More than 100 FinTechs have applied to take part in a £1.5 million prize challenge aimed at rolling out more Open Banking enabled solutions to UK customers.
Entrants to the Open Up 2020 Challenge, a joint initiative run by Nesta Challenges and the Open Banking Implementation Entity (OBIE), are competing to secure a share of the funding to develop their Open Banking-enabled tech.
Of the 107 ‘high quality’ entrants in the first round, which closed this week, 15 will go forward to be scrutinised by the judges, with finalists announced on 6 November. A total of 12 finalists will received £50,000 each, with three to four teams taking home £300,000.
The judging panel includes high-profile figures from the Bank of England, and organisations such as the Alan Turing Institute, Citizens Advice and the OBIE.
Imran Gulamhuseinwala, trustee of the OBIE, said: “We have been extremely encouraged by the high standard of the applicants to Open Up 2020.
“The entries not only reinforce the UK’s position as the leading fintech centre of the world, but also showcase our innovation in utilising open banking technology to help consumers make their money work harder.”
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