Tech City UK has launched an initiative to find FinTech startups that can make a difference to those people who are in danger of being left behind by financial services.

As part of the government’s Digital Strategy, 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.

The competition 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 £6 billion 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 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.”

UK headquartered startups have until the 20 October 2017 to make a submission.

The prize package includes:

- Customer insight support from the Money Advice Service, worth at least £70,000 to your business
- Expert mentoring sessions with Money Advice Service, Mustard Seed Ventures, Bethnal Green Ventures, Ascension Ventures, Lloyds Banking Group, Toynbee Hall and others
- And promotion across key financial services institutions

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