The UK government wants to find the next fintech startup that will help those left behind by financial services.
While some worry that some will be left behind by growing financial technology, HM Treasury is trying to do something about it.
The UK government is working with Tech City UK, which promotes digital growth in the UK, to launch a “Fintech for All” competition.
"Done right, digital technology improves lives, and we want to support technology for the common good,” said Matthew Hancock, minister of state for digital.
The winners will receive customer insight support from Money Advice Service, mentoring sessions, and promotion by key financial services institutions.
Startups will compete in two categories - established and new fintech firms. Companies have help people either save and plan for the unexpected, manage money, manage and understand credit, identity suitable financial products or create innovations in credit scoring or ID/address requirements.
Firms have until the 20 October 2017 to apply. The top three entrants in each category will pitch before a panel during the Financial Capability Week on 15 November. Judges will then choose the final winners.
The competition is supported by Lloyds Banking Group, Bethnal Green Ventures, Mustard Seed Ventures, Citizens Advice, Toynbee Hall and Ascension Ventures. Giles Andrews, co-founder and CEO of P2P lender Zopa, also serves on the board of Bethnal Green Ventures.
“The UK is the envy of the world for fintech,” said Eileen Burbidge, chair of Tech City UK and HM Treasury special envoy 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.”
