Tech City UK and the UK Government are on the hunt for fintech start-ups which can help those let down by traditional finance providers.
Tech City UK today launches the hunt for fintech start-ups that can make a difference to those people who are in danger of being left behind by financial services such as conventional banks, building societies and credit card providers.
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, TechCity has launched the Fintech For All competition, run in association with 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.
Matthew Hancock, minister of state for digital, 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."
Eileen Burbidge, chair of Tech City UK and HM Treasury special envoy for fintech, added: “The UK is the envy of the world for fintech. We are the number one destination for start-ups 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.”
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 innovative businesses can make a difference. Innovative new products and services from fintech companies have the potential to transform people’s lives and opportunities.
Interested start-ups have until the 20 October to make a submission and can apply here.