Innovate UK has chosen five fintech startups to share a £175,000 prize pot and the opportunity to work with leading banks and government bodies to get their ideas off the ground.
Run by Innovate UK's IC Tomorrow programme, the winning firms were challenged to compete in five fintech-related categories, each of which will be overseen by major industry players:
- Swave, the winner in the consumer financial literacy category backed by Lloyds, is a personal savings app which monitors spending and encourages users to save;
- RBS and the department for Business Innovation and Skills will provide mentorship to cyber security startup Tento;
- American Express will work with hyperlocal marketing app maker Bubbal;
- Accenture gets to oversee AML machine-learning compliance firm Mentat;
- Experian and the Money Advice Service will help out PFM firm Squirrel.
Each of the firms will also earn £35,000 in funding from Innovate UK.
Matt Sansam, programme manager for IC tomorrow, says: “The calibre of startups that applied to this contest was high across the board, and we look forward to following the winners throughout their pre commercial trials. We aim to position the UK at the forefront of innovation by building relationships between digital communities and the biggest industry players, and give talented entrepreneurs the opportunities they deserve.”