onto the next round.

Advertisement
Advertisement - Article continues below

Those selected will receive a cash grant of 50,000 in July, which they can then use to develop their ideas to be in with a chance of winning an overall 2 million cash prize.

Featured Resources

Navigating the new normal: A fast guide to remote working

A smooth transition will support operations for years to come

Download now

Putting a spotlight on cyber security

An examination of the current cyber security landscape

Download now

The economics of infrastructure scalability

Find the most cost-effective and least risky way to scale

Download now

IT operations overload hinders digital transformation

Clearing the path towards a modernised system of agreement

Download now
Advertisement

Recommended

Visit/careers/28228/ciso-job-description-what-does-a-ciso-do
Careers & training

What does a CISO do?

20 May 2020
Visit/strategy/28237/cto-job-description-what-does-a-cto-do
Business strategy

CTO job description: What does a CTO do?

1 Apr 2020
Visit/social-media/30368/how-to-delete-a-facebook-business-page
social media

How to delete a Facebook business page

1 Apr 2020
Visit/data-centres/30952/five-business-benefits-of-hyperconvergence
data centres

Five business benefits of hyperconvergence

25 Mar 2020

Most Popular

Visit/laptops/29190/how-to-find-ram-speed-size-and-type
Laptops

How to find RAM speed, size and type

24 Jun 2020
Visit/security/vulnerability/356295/microsoft-patches-high-risk-flaws-that-can-be-exploited-with-a
vulnerability

Microsoft releases urgent patch for high-risk Windows 10 flaws

1 Jul 2020
Visit/security/34616/the-top-password-cracking-techniques-used-by-hackers
Security

The top 12 password-cracking techniques used by hackers

12 Jun 2020