If your Fintech startup could help those excluded from traditional banking Tech City wants to hear from you
The egalitarian and democratising potential of Fintech is set to receive a boost thanks to a new competition overseen by Tech City UK and supported by the Department for Digital, Culture, Media and Sport and the Treasury.
Fintech For All is a new initiative from the tech body that will look to support fintech startups which are working on innovations that have the potential to provide services and products to sections of the population who are currently underserved by traditional financial services and banks.
Focusing specifically on areas such as savings and financial planning, credit management, credit scoring innovations and money management amongst others, the competition will invite submissions from both established fintech businesses as well as new operators in the sphere.
Successful firms will benefit from £70k-worth of customer insight support from competition partner the Money Advice Service, along with mentoring from fellow programme partners Mustard Seed Ventures, Bethnal Green Ventures, Ascension Ventures, Lloyds Banking Group and Toynbee Hall, and the opportunity to advertise their services at major financial service institutions.
Matthew Hancock, minister of state for digital, believes that with the right support technological innovation can be channeled to benefit society as a whole, with fintech innovations in particular posing an acute opportunity to help those who need it.
He said: “Done right, digital technology improves lives, and we want to support technology for the common good. So I encourage the nation’s innovators to apply for this groundbreaking competition, to harness the power of tech for good causes and help ensure the digital economy works for all. It’s another boost for the UK’s booming £6bn fintech sector.”
Interested businesses have until 20 October to apply for the programme, which will be split into two categories – one for established firms and one for startups/
The top three in each category will then be selected to pitch their products to a panel of judges as part of Financial Capability Week on 15 November, with the experts choosing a winner while runner ups in each category will be afforded the chance to showcase their product.
Eileen Burbidge, chair of Tech City UK and HM Treasury special envoy for fintech, commented: “The UK is the envy of the world for fintech. We are the number one destination for startups that are using financial services technology in new and exciting ways.
“With this competition we want to find the best fintech businesses in the UK that are democratising finance and improving access to our financial system across the UK.”