techUK members involved in the financial services sector could benefit from a prize aimed at new technology services for small businesses. Nesta, the innovation foundation, has launching the Open Up Challenge, a new £5m prize fund to inspire the creation of next-generation services, apps and tools designed for the UK’s 5 million small businesses.
The Challenge is looking for 20 winning entries from anywhere in the world that will use open banking APIs – newly available from early 2018 – to transform the way small businesses discover, access and use core financial products.
Winners will receive:
· Cash awards – a £50k grant up-front each and a share of a further £3.5m if successful during the Challenge;
· Exclusive access to the Open Up Data Sandbox containing one of the largest anonymised UK banking transaction datasets ever made available;
· Fully funded technical and business support provided by leading practitioners, ranging from user experience to specialised legal and regulatory guidance.
The application window opens 23rd March 2017.
Launch Event: If you'd like to learn more, register to attend the Open Up Challenge's London launch event on 22nd March, at Nesta, 58 Victoria Embankment, EC4Y 0DS, from 6pm.