Nesta has revealed the 15 finalists for its Open Up 2020 Challenge, with each receiving between £50,000 to £100,000 to support development.
The capital injection is designed to help the companies market their services and platform growth. Nesta is also releasing a digital marketing campaign to raise consumer awareness and trust in open banking.
There are four categories the companies will compete in, personal financial management, savings, debt, credit and alternatives, and other.
Finalists for the challenge were boiled down from more than 100 entrants. The 15 startups will now pitch themselves to a panel of judges in June 2020.
Four winners will be selected for prizes between £150,000 and £200,000.
The finalists for personal finance platforms are Cleo, Kalgera, Moneyhub, toucan and Tully. Savings companies to make the final are Moneybox and plum.
Debt and credit lending services in the final are Creditspring, Portify, Wagestream and updraft.
The remaining finalists are renting platform Canopy, travel debit card Currensea, online mortgage brokerage platform Mojo Mortgages and charity donation service Sustainably.
Nesta’s previous challenge was in 2018 which supported 25 companies building open banking for SME organizations. The new challenge is designed to accelerate development of open banking-enabled innovation.
Copyright © 2018 RegTech Analyst
