Government launches £175,000 competition to find pioneering fintech start-ups
IC Tommorow’s latest innovation contest will enable financial entrepreneurs to test ideas in partnership with financial heavyweights such as Accenture, Lloyds and Amex
IC Tomorrow, a government-backed programme and part of Innovate UK, is looking to find Britain’s “strongest entrepreneurial talent” in the financial technology (fintech) sector in a new £175,000 competition.
Entitled ‘The Future of FinTech’, the contest is looking to find pioneering fintech ideas which can help solve challenges around five key areas including compliance and regulation, education, cyber security, payment transactions and personal finance.
The competition will award five businesses with up to £35,000 each to test their ideas and products in partnership with some of the world’s leading financial firms such as Accenture, Lloyds Banking Group and American Express.
The Department for Business, Innovation and Skills (BIS), RBS, Experian and the Money Advice Service are also supporting the contest.
In addition to funding and business partnerships, the five winning entrepreneurs will retain 100% of their intellectual property and will receive promotion, support and advice to get their ideas to commercialisation stage.
The Future of Fintech contest comes on the back of a recent report by the UKTI which suggests that the fintech market is already worth £20bn to the UK annually.
IC tomorrow programme manager, Matt Sansam, commented: “The UK has become a hotbed for financial technology innovation, with many of the world’s fastest growing companies basing themselves here.
“This collaborative contest aims to support and accelerate their growth by providing commercial introductions to industry leaders. It also enables UK-based global players to harness the creativity of start-ups and help bring their ideas to market.”
Entires for The Future of Fintech close at 12pm on Tuesday 21 April 2015, find out more here.